September 2013

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Corporate PresentationSeptember 2013

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ClicktoForwardedit Mastertitle styleAboutLookingStatementsThe data contained in this presentation that are not historical facts are forward-looking statements that involve a number of risks anduncertainties. Such statements may relate to, among other things, forecasted capital expenditures, drilling activity, completion ofacquisitions or reserves or future production attributable to them, development activities, timing of carbon dioxide (CO2) injections andinitial production response in tertiary flooding projects, estimated costs, production rates and volumes or forecasts thereof, hydrocarbonreserve quantities and values, CO2 reserves, helium reserves, potential reserves from tertiary operations, future hydrocarbon prices orassumptions, liquidity, cash flows, availability of capital, borrowing capacity, finding costs, rates of return, overall economics, net assetvalues, estimates of potential or recoverable reserves and anticipated production growth rates in our CO 2 models, or estimated productionin 2013 and future production and expenditure estimates, and availability and cost of equipment and services. These forward-lookingstatements are generally accompanied by words such as “estimated”, “preliminary”, “projected”, “potential”, “anticipated”, “forecasted” orother words that convey the uncertainty of future events or outcomes. These statements are based on management’s current plans andassumptions and are subject to a number of risks and uncertainties as further outlined in our most recent Form 10-K and Form 10-Q filedwith the SEC. Therefore, the actual results may differ materially from the expectations, estimates or assumptions expressed in or impliedby any forward-looking statement made by or on behalf of the Company.Cautionary Note to U.S. Investors – Current SEC rules regarding oil and gas reserve information allow oil and gas companies to disclosein filings with the SEC not only proved reserves, but also probable and possible reserves that meet the SEC’s definitions of such terms.We disclose only proved reserves in our filings with the SEC. Denbury’s proved reserves as of December 31, 2012 were estimated byDeGolyer & MacNaughton, an independent petroleum engineering firm. In this presentation, we make reference to probable and possiblereserves, some of which have been prepared by our independent engineers and some of which have been prepared by Denbury’s internalstaff of engineers. In this presentation, we also refer to estimates of original oil in place, resource “potential” or other descriptions ofvolumes potentially recoverable, which in addition to reserves generally classifiable as probable and possible (2P and 3P reserves),include estimates of reserves that do not rise to the standards for possible reserves, and which SEC guidelines strictly prohibit us fromincluding in filings with the SEC. These estimates, as well as the estimates of probable and possible reserves, are by their nature morespeculative than estimates of proved reserves and are subject to greater uncertainties, and accordingly the likelihood of recovering thosereserves is subject to substantially greater risk.3

Clickto editKindMastertitleCompanystyleA Differentof OilProvenProcess CO2 EOR is one of the most efficient tertiary oil recovery methods 29% compound annual growth rate (CAGR) in our EOR production since 1999 We have produced 100 million barrels (gross) of oil from CO2 EOR to dateUniqueStrategy We acquire mature oil fields and recover oil using CO2 Competitive advantage: strategic CO2 supply, over 1,100 miles of CO2RepeatableGrowthpipelines and a large inventory of mature oil fields We anticipate a decade of low teens annual EOR production growth Over 1 billion barrels of potential oil reserves We store CO2 captured from industrial facilities, resulting in net carbonreduction By developing existing oil fields, we are disturbing fewer new habitatsValueCreation Highest operating margins and capital efficiency in peer group Within the next 5 years, we anticipate a growing wedge of free cash flow4

Clickto editMastertitle styleDenburyat aGlanceTotal 3P Reserves (12/31/12)% Oil Production (2Q13)Total Daily Production – BOE/d (2Q13) 1.1 BBOE94%74,052Proved PV-10 (12/31/12) 94.71 NYMEX Oil Price 9.9 billionMarket Cap (8/31/13) 6.4 billionTotal Net Debt (6/30/13)(1) 3.1 billionCO2 Supply 3P Reserves (12/31/12) 17 TcfCO2 Pipelines Operated or Controlled 1,100 milesCredit Facility Availability (6/30/13) 1.3 billion(1) Defined as long term debt and capital lease obligations, less current obligations, less cash and cash equivalents. As of 6/30/13, we had 260 million of borrowingsoutstanding under our 1.6 billion bank credit facility and our cash and cash equivalents totaled 76 million.5

Summaryof MasterQuarterlyClick to edittitleResultsstyle 16% Production increase from last quarter Record revenue and oil production 9% reduction in LOE/BOE, excluding Delhi charge Added 350 BCF of proved CO2 reserves First Rockies tertiary oil production at Bell Creek 70 million expensed at Delhi(1)(1) Denbury currently estimates that one-third to two-thirds of this minimum estimate may be recoverable under its insurance policies.6

Clickedit Master title styleDelhitoFieldINJECTP&AINJECTCO2InjectionOld AbandonedWellOil & CO2ProducerProdProdP&AProdP&AP&ACementplug ?Cementplug ?Cementplug ?The adjacent drawing is providedsolely to illustrate (in a simpleand non-technical manner) apotential cause of the incident atDelhi Field, based on informationavailable to the Company as ofAugust 6, 2013.7

What tois CO& HowClickeditMastertitleMuchstyleOil Does It Recover?2 EORSecure CO2 SupplyTransport via PipelineInject into OilfieldCO2 EOR Delivers Almost as Much Production asPrimary and Secondary Recovery(1)TertiaryRecovery(CO2 EOR)RemainingOil 17%SecondaryRecovery(waterfloods) 18%(1) Recovery of Original Oil in Place based on history at Little Creek Field.PrimaryRecovery 20%8

Our Two CO2 EOR Target Areas:Click to edit Master title styleUp to 10 Billion Barrels Recoverable with CO2 EORDenbury Rocky Mountain Region331 Million 3P CO2 EOR Barrels(2)1.3 to 3.2Billion BarrelsNDMTIDEstimatedRecoverable in Rocky Mountain Region(1)GreencorePipelineLostSDCabinWYExisting Denbury CO2 PipelinesDenbury owned Fields With CO2 EOR PotentialExisting or Proposed CO2 SourceOwned or ContractedOther CO2 SourcesDenbury Gulf Coast Region587 Million 3P CO2 EOR Barrels(2)MSDelta Pipeline JacksonDomeSonat MSPipelineTX(1) Source: DOE 2005 and 2006 reports.(2) 3P tertiary oil reserve estimates based on year-end 12/31/12 SEC provedreserves, based on a variety of recovery factors, includes CCA acquisition thatclosed on 3/27/13.Free StatePipelineLAGreenPipelineEstimated3.4 to 7.5Billion BarrelsRecoverable in Gulf Coast Region(1)9

CO2 EORin GulfCoastRegion:ClicktoeditMastertitlestyleControl of CO Sources & Pipeline Infrastructure Provides a Strategic )46 MMBblsDelhi(4)36 tal MMBbls(3)71Free State dersvilleSonatMS PipelineLakeSt. JohnSosoEucuttaCypress CreekYellow CreekBrookhavenHouston ieldMallalieuConroe(4)60 - 80 MMBbls60 - 75 MMBbls30 - 60 MMBbls10 - 20 MMBbls130 MMBblsOliveCitronelleSmithdaleMature Area(4)178 MMBbls160 - 235 MMBblsLittle CreekMcCombHeidelberg(4)44 MMBblsGreen onWebsterFig RidgeOysterBayouCumulative ProductionHastingsOyster Bayou(4)20 - 30 MMBbls15 - 50 MMBoe50 – 100 MMBoe 100 MMBoeDenbury Owned Fields – Current CO2 FloodsDenbury Owned Fields – Future CO2 FloodsFields Owned by Others – CO2 EOR Candidates(1) Proved tertiary oil reserves based on year-end 12/31/12 SEC proved reserves. Probable and possible tertiary reserve estimates as of 12/31/12, based on a variety of recovery factors.(2) Produced-to-Date is cumulative tertiary production through 12/31/12.(3) Using mid-points of range.(4) Field reserves shown are estimated total potential tertiary reserves, including cumulative tertiary production through 12/31/12.10

CO2 EORin trol of CO Sources & Pipeline Infrastructure Provides a Strategic Advantage2CO2 Sources---PotentialExisting CCA Fields(1)CCA Acquisition(3)Existing or Proposed CO2 SourceOwned or ContractedOther CO2 SourcesSummary(1)ProvedCedar Creek Anticline Area200 MMBbls60-80 MMBblsDGC Beulah260 - 280 MMBblsCedar CreekAnticline331MONTANAProduced-to-DateTotal MMBbls--NORTH DAKOTABell Creek(4)30 MMBbls331Elk BasinBell CreekLaBarge Area(2)416 BCF Nat Gas12.7 BCF Helium3.5 TCF CO2PlannedInterconnectBell Creek FirstCO2 EOR Productionin 3Q13Greencore Pipeline232 MilesHartzog Draw(4)20 - 30 MMBblsSOUTH DAKOTA(2013)Lost Cabin(COP)WYOMINGCumulative Production15 - 50 MMBoe50 – 100 MMBoe 100 MMBoeRiley Ridge(DNR)Shute Creek(XOM)(1)(2)(3)(4)Existing CO2PipelineDKRWGrieve Field(4)6 MMBblsProbable and possible tertiary reserve estimates as of 12/31/12, using mid-point of ranges, based on a variety of recovery factors.Proved reserves as of 12/31/12 and are presented on a gross working interest or 8/8ths basis, except those reservesacquired from ExxonMobil in 4Q12 which are reported net to Denbury’s interest.Purchased from ConocoPhillips in a transaction that closed on 3/27/13.Field reserves shown are estimated total potential tertiary reserves, including cumulative tertiary production through 12/31/12.Denbury Owned Fields – Future CO2 FloodsFields Owned by Others – CO2 EOR CandidatesPipelinesDenbury Pipelines in ProcessDenbury Proposed PipelinesPipelines Owned by Others1111

ClickeditaMasterstyleof Oil PotentialMoretothanBillion titleBarrels717.100%100%OilOil46277%Oil45140946. (1) Based on year-end 12/31/12 SEC proved reserves.(2) Based on year-end 12/31/12 SEC proved reserves plus estimated 42 MMBOE for CCA acquisition that closed on 3/27/13.(3) Estimates based on mid-point of internal estimates, refer to slide 3 for full disclosure of forward-looking statements. Pro-forma CO2 EOR potential includes 70 MMbbls from the CCAacquisition that closed on 3/27/13.1212

Click toTrackedit MasterProvenRecord title styleNet Daily Oil Production – Tertiary Operations (through 6/30/13)Mature PropertiesTinsleyHeidelbergDelhiOyster 9% CAGR(1999-2012)15,00010,0005,0001999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1H131313

HighestOperatingin the Peer Group (1)Clickto editMasterMargintitle style /BOE3-Months ended 6/30/201370 94% oil high LLS exposure Premium Pricing6050403020100DNRPeer APeer BPeer CPeer DPeer EPeer FPeer GPeer HPeer IPeer JPeer K(1) Data derived from SEC filings, three months ended 6/30/13 and includes DNR, CLR, CXO, FST, NBL, NFX, PXD, RRC, SD SM, RRC, XEC. Calculated asrevenues less lease operating expenses, marketing/transportation expenses, and production and ad valorem taxes. Includes historical data only.(2) Calculation excludes Delhi remediation charge of 70 million.1414

Click to editMastertitle styleHighestCapitalEfficiencyin Peer Group(1)(3)TTM EBITDA(4) Adj. F&DEfficiencyRatio(1) Peer Group includes BRY,CLR,CXO,OAS,PXD,PXP,RRC,SD,SM,WLL. Includes historical data only, excludes impact of CCA acquisition that closed on 3/27/13.(2) Three years ended 12/31/2012, and includes Encore Acquisition in 2010. Calculated as total capital expenditures divided by net reserve additions, including changes in futuredevelopment costs and change in unevaluated properties.(3) Includes 3-year average DD&A for CO2 properties of 0.82 per BOE(4) Trailing twelve months EBITDA ended 12/31/12.151515

Clickto editMaster titlestyleCO2 EOR– SuperiorProductionProfileProjected Production Profile with Same Capital SpendingCapital Spending perYear Based on EORSpending Pattern12,000Gulf Coast EOR FieldBakken(BOEPD)ProductionProduction (Bbls/d)10,0008,0006,000Year MM183283360460568652752852945Total : Assumes 700 BOEPD initial 30 day rate for Bakken wells.1616

CO2 EOR– CompellingEconomicsClickto editMaster titlestyleWTI Breakeven Price for a 20% Before-Tax Rate of Return ( per Bbl)(1)(1) Source: KeyBanc as of March 2013. Defined as the threshold WTI oil price necessary to generate a 20% before-tax rate of return. Calculations reflect current type curve and basisdifferential of each play. Excludes acreage acquisition cost.(2) Internal estimate for indicative large CO2 EOR development project in the Gulf Coast Region. Assumes a 5 basis premium. Excludes property acquisition cost.1717

COSupportClickto edit toMastertitleGulfstyleCoast Growth2 Supply1,8001,600Additional CO2 Potential (not reflected in graph)Probable & Possible Reserves: 3 TCFImproved Recovery of Proved Reserves: 0.8 TCFRecycle: 3 TCFANTHROPOGENIC SUPPLYExecuted Agreements with Future ConstructionCO2 Volumes, MMCFPD1,4001,200JACKSON DOMERISKED DRILLING PROGRAM1,000800600JACKSON DOMEPROVED RESERVES400 6.1 TCFEstimated as of 12/31/201220002010201220142016201820202022Note: Forecast based on internal management estimates and includes fields currently owned. Actual results may vary.18

Gulf CoastPartnersClickto editIndustrialMaster titlestyleCurrently Producing or Under ConstructionAir Products Port Arthur, Texas Hydrogen Plant Capture Date: 1Q 2013 Quantity: 50 MMcf/dPCS Nitrogen Geismar, Louisiana Ammonia Products Capture Date: 2Q 2013 Quantity: 20 MMcf/dFuture Construction (currently planned or proposed)Lake Charles CogenerationAmmonia Plant Lake Charles, Louisiana Near Green Pipeline Petroleum Coke to Capture Date: 1Q 2016Methanol Plant Quantity: 85 MMcf/d Capture Date: 2018 Quantity: 200 MMcf/dMississippi Power – (Under Construction) Kemper County, MS Gasifier Capture Date: 2014 Quantity: 115 MMcf/dChemical Plant Near Green Pipeline Capture Date: 2020 Quantity: 200 MMcf/d1919

CO2 SupplySupportRockyClickto edit toMastertitlestyleMountain GrowthLaBarge Area Estimated Field Size: 750 Square Miles Estimated 100 TCF of CO2 RecoverableRiley Ridge – Denbury Operated 100% WI in 9,700 acre Riley Ridge Federal Unit 33% WI in 28,000 acre Horseshoe Unit Estimated 2.2 TCF CO2 proved reservesShute Creek – XOM Operated Denbury acquired 1/3 of XOM’s CO2 reserves in 4Q12 Based on XOM’s current plant capacity andavailability, Denbury could receive up to 115 MMcf/dof CO2 from the plant Estimated 1.3 TCF CO2 proved reservesLaBarge Area(1)416 BCF Nat Gas12.7 BCF Helium3.5 TCF CO2Composition of Produced Gas Stream: 65% CO2; 20% Natural Gas; 5% HydrogenSulfide; 1% Helium, and other gasses1) Proved reserves as of 12/31/12 and are presented on a gross working interest or 8/8ths basis,except those reserves acquired from ExxonMobil in 4Q12 which are reported net to Denbury’s interest.2020

Clickto editMastertitle styleStrongFinancialPosition 1.3 billion availability undercredit facility on 6/30/13Debt to 83% 1.6 billion borrowing base (6/30/13) Cash 76 million2121

(1)Clickedit Mastertitle style2013 toSummaryGuidance2013 Capital Budget – 1.06 Billion(2)All Other 170 MM2013 Production EstimateOperating areaTertiary Floods 580MMCO2 Sources 200MMCO2 Pipelines 110MMTertiary Oil 00 - 39,500Cedar Creek Anticline(3)8,50316,200Non-Tertiary Oil Fields13,13316,000Total Estimated Production56,84268,700 - 71,7004-12%21-26% 110 million remain under current stock repurchase authorization.Stock re-purchased to date increases production per share 11%(4)We now expect tertiary and total production to averagenear the high end of their respective ranges.We estimate the 2013 capital program(5) to be fullyfunded at low 90’s NYMEX WTI crude oil price.(1) See slide 3 for full disclosure of forward-looking statements.(2) Excludes capital costs on G&G costs; internal acquisition, exploration and development costs; interest; and pre-production start-up costs associated with new tertiary fields, estimated at 160 million.(3) Includes impact of CCA acquisition that closed on 3/27/13. See slide 33 for more details.(4) As of 9/6/13, total repurchases under the program (since inception in November 2011) were 42.8 million shares, or 10.7% of shares outstanding, at an average price of 15.45.(5) Including capital costs on G&G costs; internal acquisition, exploration and development costs; interest; and pre-production start-up costs associated with new tertiary fields, estimated at 160 million.2222

HedgesProtectAgainstin Near-Term(1)Clickto editMastertitleDownsidestyleCrude Oil(2)2013201420153rd Quarter4th Quarter1st Half2nd Half1st Quarter2nd Quarter3rd rincipal price floors 80 80 80 80 82 82 82Principal priceceilings(3) 109 118 102 98 99 97 97Volumes hedged(Bbls/d)(1) Figures and averages as of 9/6/13.(2) Crude oil derivative contracts are based on West Texas Intermediate (WTI) NYMEX and Argus LLS price basis. See slide 45 for details.(3) Averages are volume weighted.2323

Clickto editofMastertitleProductionstyleA DecadeCO2 EORGrowth(1)Anticipating Average Annual Percentage Growth Rate in the Low Teens100,000Expected PeakCO2 EOR Cap-Ex35,206 Bell Creek Webster Hartzog Draw Conroe Cedar Creek Anticline Thompson(1) 2013 and future forecasted capital expenditures and production may differ materially from actual results. Does not include recently completedincremental CCA acquisition. See slide 3 for full disclosure of forward-looking statements.2424

Clickto editMaster titleCO2 EOR– ProvenFreestyleCash Flow Generator /- 1.7 BillionFirst Year ofFree Cash Flow(1) Calculated from actual historical operating cash flow (revenues less operating expenses) less capital expenditures and currently projected operatingincome and capital expenditures in 2013 and beyond using a flat 90 NYMEX crude oil price. Includes Jackson Dome and Pipeline expenditures inGulf Coast. See slide 3 for full disclosure of forward-looking statements.2525

Clickto editCOMasterstyleEstimatedPeakProduction Rates2 EORtitleOperating AreaFirstProductionEstimated Peak Production Rate(Net MBOE/d) 55-1010-1515-20 20ExpectedPeak YearProducedProvedPotentialto date(1) Remaining(1) Remaining(2)(MMBOE) (MMBOE) (MMBOE)Mature 20092018-203356Delhi20102015-173258Oyster Bayou20122015-17 11411Hastings20122018-2014524Bell Hartzog edar Creek 2025-27------45Expected year of first tertiary production.(1) Tertiary oil production and reserves as of 12/31/2012(2) Based on internal estimates of reserve recovery, using mid-points of ranges.(3) Does not include impact of CCA acquisition that closed on 3/27/13. Potential tertiary reserves for CCA acquisition are currently estimated at 60-80 MMBOE.2626

IN SUMMARY:A DifferentKind of Oil CompanyClickto edit Mastertitle styleLeading CO2 Enhanced Oil Recovery Company in the U.S. with a Unique Profile Significant strategic advantage in CO2 EOR Well defined and focused long-term growth strategy Highest operating margin and capital efficiency in peer group Substantial free cash flow generation from CO2 EOR after upfront investment in infrastructure2727

Clickto editInformationMaster title styleCorporateCorporate HeadquartersDenbury Resources Inc.5320 Legacy DrivePlano, Texas 75024Ph: (972) 673-2000 Fax: (972) 673-2150denbury.comContact InformationPhil RykhoekPresident & CEO(972) 673-2000Mark AllenSenior VP &

DNR Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Peer K 14 Highest Operating Margin in the Peer Group (1) (1) Data derived from SEC filings, three months ended 6/30/13 and includes DNR, CLR, CXO, FST, NBL, NFX, PXD, RRC, SD SM, RRC, XEC. Calculated as

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