Denbury Resources (DNR) has reached an agreement to sell its assets in East Texas that are prospective for the Haynesville Shale.
Denbury Resources will receive $217.5 million from an unidentified private oil and gas company. The deal is expected to close in approximately 45 days with an effective date of September 1, 2010.
Denbury Resources said that the properties sold averaged approximately 34 million cubic feet equivalent per day during the second quarter of 2010. The company will also report a one time gain of $10 million to $15 million to settle natural gas hedges on the properties.
