September 2013

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