Denbury Resources Inc. has closed its acquisition of Thompson Field in Fort Bend County, Texas for an approximate USD$360 million cash consideration before purchase price adjustments. The purchase was funded with about USD$213 million of cash received from property sales earlier in 2012 as part of a like-kind exchange transaction. The remainder came from borrowings under its revolving credit facility.
Denbury is increasing its 2012 annual production estimates by 1,150 barrels of oil equivalent per day, with this acquisition. The estimated average production for the remainder of the year from the acquird properties is estimated at approximately 2,000 barrels per day.