NYSE:DNR

4th Quarter 2015 Earnings Presentation February 18, 2016

NYSE:DNR

NYSE:DNR 2

Agenda

» Introduction • Ross Campbell, Manager of Investor Relations

» Overall review and outlook

• Phil Rykhoek, Chief Executive Officer

» Financial review • Mark Allen, Chief Financial Officer

» Operational review

• Chris Kendall, Chief Operating Officer

NYSE:DNR 3

Cautionary Statements Forward Looking Statements: The data contained in this presentation that are not historical facts are forward-looking statements that involve a number of risks and uncertainties. Such statements may relate to, among other things: long-term strategy; the length or severity of the recent oil price downturn; forecasts of capital expenditures, drilling activity and developmental activities; timing of carbon dioxide (CO2) injections and production response to such tertiary flooding projects; anticipated dates of completion of industrial plants to be constructed or under construction and the initial date of capture and amount of industrial-sourced CO2; estimates of liquidity, costs, forecasted production rate or peak production rates and the growth or decline thereof; estimates of hydrocarbon reserve quantities and values, including potential and recoverable reserves, CO2 reserves, Gulf Coast CO2 demand, and helium reserves; projected future hydrocarbon prices or costs; estimated future cash flows, including from our hedging positions, or uses of cash; availability of capital or borrowing capacity; estimated rates of return and overall economics; and anticipated availability and cost of equipment and services. These forward-looking statements are generally accompanied by words such as “believe,” “estimated,” “preliminary,” “projected,” “potential,” “anticipated,” “forecasted,” “expected,” “assume” or other words that convey the uncertainty of future events or outcomes. These statements are based on management’s current plans and assumptions and are subject to a number of risks and uncertainties as further outlined in our most recent Form 10-K filed with the SEC. Therefore, actual results may differ materially from the expectations, estimates, forecasts, projections, or assumptions expressed in or implied by any forward-looking statement herein made by or on behalf of the Company.

Statement Regarding Non-GAAP Financial Measures: This presentation also contains non-GAAP financial measures. Any non-GAAP measures included herein will be accompanied by a reconciliation to the most directly comparable U.S. GAAP measure along with a statement on why the Company believes the measure is beneficial to investors. The reconciliation and statement is included on our website at www.denbury.com/investor-relations/non-gaap-reconciliations.

Note to U.S. Investors: Current SEC rules regarding oil and gas reserves information allow oil and gas companies to disclose in 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, 2014 and December 31, 2015 were estimated by DeGolyer and MacNaughton, an independent petroleum engineering firm. In this presentation, we may make reference to probable and possible reserves, some of which have been estimated by our independent engineers and some of which have been estimated by Denbury’s internal staff of engineers. In this presentation, we also may refer to estimates of original oil in place, resource or reserves “potential”, barrels recoverable, or other descriptions of volumes potentially recoverable, which in addition to reserves generally classifiable as probable and possible (2P and 3P reserves), include estimates of resources that do not rise to the standards for possible reserves, and which SEC guidelines strictly prohibit us from including in filings with the SEC. These estimates, as well as the estimates of probable and possible reserves, are by their nature more speculative than estimates of proved reserves and are subject to greater uncertainties, and accordingly the likelihood of recovering those reserves is subject to substantially greater risk.

NYSE:DNR NYSE:DNR

NYSE:DNR 5

» Reduce costs and optimize business

» Preserve cash and liquidity

» Reduce leverage over time

Responding to Oil Price Volatility

Specific Actions » Eighth consecutive quarterly reduction in recurring

LOE and reductions in virtually all expenses

» Secured bank covenant relief through the end of 2017

» Reduced capital spending in 2015 by 60% and again in

2016 by 50%

» Entered into additional oil hedges

Focus for 2016

NYSE:DNR 6

25.68

23.26 23.17 22.64 21.08

19.70 19.43 19.31

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Lease Operating Expenses(1)

$/BOE

5.17 4.22 4.45 4.31

5.69

4.66 3.91

3.02

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Cash G&A Expenses

$/BOE

Continued Focus on Cost Reductions

» 26% decrease since 4Q13 » 16% decrease FY14 to

FY15

» LOE under $20/BOE for three consecutive quarters

» 30% decrease 4Q14 to

4Q15

» 4% decrease FY14 to FY15

» Continue to lower costs and increase value

(1) Also referred to as “LOE”. Lease operating expenses presented in this slide exclude reimbursement for a retroactive utility rate adjustment ($10 MM) and an insurance reimbursement for previous well control costs ($4 MM) for 3Q15, well control costs ($3 MM) for 4Q14, insurance reimbursement net of additional well control costs ($10 MM) and Riley Ridge workover cost ($8 MM) for 3Q14, and Riley Ridge workover cost ($4 MM) for 2Q14.

NYSE:DNR 7

2016 Capital Budget:~$200 Million

$55 MM

(1) Excludes capitalized interest.

$145 MM

74,432 72,861

2014 2015 2016E

64,000 - 68,000

2016 Production Guidance

Low Decline Production Profile

» Less than 1% decline (excluding shut-in production) in 2015 on capital spending of $407 million

» Anticipate 4 to 8% decline (excluding shut-in production) in 2016 on capital spending of $200 million

2016 Capital Budget & Production Guidance

Development Capital Tertiary Delhi Other Non-Tertiary CO2 Sources & Other

$145

55 45 35 10

Capitalized items(1) 55

Capitalized Items(1)

Development Capital

NYSE:DNR

Financial Overview Mark Allen

NYSE:DNR

NYSE:DNR 9

Reconciliation of Adjusted Net Income (Loss)(1)

f

Reconciliation of Adjusted Net Income (Loss)(1)

In millions, except per share data 4Q15 3Q15

Net loss (GAAP measure) $(885) $(2,244)

Noncash fair value adjustments on commodity derivatives and other 55 69

Lease operating expenses – special items — (14)

Write-down of oil and natural gas properties 1,327 1,761

Impairment of goodwill — 1,262

Other expenses – impairment of assets 9 — Estimated income taxes on above adjustments to net loss and other discrete tax items

(509) (769)

Adjusted net income (loss) (non-GAAP measure)(1)(2) $(3) $63

Adjusted net income (loss) per diluted share (non-GAAP measure)(1)(3) $(0.01) $0.18

Net loss per diluted share (GAAP measure)(3) $(2.56) $(6.41)

1) See website for statement indicating why the Company believes the non-GAAP measures are useful for investors. 2) Totals may not recalculate due to rounding. 3) Calculated using weighted-average diluted shares outstanding of 350.9 million for the three months ended September 30, 2015 and weighted-average diluted shares outstanding of 345.9 million for the

three months ended December 31, 2015.

NYSE:DNR 10

4th Quarter Selected Financial Highlights

Selected Financial Highlights In millions, except per unit data 4Q15 3Q15

Adjusted cash flows from operations (non-GAAP measure)(1) $129 $243

Net change in assets and liabilities relating to operations 36 30

Cash flows from operations (GAAP measure) $165 $273

Revenues $266 $300

Receipt on settlements of commodity derivatives 78 161

Revenues and commodity derivative settlements combined $344 $461

Average realized oil price per barrel (excluding derivative settlements) $40.41 $45.74

Average realized oil price per barrel (including derivative settlements) $52.67 $71.32

(1) See website for schedules that reconcile GAAP to non-GAAP measures along with a statement indicating why the Company believes the non-GAAP measures are useful for investors.

NYSE:DNR 11

NYMEX Oil Differential Summary

Crude Oil Differentials $ per barrel 4Q15 3Q15

Tertiary oil fields $(1.02) $0.85

Gulf Coast region (0.97) 0.98

Rocky Mountain region (1.81) (1.30)

Gulf Coast non-tertiary (0.34) 0.58

Cedar Creek Anticline (3.08) (4.55)

Other Rockies non-tertiary (6.91) (8.10)

Denbury totals $(1.74) $(0.96)

NYSE:DNR 12

Selected Expense Line Items

Expenses 4Q15 3Q15

In millions, unless otherwise noted ($) ($/BOE) ($) ($/BOE)

Lease operating expense, excluding special items(1) $128 $19.31 $128 $19.43

General and administrative expense 27 4.14 33 5.01

Interest expense (net of amounts capitalized) 40 6.05 39 5.97

Depletion, depreciation and amortization 112 16.96 121 18.48

Effective income tax rate, in percentages 36.5% 24.6%

(1) See slide 20 for additional detail on lease operating expenses. Lease operating expenses exclude certain special items, comprised of a reimbursement for a retroactive utility rate adjustment ($10 MM) and an insurance reimbursement for previous well control costs ($4 MM) during the third quarter of 2015.

NYSE:DNR 13

Oil Hedge Detail as of February 17, 2016 1Q16 2Q16 3Q16 4Q16 1Q17

WTI NYMEX Fixed-Price

Swaps

Volumes Hedged (Bbls/d) — 11,500 12,500 23,000 2,000

Average Swap Price (1) — $61.84 $37.77 $37.97 $41.30

WTI NYMEX Enhanced

Swaps

Volumes Hedged (Bbls/d) 12,000 2,000 — — —

Average Swap X Average Sold Put Price (1),(2) $92.43X$68 $90.35X$68 — — —

Argus LLS Fixed-Price

Swaps

Volumes Hedged (Bbls/d) — 3,500 4,000 7,000 1,000

Average Swap Price (1) — $64.99 $38.67 $39.16 $42.55

Argus LLS Enhanced

Swaps

Volumes Hedged (Bbls/d) 8,000 6,000 — — —

Average Swap X Average Sold Put Price (1),(2) $94.81X$68.50 $93.38X$70 — — —

WTI NYMEX Collars

Volumes Hedged (Bbls/d) — 5,000 4,500 — — Ceiling Price X Average Floor (1),(2) — $71.01X$55 $71.22X$55 — —

WTI NYMEX 3-Way Collars

Volumes Hedged (Bbls/d) 10,000 2,000 — — —

Ceiling Price X Average Floor X Average Sold Put Price (1),(2) $99.85X$85X$68 $95.50X$85X$68 — — —

Argus LLS Collars

Volumes Hedged (Bbls/d) — 2,000 3,000 — —

Ceiling Price X Average Floor (1),(2) — $73X$58 $73.85X$58 — —

Argus LLS 3-Way Collars

Volumes Hedged (Bbls/d) 6,000 2,000 — — —

Ceiling Price X Average Floor X Average Sold Put Price (1),(2) $102.10X$88x$68 $98.25X$88X$70 — — —

Total Volumes Hedged 36,000 34,000 24,000 30,000 3,000

(1) Averages are volume weighted. (2) If oil prices were to average less than the sold put price, receipts on settlement would be reduced by the amount oil prices averaged below the sold put price.

NYSE:DNR 14

($40)

($20)

$0

$20

$40

$60

$80

$100

$25 $30 $35 $40 $45 $50

1Q16 2Q16 3Q16 4Q16

Oil Price Sensitivity on Hedging Settlements The following chart details the expected impact to pre-tax income from the settlement of oil derivative contracts, outlined on slide 13, at various NYMEX oil prices.

NYMEX Oil Price

Quarterly Hedging Settlements (in $MM)

NYSE:DNR 15

Liquidity and Debt Maturity Schedule

2016 2017 2018 2019 2020 2021 2022 2023

1) Excludes $2.3MM Encore sr. sub. notes, estimated pipeline financings of $211.8 MM due between 2016 and 2028, and estimated capital lease obligations of $71.3 MM due between 2016 and 2021. 2) Floating rate, weighted average interest rate for 1-Month Libor and Prime loans plus margin rate. 3) Includes $2.3MM Encore sr. sub notes.

Credit Facility

Undrawn & Available $1,250

$1,200

$175

Sr. Subordinated Notes

Ample Revolver Liquidity

$175 $395

12/31/14 12/31/15

In millions, unless otherwise noted In millions - balances as of 12/31/15

Drawn Amount $400

Debt and Capital Lease Obligations as of 12/31/15, in $MM Credit facility $175 Pipeline financing & capital lease obligations 283 Senior subordinated notes(3) 2,852 Total debt and capital lease obligations $3,310

No Near-Term Maturities(1)

~2.25%(2)

6.375%

5.50% 4.625%

Elected Commitments $1.6 billion as of 12/31/15 $1.5 billion current

NYSE:DNR 16

Credit Facility Amendment

Post-Amendment vs. Previous Amendment Post-Amendment Previous

Interest coverage covenant

1.25x EBITDAX through December 31, 2017 2.25x EBITDAX

Senior Secured Leverage test

3.0x EBITDAX through December 31, 2017 2.5x EBITDAX through Dec. 31, 2017

Commitments $1.5 billion $1.6 billion

Redetermination Semi-annually – May 1st and November 1st Annually – May 1st

Bond repurchases Up to $225 million of bond repurchases Unlimited as long as > 10% availability on

commitments

Anti-hoarding provisions

Limits additional borrowings if: > $250 million borrowed; and

> $225 million of unrestricted cash N/A

Pricing grid

Utilization Based

Libor margin (bps)

ABR margin (bps)

Undrawn pricing (bps)

X >90% 300.0 200.0 50.0 >=75% X <90% 275.0 175.0 50.0 >=50% X <75% 250.0 150.0 50.0 >=25% X <50% 225.0 125.0 50.0

X <25% 200.0 100.0 50.0

Utilization Based

Libor margin (bps)

ABR margin (bps)

Undrawn pricing (bps)

X >90% 225.0 125.0 37.5 >=75% X <90% 200.0 100.0 37.5 >=50% X <75% 175.0 75.0 35.0 >=25% X <50% 150.0 50.0 30.0

X <25% 125.0 25.0 30.0

NYSE:DNR

Operational Overview Chris Kendall

NYSE:DNR

NYSE:DNR 18

1) SEC reported proved reserves computed using first-day-of-the-month 12-month average 2015 prices of $50.28 per Bbl for oil and $2.63 per MMBtu for natural gas, adjusted by prices received at the field (an average of $48.11 per Bbl for oil and $2.45 per MMBtu for natural gas) and first-day-of-the-month 12 month-average 2014 prices of $94.99 per Bbl of oil and $4.30 per MMBtu of natural gas, adjusted by prices received at the field (an average of $91.89 per Bbl for oil and $4.30 per MMBtu for natural gas).

2015 Reserves Update

Reserves Oil

(MMBbl) Gas

(MMcf) Total

MMBOE(1)

Proved reserves at December 31, 2014 362 452 438

Revision due to price changes (61) (389) (126)

2015 production (25) (8) (27)

Other revisions 6 (17) 4

Proved reserves at December 31, 2015 282 38 289

PV-10 Value at December 31, 2015 $2.3 Billion

NYSE:DNR 19

Total Production by Field

Average Daily Production (BOE/d) Field 4Q15 3Q15 4Q14

Mature area(1) 10,403 10,946 11,091 Delhi(2) 3,898 3,676 3,743 Hastings 5,082 5,114 4,811 Heidelberg 5,635 5,600 6,164 Oyster Bayou 5,831 5,962 5,638 Tinsley 7,522 7,311 8,767 Bell Creek 2,806 2,225 1,659 Total tertiary production 41,177 40,834 41,873 Gulf Coast non-tertiary 9,070 8,946 9,858 Cedar Creek Anticline 17,875 17,515 18,553 Other Rockies non-tertiary 3,880 4,115 4,591 Total non-tertiary production 30,825 30,576 33,002 Total production 72,002 71,410 74,875

(1) Mature area includes Brookhaven, Cranfield, Eucutta, Little and Lazy Creek, Lockhart Crossing, Mallalieu, Martinville, McComb, and Soso fields. (2) Beginning with the fourth quarter of 2014, average daily Delhi Field production amounts reflect the reversionary assignment of approximately 25% of our interest in that field effective November 1,

2014. The effectiveness, timing, and scope of the reversionary assignment are subject to ongoing litigation, the ultimate outcome of which cannot be predicted.

NYSE:DNR 20

Analysis of Total Operating Costs

Total Operating Costs $/BOE Correlation

with Oil 4Q15 3Q15 4Q14

CO2 Costs Direct $2.70 $2.17 $3.43 Power & Fuel Partially 5.43 5.77 5.78 Labor & Overhead None 5.23 5.25 5.34 Repairs & Maintenance None 1.41 1.27 1.72 Chemicals Partially 1.08 1.11 1.40 Workovers Partially 2.16 2.31 3.35 Other None 1.30 1.55 1.62

Total Normalized LOE(1) $19.31 $19.43 $22.64

1) LOE excluding special or unusual items. 3Q15 adjusted to exclude retroactive utility rate adjustment ($10MM) and insurance reimbursement related to previous well control costs ($4MM). 4Q14 adjusted to exclude Delhi remediation charges ($3MM).

2) Excludes derivative settlements.

Oil Pricing NYMEX Oil Price $42.15 $46.70 $73.04 Realized Oil Price(2) $40.41 $45.74 $70.80

NYSE:DNR 21

942

705

4Q14 4Q15

$3.43

$2.70

4Q14 4Q15

Total Company CO2 Costs(1)

($/BOE)

~10% of Cost

Reduction due to

CO2 Price

~90% of Cost

Reduction Due to Lower

Volumes

($0.07)

($0.66)

25% Decline

(1) See slide 20 for additional detail on total operating costs.

CO2 Efficiencies = Significant Savings

Total Company Injected CO2 Volumes MMcf/d

NYSE:DNR

Q&A

NYSE:DNR