Denbury completes sale of Barnett Shale stake

AP News
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Posted: Jan 04, 2010 3:27 PM

Oil and gas explorer Denbury Resources Inc. said Monday it closed the sale of its 40 percent stake in the Barnett Shale properties in Texas for $210 million to Talon Oil & Gas LLC.

Proceeds from the sale were used to pay off bank debt. Earlier this month the company took a 95 percent stake in a Texas oil field for about $430 million in cash and stock.

Shares rose 80 cents, or 5.4 percent, to $15.60 during midday trading. The stock has traded between $9.61 and $18.84 over the past year.

Separately Monday, France's Total SA said it will spend $2.25 billion to gain access to Chesapeake Energy Corp.'s deep fields in the Barnett Shale.