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Denbury Resources, Inc.

Industry Focus: Oil and gas—independent North American exploration and production company
Value of Merger with Encore Acquisition Company: $4.5 billion
Corporate Reach: The largest oil and natural gas operator in both Mississippi and Montana, also with significant properties in Texas, Louisiana and Alabama.
Merger Completed: March 2010

Capitalizing on Market Opportunities

In March 2010, Denbury Resources Inc. (NYSE: DNR), a member of the S&P 500, acquired Encore Acquisition Co. (NYSE: EAC) in a merger valued at $4.5 billion. The transaction created one the largest oil-focused independent exploration and production companies in North America.

Baker Hostetler, which is outside general counsel to Denbury, represented the company in the merger, the second largest exploration and production deal signed in the United States in 2009. As part of the financing of the transaction, Baker Hostetler represented Denbury in its public offering of $1 billion of senior notes and tender offers for $600 million of Encore senior notes, and advised Denbury regarding its new $1.6 billion revolving credit facility.

Creating an Industry Giant

Denbury is the largest oil producer in both Mississippi and Montana, with significant operating acreage in the Rocky Mountains and the Gulf Coast. Denbury is focused on enhanced oil recovery, in which CO2 is injected into mature oil fields to produce oil unreachable through conventional methods. Denbury injects more CO2 per day into its active CO2 enhanced oil recovery projects than any other company in the world. Enhanced oil recovery also provides an economical way to sequester large volumes of CO2, the leading greenhouse gas.

Achieving Recognition

As a result of this and other similar deals, Baker Hostetler was ranked among the top 10 U.S. law firms for merger and acquisition deals in the oil, gas and oilfield service industries for the period January 2009-First Quarter 2010 per The Deal magazine.

Market Leader Profiles
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