Denbury Resources Inc.

Entered into a sixth amendment to its amended and restated credit agreement with JPMorgan Chase Bank and other bank lenders. Certain provisions of the amendment expanding the amount of junior lien debt the company may incur became effective upon execution of the amendment, and other provisions will become effective simultaneously with the closing of a private offering of $400 million aggregate principal amount of the company’s new senior secured second lien notes due 2024.

The amendment extends the maturity date of the credit facility by two years, to December 2021, and increases the amount of junior lien debt that the company may have outstanding by $450 million, to an aggregate total amount of $1.65 billion. In connection with the amendment, the size of the bank group has been streamlined to 14 banks and the aggregate commitment by the banks has been reduced from $1.05 billion to $615 million, which is more than offset by the $450 million increase in junior lien debt capacity. Combined with the existing junior lien debt capacity, the company has approximately $580 million of aggregate junior lien debt capacity under the amended credit facility.