Denbury Resources says that its total proved oil and natural gas reserves as of December 31, 2008 were 250.4 million barrels of oil equivalent (MMBOE), consisting of 179.0 million barrels (MMBbls) of crude oil, condensate and natural gas liquids and 428.0 billion cubic feet (Bcf) (71.3 MMBOE) of natural gas.

This year-end proved reserve quantity represents a 29% increase over Denbury’s year-end proved reserve quantity estimates a year earlier (194.7 MMBOE at year-end 2007), in spite of an estimated 13.8 MMBOE (approximately 6% of year-end 2008 quantities) that were excluded as a result of the lower commodity prices at year-end 2008. Most of these excluded reserves were unrelated to the Company’s tertiary operations.

The Company also announced that its proved carbon dioxide (“CO2”) reserves were 5.6 trillion cubic feet (Tcf) at year-end 2008, approximately the same as its proved CO2 reserve quantities at December 31, 2007 as the Company’s incremental CO2 reserves added during 2008 were offset by 2008 CO2 production.

The independent reservoir engineering firm of DeGolyer and MacNaughton prepared Denbury’s year-end reserve report, including its proved CO2 reserve quantities, for the eighth consecutive year. Approximately 50% of Denbury’s year-end 2008 proved reserve quantities are proved tertiary oil reserves, approximately 72% are oil reserves, and approximately 58% are categorized as proved developed.

Tags: Denbury Resources Inc.