Denbury Inc. entered an agreement on Dec. 29 to acquire a pair of CO₂ EOR fields in Wyoming from a subsidiary of Devon Energy Corp., boosting the Plano, Texas-based company’s low-carbon footprint in the Rocky Mountain region.

As part of the agreement, Denbury will pay the Devon subsidiary up to $20 million in cash for a nearly 100% working interest (approximately 83% net revenue interest) in the Big Sand Draw and Beaver Creek oil fields located in Wyoming’s Freemont County. Net production from the acquired fields was about 2,800 boe/d for third-quarter 2020, of which roughly 85% was oil production.

Denbury described the acquisition in a Dec. 29 company release as a bolt-on in a key operating area that supports its CO₂ EOR-focused strategy, which the independent oil and natural gas company adopted after completing a financial restructuring and emerging from bankruptcy in September.

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