Analyst Day VALUE Presentation DRIVEN November 2013 NYSE: DNR Denbury.com ClickAbout to Forward edit Master-Looking title style 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 (CO2) 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 CO2; estimates of costs, forecasted production rates or peak production rates and the growth thereof; estimates of hydrocarbon reserve quantities and values, CO2 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 CO2 models; estimated production and capital expenditures for full-year 2013 and 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 uncertainty 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, 2012 were estimated 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. 3 ProvenClick to Leadershipedit Master Teamtitle style Professional Years at Officer Title Experience Denbury Phil Rykhoek President and Chief Executive Officer 34 Years 18 Years Mark Allen SVP, Chief Financial Officer and Treasurer 23 Years 14 Years Craig McPherson SVP and Chief Operating Officer 32 Years 2 Years Charlie Gibson SVP – Planning, Technology and CO2 Supply 32 Years 11 Years Bob Cornelius SVP – Comm Dev, Government Affairs and Project Mgmt 35 Years 7 Years Jim Matthews VP, General Counsel and Secretary 24 Years 2 Years Dan Cole VP – Marketing and Business Development 38 Years 7 Years Matt Elmer VP – West Region 32 Years 1 Year John Filiatrault VP – CO2 Supply and Pipelines 26 Years 3 Years Jeff Marcel VP – Drilling and EOR Facilities 30 Years 17 Years Steve McLaurin VP and Chief Information Officer 24 Years 3 Years Alan Rhoades VP and Chief Accounting Officer 24 Years 10 Years Barry Schneider VP – North Region 28 Years 14 Years Whitney Shelley VP and Chief Human Resources Officer 23 Years 4 Years Phil Webb VP – East Region 33 Years 2 Years 4 Company Overview Phil Rykhoek President & Chief Executive Officer ClickNew Director to edit Master Appointment title style John P. Dielwart, appointed to Board of Directors effective November 8, 2013. John successfully founded, built, and led one of Canada’s preeminent mid-sized dividend paying, oil and gas companies. • 35 years of oil and gas industry experience • Co-Founder and Current Director of ARC Resources Ltd. (“ARC”). • President of ARC from 1996 until 2001; assumed role of CEO in 2001 until his retirement in January 2013. • Under his leadership, ARC grew from a $200 million startup to an $8 billion company at the time of his retirement. • ARC’s strategy is “Risk Managed Value Creation” and is recognized for the quality of its people and assets and consistent top quartile returns. • Involved in numerous oil and gas industry organizations. Past Chairman of the Board of Governors of the Canadian Association of Petroleum Producers. 6 ClickA Different to edit Kind Master of Oil title Company style Proven Unique Return Environmentally Process Strategy Focused Responsible • CO2 EOR is one of • We acquire mature • Continual focus on • We store CO2 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 • 29% compound CO2 • Prioritize and rank carbon reduction annual growth rate • Competitive investment • By developing (CAGR) in our EOR advantage: strategic opportunities – existing oil fields, we production from CO2 supply, over investing in those are disturbing fewer 1999 through 2012 1,100 miles of CO2 with highest returns new habitats • We have produced pipelines and a large • Drive shareholder ~100 million barrels inventory of mature returns through (gross) of oil from oil fields consistent reserve, CO2 EOR to date production, and dividend growth 7 ClickDenbury to edit at aMaster Glance title style Pro-forma Total 3P Reserves (12/31/12)(1) ~1.2 BBOE % Oil Production (3Q13) 95% Total Daily Production – BOE/d (3Q13) 71,531 Pro-forma Proved PV-10 (12/31/12) $94.71 NYMEX Oil Price (1) ~$11 billion Market Cap (10/31/13) ~$7 billion Total Net Debt (9/30/13)(2) $3.2 billion CO2 Supply 3P Reserves (12/31/12) ~17 Tcf CO2 Pipelines Operated or Controlled ~1,100 miles Credit Facility Availability (9/30/13) ~$1.3 billion (1) Pro-forma for CCA acquisition that closed on 3/27/13. (2) Defined as long-term debt and capital lease obligations, less cash and cash equivalents. As of 9/30/13, we had $310 million of borrowings outstanding under our $1.6 billion bank credit facility and our cash and cash equivalents totaled ~$27 million. 8 Click2013 toAccomplishments edit Master title style Successful Execution ● Full-year production expected to be within guidance range ● Recognized first CO2 EOR production and revenue in the Rocky Mountain region ● Added 350 BCF of proved CO2 reserves at Jackson Dome ● Currently receiving ~70 million cubic feet per day of anthropogenic CO2 in the Gulf Coast region ● Repurchased 42.8 million shares between October 2011 and September 2013, for a total of ~11% of total shares outstanding ● Issued $1.2 billion of 4 5/8% subordinated notes due July 2023, the lowest ever yield for this type offering ● Completed final steps of Bakken exchange, making us purely focused on CO2 EOR 9 9 ClickWhat tois COedit2 EOR Master & How title Much style Oil Does It Recover? Secure CO2 Supply Transport via Pipeline Inject into Oilfield CO2 EOR Delivers Almost as Much Production as each of Primary and Secondary Recovery(1) Tertiary Remaining Recovery Oil (CO2 EOR) ~17% Secondary Recovery (waterfloods) Primary ~18% Recovery (1) Recovery of original oil in place based on history at Little Creek Field. ~20% 10 ClickDenbury’s to edit Vision Master title style Become a Premier Growth & Income Company • Proven and repeatable process • Strategic and competitive advantage • Large portfolio of lower risk growth projects • Unique production profile 11 11 ClickInitiating to edit Dividends Master title style ● Accelerating dividend payments to 2014 . Initial annualized dividend per share of $0.25 anticipated . $0.0625 per share per quarter, first dividend expected 1Q14 ● Estimating an annual dividend of $0.50 to $0.60 per share in 2015 ● Anticipate sustainable growth thereafter Estimated Annualized Dividend Growth(1) $1.00 $0.50 to $0.60 Anticipated $0.50 Dividend Growth $0.25 Thereafter $0.00 2014E 2015E 2016+ (1) Assumes a NYMEX oil price of $90 per barrel in 2014 and 2015. $85 thereafter. 12 12 ClickOur Valueto edit Proposition Master title style Combined production and dividend growth Estimated Estimated Combined Growth Production Growth Dividend Yield & Income No Dividend Prior Plan 5 - 10% +/- 7.5% until 2017 +/- 3% Revised Plan 4 - 8% +/- 9.0% in 2015(1) How do we accomplish this? ● Smooth out capital expenditures . Delay Rocky Mountain infrastructure expansion and certain EOR floods .