Corporate Presentation June 2015 ClickAbout to Forwardto edit edit Master- Lookingtitle title style styleStatements 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 their rate of growth and sustainability; the length or severity of the oil price downturn in late 2014 and early 2015; forecasts of capital expenditures, drilling activity and developmental activities; timing of carbon dioxide (CO2) injections and production response to such tertiary flooding projects; estimated timing of pipeline construction or completion or the cost thereof; anticipated dates of completion of industrial plants to be constructed or under construction and the initial date of capture and amount of anthropogenic CO2; estimates of liquidity, costs, forecasted production rate or peak production rates and the growth thereof; estimates of hydrocarbon reserve quantities and values, including potential and recoverable reserves, CO2 reserves, and helium reserves; projected future hydrocarbon prices or costs; estimated future cash flows, including from our hedging positions, or uses of cash; availability of capital or borrowing capacity; estimated rates of return and overall economics; and anticipated availability and cost of equipment and services. These forward-looking statements are generally accompanied by words such as “believe”, “estimated”, “preliminary”, “projected”, “potential”, “anticipated”, “forecasted”, “expected”, “assume” or other words that convey the uncertainty of future events or outcomes. These statements are based on management’s current plans and assumptions and are subject to a number of risk and uncertainties as further outlined in our most recent Form 10-K filed with the SEC. Therefore, actual results may differ materially from the expectations, estimates, forecasts, projections, 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 reserves 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, 2014 were estimated by DeGolyer and 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. 2 Denbury.com | NYSE: DNR 2 ClickA Different to to edit edit Kind Master titleof Oil title style Company style • Proven process Long-Term • Lower-risk & long-life assets Visibility • Tremendous resource potential • Fund capex & dividends with cash flow Capital • Relatively low capital intensity Flexibility • Adjust to oil price environment • Strategic CO2 supply Competitive • >1,100 miles of CO pipelines Advantages 2 • Large inventory of oil fields Denbury.com | NYSE: DNR 3 Click2015 Plan:to to edit editValue Master title Focused title style style ● Reduced capital spending by 50% for 2015 to $550MM . Planning on utilizing liquidity to take advantage of potential opportunities . Building liquidity to further enhance our solid financial position . Focusing on operational initiatives and increasing efficiency . Resulting in relatively flat production targets for 2015 and likely 2016 Denbury.com | NYSE: DNR 4 ClickInnovation to to edit edit & Master Improvement title title style style Teams (IITs) Identify opportunities to significantly improve the economic value and profitability of Denbury’s fields. Increase Field PV-10 and Cash Flow Reduce LOE, CO2 Purchases & CAPEX Process: ● Evaluate, improve operational processes (Production forecasting; reservoir management; knowledge sharing; facility modularization; reserves; and tertiary alternatives) . Increase sweep efficiency . Use of 4D seismic to increase CO2 flooding . Improve reservoir surveillance and geology descriptions . Increased awareness of potential above and below target zones Denbury.com | NYSE: DNR 5 ClickDenbury to to edit at edit a Master Glance title title style style Total 3P Reserves (12/31/14) ~1.2 BBOE % Oil Production (1Q15) 95% Total Daily Production – BOE/d (1Q15) 74,356 Proved PV-10 (12/31/14) $94.99 NYMEX Oil Price $8.7 billion Market Cap (5/28/15) $2.6 billion Total Debt (3/31/15) $3.6 billion CO2 Supply 3P Reserves (12/31/14) ~17 Tcf CO2 Pipelines Operated or Controlled >1,100 miles Credit Facility Availability (3/31/15) ~$1.1 billion Anticipated Annual Dividend per Share 2015E - $0.25 Denbury.com | NYSE: DNR 6 Click to edit Master title style ClickWhat is toCO edit2 EOR title & How style Much Oil Does it Recover? Transport Inject Secure via into CO Supply 2 Pipeline Oilfield Remaining Oil Primary ~20% CO2 EOR Delivers Almost as Much Secondary Production as Primary (Waterfloods) or Secondary Recovery(1) ~18% Tertiary (CO2 EOR) ~17% (1) Recovery of original oil in place based on history at Little Creek Field. Denbury.com | NYSE: DNR 7 Click to edit Master title style ClickU.S. Lower to edit-48 CO title2 EOR style Potential Technically Recoverable(1,2) (amounts in billions of barrels) Permian 9-21 East & Central Texas 6-15 Mid-Continent 6-13 California 3-7 South East Gulf Coast 3-7 Rockies 2-6 Other 0-5 Michigan/Illinois 2-4 Williston 1-3 Appalachia 1-2 Total: 33-83 (1) Source: 2013 DOE NETL Next Gen EOR (2) Total estimated recoveries on a gross basis utilizing CO2 EOR. Denbury.com | NYSE: DNR 8 Up to 16 Billion Gross Barrels Recoverable(1) Click to to edit edit Master title title style style in Our Two CO2 EOR Target Areas 2.8 to 6.6 MT ND Billion Barrels Estimated Recoverable in Rocky Mountain Region(2) WY Denbury-operated fields represent ~10% of total potential(3) AL MS LA TX Existing Denbury CO2 Pipelines Proposed Denbury CO2 Pipelines Denbury owned fields 3.7 to 9.1 Existing or Proposed CO2 Source Billion Barrels Owned or Contracted Estimated Recoverable in (1) Total estimated recoveries on a gross basis utilizing CO2 EOR, based on a variety of recovery factors. (2) (2) Source: 2013 DOE NETL Next Gen EOR Gulf Coast Region (3) Using approximate mid-points of ranges, based on a variety of recovery factors. Denbury.com | NYSE: DNR 9 CO EOR in Gulf Coast Region: Click2 to to edit edit Master title title style style Control of CO2 Sources & Pipeline Infrastructure Provides a Strategic Advantage Tinsley(3) Delhi(3) Summary(1) 46 MMBbls 45 MMBbls Tinsley Proved 179 Jackson Dome Potential 365 Delhi (2) Free State Produced-to-Date 99 Davis Pipeline Quitman (2) Heidelberg (3) Martinville Total MMBOEs 643 Sandersville Lake Sonat Summerland Soso Cypress Creek St. John Eucutta Yellow Creek MS Pipeline Brookhaven Cranfield Mallalieu (3) (3) Olive Houston Area Conroe Citronelle Little Creek Smithdale Hastings 60 - 80 MMBbls 130 MMBbls McComb Webster 60 - 75 MMBbls Mature Area(3) Thompson 30 - 60 MMBbls 170 MMBbls ~90 Miles (3) 150 - 215 MMBbls Cost: ~$220MM Heidelberg Lockhart Crossing 44 MMBbls Conroe Green Pipeline Donaldsonville ~325 Miles Webster Oyster Thompson Bayou Hastings Cumulative Production (3) Oyster Bayou 15 – 50 MMBoe 20 - 30 MMBbls 50 – 100 MMBoe > 100 MMBoe Denbury Owned Fields – Current CO2 Floods Denbury Owned Fields – Future CO2 Floods Fields Owned by Others – CO2 EOR Candidates (1) Proved tertiary oil reserves based on year-end 12/31/14 SEC proved reserves. Potential includes probable and possible tertiary reserves estimated by the Pipelines Company as of 12/31/14, using mid-point of ranges, based on a variety of recovery factors. Denbury Operated Pipelines (2) Produced-to-date is cumulative tertiary production through 12/31/14. Denbury Proposed Pipelines (3) Field reserves shown are estimated total potential tertiary reserves, including cumulative tertiary production through 12/31/14. Denbury.com | NYSE: DNR 10 CO EOR in Rocky Mountain Region: Click2 to to edit edit Master title title style style Control of CO2 Sources & Pipeline Infrastructure Provides a Strategic Advantage CO2 Sources Summary(1) Cedar Creek Anticline Area(4) Existing or Proposed CO2 Source DGC Beulah Proved 37 Owned or Contracted 260 - 290 MMBbls Potential 313 MONTANA Produced-to-Date(2) <1 NORTH DAKOTA Total MMBbls 351 Bell Creek(4) 40 - 50 MMBbls Elk Basin ~130 Miles Cost:~$225MM LaBarge Area 368 BCF Nat Gas Greencore Pipeline 13 BCF Helium 232 Miles ~250 Miles 3.0 TCF CO (3) 2 Cost:~$500MM Hartzog Draw(4) SOUTH DAKOTA Lost Cabin (COP) 20 - 30 MMBbls WYOMING Cumulative Production Riley Ridge (DNR) 15 – 50 MMBoe 50 – 100 MMBoe Grieve Field(4) > 100 MMBoe Shute Creek Denbury Owned Fields – Current CO2 Floods (XOM) Existing CO2 6 MMBbls Denbury Owned Fields – Future CO2 Floods Pipeline Fields Owned by Others – CO2 EOR Candidates Pipelines (1) Proved tertiary oil reserves based on year-end 12/31/14 SEC proved reserves. Potential includes probable and possible tertiary reserves estimated by the Denbury Pipelines Company as of 12/31/14, using approximate mid-points of ranges, based on a variety of recovery factors.