Denbury Restructuring Support Agreement

Denbury expects normal functioning to continue throughout the court-supervised trial. In accordance with their letter of commitment, the company`s existing lenders will provide a self-managed revolving loan (“DIP”) that will “roll” into an exit facility with up to $615 million in availability. After being approved by the court, the company expects this funding, along with the cash flow from operating activities, to support activities during the trial under judicial oversight. Denbury will continue to assess the operating environment and, if necessary, make adjustments to adapt to the effects of COVID-19, OPEC+ measures and other factors impacting its business. This press release contains forward-looking statements that involve a number of risks and uncertainties, including those contained in the Company`s submissions to the Securities and Exchange Commission, including Denbury`s most recent Form 10-Q and its 2019 Form 10-K. These risks and uncertainties are taken into account by this reference, as if it were fully exposed to them. The forward-looking statements contained therein are based on financial, market, geological and operational assumptions that management believes are appropriate based on information currently available; However, the management assumptions and future performance of the undertaking shall be subject to a large number of commercial risks and shall be subject to the undertaking`s ability to confirm and conclude a recovery plan in accordance with Chapter 11 or another restructuring operation, the risks associated with insolvency proceedings, the adequacy and limitations of an PID facility, as set out in our lenders` letter of commitment. and the impact of all these factors on our ability to take advantage of the reorganization process and act as a company capable of acting in the long term as a continuation company. There is no guarantee that the objectives and forecasts contained there in them can be achieved or will be achieved.

Actual results may vary widely. In addition, all forward-looking statements are only the Company`s estimates at this stage and should not be considered its estimates at any future stage. Denbury undertakes no commitment to update any forward-looking statements. Kirkland & Ellis LLP is legal counsel to Denbury, Evercore Inc. is a financial advisor and Alvarez & Marsal is a restructuring advisor. “The difficult decision to proceed with this financial restructuring process is followed by a comprehensive review of alternatives and we believe this is an important and necessary step that will allow our company to better position for long-term success. As we lead the process, we welcome the assistance of our lenders and bondholder groups, which will enable us to quickly complete the financial restructuring. Our committed team continues to work at a high level and continues to focus heavily on safe, responsible and efficient procedures, and we are committed to working with our service providers and suppliers in the same way as we have done in the past..

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