Denbury completes deal for Texas oil field

AP News
|
Posted: Dec 22, 2009 4:56 PM

Oil and natural gas operator Denbury Resources Inc. said Tuesday it has completed the purchase of a 95 percent stake in a Texas oil field from Wapiti Energy LLC for about $430 million in cash and stock.

Denbury's purchase of interests in the Conroe Field north of Houston consists of $256.4 million in cash and 11.6 million shares of Denbury stock worth about $174 million.

To help finance the deal, Denbury is selling its remaining assets in the Barnett shale in Texas for $210 million to Talon Oil & Gas.

Denbury shares rose 30 cents to close at $14.96 Tuesday.