Denbury Resources Earnings Call Nuggets: Reversionary Interest at Delhi and the Conoco Acquisition

Denbury Resources Inc (NYSE:DNR) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call.

Reversionary Interest at Delhi

Arun Jayaram – Credit Suisse: Phil, what are you going to do for non-core in 2013, had a good end of the year, congrats. A couple questions here. On the reversionary interest at Delhi, I know you had mentioned this at the Analyst meeting being a late 2013 event. Has there been any change to that anticipated timing and does your guidance reflect that change or reduction in your working interest?

Phil Rykhoek – President and CEO: Our guidance does reflect – it has perhaps moved forward just a little bit. I think we were assuming probably actually late in the fourth quarter initially and with the strong production response at Delhi and high oil prices are higher than initially expected. Both of those would shorten that time period.

Arun Jayaram – Credit Suisse: To perhaps the third quarter, is that fair?

Phil Rykhoek – President and CEO: Perhaps third, yes.

Arun Jayaram – Credit Suisse: The second question, it sounds like the modest delays at Bell Creek are just related to some third-party timing on commissioning at Lost Cabin. Is that anything else going on there?

Phil Rykhoek – President and CEO: That’s it exactly.