Denbury To Sell Properties To Quantum For $900M

Law360, New York (April 5, 2010, 3:32 PM EDT) -- Denbury Resources Inc. has agreed to sell some of its recently acquired oil and natural gas properties to Quantum Resources Management LLC for $900 million.

The properties — located in Texas, Kansas, Oklahoma and New Mexico — were part of Denbury's $4.5 billion acquisition of Encore Acquisition Co. in November.

Denbury will use proceeds from the sale to pay down the Plano, Texas-based oil exploration and production company's $1.6 billion bank credit facility, which had $800 million outstanding as of March 31, according to the company....
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