Denbury Resources Inc. Buyback
OLI recorded this information on 1/3/2014
Company:
Denbury Resources Inc.
Buyback:
DNR buyback
$Amount Authorized:
$250,000,000
Buyback Details:
Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company") today announced that its Board of Directors has approved an increase of $250 million to the Company's authorized share repurchase program, leaving $422 million of authorized repurchases remaining as of December 31, 2013. The increase raises the total amount authorized under the program since it commenced in October 2011 to $1.162 billion, of which Denbury has spent $740 million as of December 31, 2013, to acquire a total of approximately 48 million common shares, or about 12% of shares outstanding at September 30, 2011, at an average cost of $15.55 per share. Of the total amount spent on repurchases, $78 million was spent in the fourth quarter of 2013 to acquire approximately five million common shares at an average cost of $16.22 per share. There is no set expiration date for the program and no requirement that the entire authorized amount be used.
Denbury Resources is an independent oil and natural gas company. Co.'s operations are focused in two key operating areas: the Gulf Coast and Rocky Mountain regions. Co.'s properties with proved and producing reserves in the Gulf Coast region are situated in Mississippi, Texas, and Louisiana, and in the Rocky Mountain region are situated in Montana, North Dakota, and Wyoming.
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