Denbury Snaps Up Conroe Oil Field For $430M

Law360, New York (December 4, 2009, 2:43 PM EST) -- Denbury Resources Inc. has reached a deal to buy a 95 percent working interest in the Conroe oil field north of Houston from Wapiti Energy LLC in a deal valued at about $430.7 million.

The deal announced Thursday allows Denbury to become the operator of the field and gives it a total working interest of 95 percent. The transaction involves a payment of $256.4 million in cash and 11.6 million shares of Denbury common stock, which has a value of $174.3 million. The transaction is expected...
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