Denbury Resources (DNR) is abandoning the Bakken play and has agreed to sell its assets here to Exxon Mobil (XOM) for $1.6 billion in cash and Exxon Mobil’s interests in two onshore oil and gas fields.
Denbury Resources said that the Webster Field in Texas and Hartzog Draw Field in Wyoming are suitable candidates for tertiary recovery efforts using carbon dioxide. The company also intends to purchase an interest in Exxon Mobil’s carbon dioxide reserves in the LaBarge Field in Wyoming.
Denbury Resources reported proved reserves of 96 million barrels of oil equivalent (BOE) in the Bakken at the end of 2011. These reserves were 84% composed of crude oil and natural gas liquids. The company reported average production of 15,400 BOE per day from the Bakken in the first six months of 2012.