Corporate Presentation June 2014 Denbury.com | NYSE: DNR Click to - PowerPoint PPT Presentation

Corporate Presentation June 2014 Denbury.com | NYSE: DNR

Click to edit Master title style Click to edit title style About Forward-Looking Statements The data contained in this presentation that are not historical facts are forward-looking statements that involve a number of risks and uncertainties. Such statements may relate to, among other things: long-term strategy; anticipated levels of future dividends and rate of dividend growth; forecasts of capital expenditures, drilling activity and development activities; timing of carbon dioxide (CO 2 ) injections and initial production response to such tertiary flooding projects; estimated timing of pipeline construction or completion or the cost thereof; dates of completion of to-be-constructed industrial plants and their first date of capture of anthropogenic CO 2 ; estimates of costs, forecasted production rates or peak production rates and the growth thereof; estimates of hydrocarbon reserve quantities and values, CO 2 reserves, helium reserves, future hydrocarbon prices or assumptions; future cash flows or uses of cash, availability of capital or borrowing capacity; rates of return and overall economics; estimates of potential or recoverable reserves and anticipated production growth rates in our CO 2 models; estimated production and capital expenditures for full-year 2014 and periods beyond; and availability and cost of equipment and services. These forward- looking statements are generally accompanied by words such as “estimated”, “preliminary”, “projected”, “potential”, “anticipated”, “forecasted”, “expected”, “assume” or other words that convey the unc ertainty of future events or outcomes. These statements are based on management’s current plans and assumptions and are subject to a number of risks and uncertainties as further outlined in our most recent Form 10-K and Form 10-Q filed with the SEC. Therefore, actual results may differ materially from the expectations, estimates or assumptions expressed in or implied by any forward-looking statement herein made by or on behalf of the Company. Cautionary Note to U.S. Investors – Current SEC rules regarding oil and gas reserve information allow oil and gas companies to disclose in filings with the SEC not only proved reserves, but also probable and possible reserves that meet the SEC’s definitions of such terms. We disclose only proved reserves in our filings with the SEC. Denbury’s proved reserves as of December 31, 2013 were estimat ed by DeGolyer & MacNaughton, an independent petroleum engineering firm. In this presentation, we make reference to probable and possible reserves, some of which have been estimated by our independent engineers and some of which have been estimated by Denbury’s internal staff of engineers. In this presentation, we also refer to estimates of original oil in place, resource or reserves “potential”, barrels recoverable, or other descriptions of volumes potentially recoverable, which in addition to reserves generally classifiable as probable and possible (2P and 3P reserves), include estimates of reserves that do not rise to the standards for possible reserves, and which SEC guidelines strictly prohibit us from including in filings with the SEC. These estimates, as well as the estimates of probable and possible reserves, are by their nature more speculative than estimates of proved reserves and are subject to greater uncertainties, and accordingly the likelihood of recovering those reserves is subject to substantially greater risk. Denbury.com | NYSE: DNR 2

Click to edit Master title style Click to edit title style A Different Kind of Oil Company Proven Unique Return Environmentally Process Strategy Focused Responsible • • • • CO 2 EOR is one of We acquire mature Continual focus on We store CO 2 the most efficient oil fields and recover improving our cost captured from tertiary oil recovery their otherwise structure and industrial facilities, methods stranded oil using efficiency resulting in net carbon • • 27% compound CO 2 Prioritize and rank reduction • • annual growth rate Competitive investment By developing opportunities – (CAGR) in our EOR advantage: strategic existing oil fields, we production from CO 2 supply, over investing in those are disturbing fewer 1999 through 2013 1,100 miles of CO 2 with highest returns new habitats • • We have produced pipelines and a large Drive shareholder over 100 million inventory of mature returns through barrels (gross) of oil oil fields consistent reserve, from CO 2 EOR to production, and date dividend growth Denbury.com | NYSE: DNR 3

Click to edit Master title style Click to edit title style Total Return Focus Growth Income ● Estimated dividend yield (1) of ● Estimated 4%-8% organic production growth through 2020 1.5% for 2014 and 3.3% for 2015 ● Large portfolio of lower-risk, ● Stability and sustainability are long-lived assets key: ● Balanced and disciplined  Target funding capital approach expenditures and dividends within cash flow ● Capital flexibility  Maintain a healthy balance ● Supplement with acquisitions sheet (1) Based on $16.78 share price and $0.25 expected annualized dividend rate in 2014 and $0.55 (mid-point of guidance) expected dividend rate in 2015. Denbury.com | NYSE: DNR 4

Click to edit Master title style Click to edit title style Denbury at a Glance Total 3P Reserves (12/31/13) ~1.25 BBOE 95% % Oil Production (1Q14) Total Daily Production – BOE/d (1Q14) 73,718 $10.6 billion Proved PV-10 (12/31/13) $96.94 NYMEX Oil Price Market Cap (5/28/14) ~$5.9 billion Total Debt (3/31/14) $3.5 billion CO 2 Supply 3P Reserves (12/31/13) ~17 Tcf CO 2 Pipelines Operated or Controlled ~1,100 miles Credit Facility Availability (3/31/14) ~$988 million 2014E - $0.25 Anticipated Annual Dividend per Share 2015E - $0.50-$0.60 Denbury.com | NYSE: DNR 5

Click to edit Master title style Click to edit title style What is CO 2 EOR & How Much Oil Does it Recover? Secure CO 2 Supply Transport via Pipeline Inject into Oilfield CO 2 EOR Delivers Almost as Much Production as each of Primary and Secondary Recovery (1) Tertiary Remaining Recovery Oil (CO 2 EOR) ~17% Secondary Recovery (waterfloods) Primary ~18% Recovery ~20% (1) Recovery of original oil in place based on history at Little Creek Field. Denbury.com | NYSE: DNR 6

Our Two CO 2 EOR Target Areas: Click to edit Master title style Click to edit title style Up to 10 Billion Barrels Recoverable with CO 2 EOR (1) Estimated 1.3 to 3.2 Billion Barrels ND Recoverable in Rocky Mountain Region (1) MT Greencore ID Pipeline SD Lost Cabin WY Denbury’s assets represent ~15% of total potential (2) MS Delta Pipeline Jackson Dome Sonat MS Free State Pipeline Pipeline LA Existing Denbury CO 2 Pipelines TX Green Denbury owned Fields with CO 2 EOR Potential Pipeline Existing or Proposed CO 2 Source Estimated 3.4 to 7.5 Owned or Contracted Billion Barrels Recoverable in Gulf Coast Region (1) (1) Source: DOE 2005 and 2006 reports. (2) Total estimated recoveries on a gross basis. Denbury.com | NYSE: DNR 7 7

CO 2 EOR in Gulf Coast Region: Click to edit Master title style Click to edit title style Control of CO 2 Sources & Pipeline Infrastructure Provides a Strategic Advantage Delhi (3) Tinsley (3) Summary (1) Tinsley 45 MMBOEs 46 MMBbls Jackson Dome Proved 195 Potential 363 Delhi Free State Pipeline Davis Quitman Produced-to-Date (2) (2) 85 Heidelberg Martinville Sandersville Total MMBOEs (3) 643 Sonat Lake Summerland Soso Cypress Creek Eucutta St. John Yellow Creek MS Pipeline Brookhaven Cranfield Mallalieu Houston Area (3) Conroe (3) Olive Citronelle Little Creek Hastings 60 - 80 MMBbls Smithdale 130 MMBbls McComb Mature Area (3) Webster 60 - 75 MMBbls Thompson 30 - 60 MMBbls 170 MMBbls (Est. 2017) 150 - 215 MMBbls Heidelberg (3) ~90 Miles Green Pipeline 44 MMBbls Cost: ~$220MM Lockhart Crossing Conroe Donaldsonville Oyster Webster Bayou Thompson Hastings Cumulative Production 15 - 50 MMBoe Oyster Bayou (3) 50 – 100 MMBoe 20 - 30 MMBbls > 100 MMBoe Denbury Owned Fields – Current CO 2 Floods Denbury Owned Fields – Future CO 2 Floods Fields Owned by Others – CO 2 EOR Candidates (1) Proved tertiary oil reserves based on year-end 12/31/13 SEC proved reserves. Potential includes probable and possible tertiary reserves Pipelines estimated by the Company as of 12/31/13, using mid-point of ranges, based on a variety of recovery factors. Denbury Operated Pipelines (2) Produced-to-Date is cumulative tertiary production through 12/31/13. Denbury Proposed Pipelines (3) Field reserves shown are estimated total potential tertiary reserves, including cumulative tertiary production through 12/31/13. Denbury.com | NYSE: DNR 8