Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 8 Key Information 8 Company Overview 8 Denbury Resources Inc., Valuation and Financial Data 9 Denbury Resources Inc., Share Price Performance 9 Share Price Performance, Q4, 2014-Q4, 2015 9 Denbury Resources Inc., Key Valuation Metrics 10 Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Denbury Resources Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 11 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 12 Denbury Resources Inc., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Denbury Resources Inc., Quarterly Production Trends 14 Denbury Resources Inc., Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 15 Denbury Resources Inc., Crude Oil Production 16 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 16 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 17 Denbury Resources Inc., Natural Gas Production 18 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 18 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 19 Denbury Resources Inc., Valuation and Financial Data, 2011-2015 20 Denbury Resources Inc., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Denbury Resources Inc., Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 Denbury Resources Inc., E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 Denbury Resources Inc., Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 Denbury Resources Inc., Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 Denbury Resources Inc., Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 69 Producible Oil and Gas Well, 2011-2015 69 Producible Oil and Gas Well, By Country/Region, 2011-2015 70 Exploration and Development Wells Drilled, 2011-2015 74 Exploration and Development Wells Drilled, By Country/Region, 2011-2015 75 Recent Developments 76 Denbury Resources Inc. - Recent Developments 76 Apr 06, 2016: Denbury Selects New Chairman 76 Dec 21, 2015: Elk And Denbury Reach Indicative Agreement To Restructure Grieve Project JV 76 Oct 13, 2015: Summit ESP Announces Its 5,000th Installation 79 Sep 01, 2015: Denbury Resources Appoints New Chief Operating Officer 79 Aug 05, 2015: Denbury Reports Second Quarter 2015 Results 80 May 06, 2015: Denbury Reports First Quarter 2015 Results 83 Appendix 87 Methodology 87 Coverage 87 Secondary Research 87 Primary Research 87 Data Information Sources 88 Company Source 88 SEC/Other Regulatory Filings 88 Other Sources 88 Expert Panel Validation 88 Data Definition 88 Oil and Gas Reserves 88 Units of Measure 89 About GlobalData 89 Disclosure 89 Disclaimer 89

List of Tables Table 1: Denbury Resources Inc., Key Facts 8 Table 2: Denbury Resources Inc., Share Price Performance, Q4, 2014-Q4, 2015 9 Table 3: Denbury Resources Inc., Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Table 4: Denbury Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Table 5: Denbury Resources Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 12 Table 6: Denbury Resources Inc., Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Table 7: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 14 Table 8: Denbury Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Table 9: Denbury Resources Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Table 10: Denbury Resources Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Table 11: Denbury Resources Inc., Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Table 12: Denbury Resources Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Table 13: Denbury Resources Inc., Share Price Performance, 2011-2015 20 Table 14: Denbury Resources Inc., Key Valuation Metrics, 2011-2015 21 Table 15: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: Denbury Resources Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: Denbury Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: Denbury Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: Denbury Resources Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: Denbury Resources Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: Denbury Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: Denbury Resources Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: Denbury Resources Inc., Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: Denbury Resources Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: Denbury Resources Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: Denbury Resources Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: Denbury Resources Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: Denbury Resources Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: Denbury Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44 Table 30: Denbury Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: Denbury Resources Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Table 32: Denbury Resources Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: Denbury Resources Inc., Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: Denbury Resources Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: Denbury Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: Denbury Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: Denbury Resources Inc., Oil and Gas Performance Metrics, 2011-2015 64 Table 38: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68 Table 40: Denbury Resources Inc., Producible Oil and Gas Wells, 2011-2015 69 Table 41: Denbury Resources Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 73 Table 42: Denbury Resources Inc., Exploratory and Developed Wells, 2011-2015 74 Table 43: Denbury Resources Inc., Exploratory and Developed Wells, By Country/Region, 2011-2015 75 List of Figures Figure 1: Denbury Resources Inc., Share Price Performance, USD/Share, Q4, 2014-Q4, 2015 9 Figure 2: Denbury Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 10 Figure 3: Denbury Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Figure 4: Denbury Resources Inc., Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 13 Figure 5: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 14 Figure 6: Denbury Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Figure 7: Denbury Resources Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Figure 8: Denbury Resources Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Figure 9: Denbury Resources Inc., Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Figure 10: Denbury Resources Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Figure 11: Denbury Resources Inc., Share Price Performance, USD/Share, 2011-2015 20 Figure 12: Denbury Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: Denbury Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: Denbury Resources Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: Denbury Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: Denbury Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: Denbury Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: Denbury Resources Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: Denbury Resources Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: Denbury Resources Inc., Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: Denbury Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: Denbury Resources Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: Denbury Resources Inc., Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: Denbury Resources Inc., Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: Denbury Resources Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: Denbury Resources Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 27: Denbury Resources Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 28: Denbury Resources Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 29: Denbury Resources Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: Denbury Resources Inc., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: Denbury Resources Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: Denbury Resources Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: Denbury Resources Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: Denbury Resources Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: Denbury Resources Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: Denbury Resources Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: Denbury Resources Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: Denbury Resources Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: Denbury Resources Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: Denbury Resources Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: Denbury Resources Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: Denbury Resources Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: Denbury Resources Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: Denbury Resources Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: Denbury Resources Inc., Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: Denbury Resources Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: Denbury Resources Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 48: Denbury Resources Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: Denbury Resources Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 55 Figure 50: Denbury Resources Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 51: Denbury Resources Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 56 Figure 52: Denbury Resources Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 53: Denbury Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 54: Denbury Resources Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 55: Denbury Resources Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: Denbury Resources Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 57: Denbury Resources Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: Denbury Resources Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 59: Denbury Resources Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: Denbury Resources Inc., Oil and Gas Performance Metrics, 2011-2015 64 Figure 61: Denbury Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 62: Denbury Resources Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 63: Denbury Resources Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 64: Denbury Resources Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 65: Denbury Resources Inc., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 66: Denbury Resources Inc., Producible Oil and Gas Wells, 2011-2015 69 Figure 67: Denbury Resources Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 68: Denbury Resources Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 69: Denbury Resources Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71 Figure 70: Denbury Resources Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71 Figure 71: Denbury Resources Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 72: Denbury Resources Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 73: Denbury Resources Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 74: Denbury Resources Inc., Exploratory and Developed Wells, 2011-2015 74