PLANO, TX / ACCESSWIRE / July 20, 2020 / American-owned Denbury Resources Inc. announces it has received an official offer for corporate buyout at $1.2 a share. This includes transferring full ownership of the company. The corporation making the offer is not revealed.
The agreement is expected to be successful and with it finalized, Denbury Resources would continue to operate on a business-as-usual basis.
Denbury Resources is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Plano, Texas. The company extracts petroleum via enhanced oil recovery, which utilizes carbon dioxide to extract petroleum from fields that have been previously exploited.
The acquisition would allow Denbury Resources to continue as a going-concern by receiving additional liquidity to cover its missed interest payments and a large debt portfolio.
Denbury Resources had net income of $74 million, or $0.14 per diluted share in the first quarter of 2020.
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