IPAA Oil & Gas Investment Symposium April 19 – 21, 2004

Corporate Information Corporate Headquarters Denbury Resources Inc. 5100 Tennyson Pkwy., Ste. 3000 Plano, Texas 75024 Ph: (972) 673-2000 Fax: (972) 673-2150 Web Site: www.denbury.com About 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, capital expenditures, drilling activity, development activities, production efforts and volumes, asset values, proved reserves, potential reserves and anticipated growth rates in our CO2 models, 2003 production and expenditure estimates, 2004 capital budget, Genesis projected distributions, and other enumerated reserve potential. These forward-looking statements are generally accompanied by words such as “estimated”, “projected”, “potential”, “anticipated”, “forecasted” 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 10-K and 10-Q. Therefore, the actual results may differ materially from the expectations, estimates or assumptions expressed in or implied by any forward-looking statement made by or on behalf of the Company. Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as probable and potential reserves, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. Contact Us Gareth Roberts – President & CEO (972) 673-2030 gareth@denbury.com Phil Rykhoek – Senior VP & CFO (972) 673-2050 phil@denbury.com Laurie Burkes – Investor Relations Mgr. (972) 673-2166 laurie@denbury.com Note: GEOMAP COMPANY has given its permission for us to use their data to create the oil and gas field outlines on the operational maps and to include this material as part of this presentation. GEOMAP COMPANY reserves all rights to this field data.

Corporate Overview Reduced Debt by $50 MM in 2003 Enterprise Value (3/31/04): - Approximately $1.1 Billion Total Proved Reserves (12/31/03): - 128.2 Million BOE (91.3 MMBbls Oil / 221.9 Bcf Gas) Production (4Q03): - 34,590 BOE per Day Production Profile (4Q03): - Approx. 55% Oil / 45% Gas Total Debt (3/31/04): - $305 Million Bank Credit Availability (3/31/04): - $140 Million Reduced Debt by $50 MM in 2003

Average Daily Production (1) (BOE/d) 35,573 34,704 31,185 45% 47% 21,399 45% 16,748 29% 28% 33% 31% 39% 58% 65% 20% 24% 16% 13% 7% (1) Defined as less than $2.00 NYMEX variance Increasing Volumes of Light Sweet Oil from Tertiary CO2 Flooding

Net Proved SEC Reserve Growth 130.7* (MMBOE) 128.2 109.5 87.4 60.2 36.4 Reserve life: 10.1 Years (based on 2003 production) Proved developed reserve life: 6.1 Years (based on 2003 production) 2003 F&D cost: $8.58 3 Year F&D cost: $7.36 Note: Denbury’s Reserves prepared by DeGolyer & MacNaughton *Includes 8.3 MMBOE of reserves sold in 2003 Steady Growth – Low Average Finding Cost

Relative Asset Value Growth per Share 12% CAGR ($ in millions except per share amounts) 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 PV-10 Proved Reserves (1): $605 $817 $1,049 $1,099 $1,091 PV-10 of CO2 Industrial Contracts (3): -- 50 57 42 Total Proved Value: $1,156 $1,133 Less Debt (excluding discount): (153) (199) (341) (350) (300) Proved Net Asset Value (2): $452 $618 $758 $806 $833 Shares outstanding: 45.7 46.0 53.0 53.5 54.2 Proved NAV Per Share (2): $9.89 $13.43 $14.30 $15.06 $15.36 (1) Using constant $27.50 per Bbl and $4.50 per MMBtu price and cost scenarios. (2) Estimate excluding any value for potential or probable reserves, acreage, etc. (3) PV10 of industrial contracts to end of their contractual term; includes 12/31/03 market value of Genesis units received as part of 2003 VPP transaction. PV-10 Sensitivities (12/31/03) (+/-$MM) $1.00 per barrel change 50 $0.10 per Mcf change 15 Superior Economics

The Denbury Difference Low-Risk Asset Base Blend of long-term, lower risk exploitation projects and higher-risk/reward investment opportunities Low-risk upside through CO2 and Barnett Shale plays Gulf Coast Region Focus Largest producer in Mississippi Operate all significant properties Strong Balance Sheet to Fund Growth Conservative spending policy Consistent hedging strategy Experienced and Motivated Personnel 50 technical employees with over 22 years average experience Team approach to compensation (Top 5 received less than 10% of option grants in 2003) But Denbury’s Unique Advantage is….

CO2 Play Gives Denbury Predictable, Low-Risk Future Reserve Adds …Carbon Dioxide (CO2) Denbury Owns Strategic CO2 Reserves and 183-Mile Pipeline in Mississippi 12/31/03 Proved Reserves of CO2: 1.6 Tcf (1) CO2 Can be Used to Recover Additional Oil from Depleted Fields No CO2 is Sold to Other Oil Operators Low Cost “Pipeline” of Future Oil Field Acquisitions Jackson Dome Jackson Meridian CO2 Pipeline Brookhaven Mallalieu Lazy Creek Little Creek McComb McComb Lockhart Crossing Baton Rouge New Orleans (1) Includes +/- 160 Bcf of reserves dedicated to VPP with Genesis CO2 Play Gives Denbury Predictable, Low-Risk Future Reserve Adds

Current CO2 Sources & Pipelines Rockies 5 Fields – Additional 2 Proposed (Anadarko) 19,520 Gross Bbls/d Operators: Exxon/Chevron/Merit CO2 Source: Natural/Manufacturing Rockies CO2 to Canada Great Plains Coal Gasification Plant LeBarge Mid-Continent 4 Fields 9,800 Gross Bbls/d Operators: Exxon/Anadarko/Chaparral CO2 Source: Manufacturing Mid-Continent Sheep Mountain McElmo Dome Ridgeway CO2 Discovery Bravo Dome Ammonia Plant Jackson Dome Permian Basin 42 Fields 155,000 Gross Bbls/d Operator: Multiple (16) CO2 Source: Natural Gas Plants Eastern Gulf Coast 3 Fields 8,000 Gross Bbls/d Operator: Denbury CO2 Source: Natural Prolific Natural Sources of CO2 are Associated with Volcanic Activity and are Very Rare

Denbury’s CO2 Operations Demonstrated Success in CO2 Flooding 36% CAGR in tertiary oil production (1) Little Creek, Mallalieu & McComb Fields 35.3 MMBOE proved reserves at 12/31/03 Southwest Mississippi Fields Along Existing 183-mile Pipeline 40-55 MMBOE of potential reserves Scheduled for development over 9 yrs Majority of fields already owned by DNR Same reservoir as Little Creek and Mallalieu CO2 capacity: 450 MM/D at current operating pressures CO2 current deliverability: 250 MM/D Currently producing: 225 MM/D Sweet Crude 40° API Gravity; approximately equal to NYMEX Finding and Development Costs $4.00 to $5.00 per Bbl Operating costs of +/- $10.00/Bbl CO2 Requirement 10-12.5 Mcf/Bbl Significant 3rd Party Income Approximately $5-6 MM/yr of net operating income from industrial sales (1) 1999 to 2003 Demonstrated Success with CO2 Flooding

CO2 Operations – Oil Recovery Process CO2 PIPELINE - from Jackson Dome INJECTION WELL - Injects CO2 in dense phase PRODUCTION WELLS - Produce oil, water and CO2 (CO2 is later recycled) CO2 moves through formation mixing with oil droplets, expanding them and moving them to producing wells. Oil Recovery Using CO2 is +/- 17% of Original Oil in Place (Based on Little Creek) Primary recovery = +/- 20% Secondary recovery (waterfloods) = +/- 18% Tertiary (CO2) = +/- 17% CO2 Injection is One of the Most Efficient Tertiary Recovery Methods for Crude Oil

Little Creek Area Production Follows CO2 Injection Net Daily Production vs. CO2 Purchases 2 Net Daily Production LCU Net Daily Production by Phase 2 Production Follows CO2 Injection

Mallalieu, West Field Production Follows CO2 Injection Net Oil Production vs. CO2 Purchases Net Daily Production WMU Net Daily Production by Phase 1,000 2,000 3,000 4,000 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 Net BOPD Total Phase 1 Phase 2 Production Follows CO2 Injection

Summary of Tertiary Economics (Millions) Little Creek Mallalieu McComb Total Jackson Dome Acquisition Cost $12.0 $ 4.0 $ 2.3 $ 18.3 $42.0 Total Investment 52.0 38.5 14.3 104.8 85.2 Total Receipts (net op. income) 69.8 14.0 (0.8) 83.0 41.3 Balance to Recover ($17.8) $24.5 $15.1 $21.8 $44.0 PV10 (12/31/03) SEC Pricing (proved only) $112.7 $218.0 $103.9 $434.6 $32.0 Proved Reserves (MMBOE) 7.4 16.0 11.9 35.3 1.6 Tcf (1) (2) (3) (1) Includes West Little Creek and Lazy Creek (2) Includes East Mallalieu (3) PV10 of industrial contracts Superior Economics

CO2 Model Assumptions – Phase I Southwest Mississippi Operating Cost: CO2 Utilization – 12.5 Mcf per Barrel of Oil Produced CO2 Costs (2003) - $0.12/Mcf ($1.50 per gross barrel of oil produced) Total Operating Costs – Approx. $10/Net Barrel of Oil Produced (does not include overhead) Capital Cost: Limited Gross Capital Expenditures to $60 Million per Year Total Capital Costs - $4.00 per Net Barrel of Oil Produced Total Capital Costs Including Jackson Dome CO2 Wells and Facilities - $4.50 per Net Barrel of Oil Produced CO2 Pipeline: Maximum Pipeline Rates of 400 MMcf per Day Total CO2 Required – Approx. 1.6 Tcf (includes industrial users) Oil Reserves: 35 MMBOE Proved as of 12/31/03 (D&M) 42 MMBOE Net Unrisked Potential Total Oil Reserves Used in Model – 77 MMBOE (low end of potential range) Phase I Represents Fields Along Our CO2 Pipeline

CO2 Business Model – Phase I Projected Net Oil Production 28% Annual Production Growth (2002 – 2008) Strong, Steady Predictable Growth in Core Assets

CO2 Business Model – Phase II Cumulative Gross Production to Date: 880 MMBO Denbury Interest Jackson Dome Oil and Natural Gas Pipelines in Place Fields with at Least 5 MMBO of Cumulative Production DenburyCO2 Pipeline EAST MISSISSIPPI Significant Additional Potential Oil Reserves in East Mississippi

CO2 Model Assumptions – Phase II East Mississippi Operating Cost: CO2 Utilization: 9.25 Mcf per Barrel of Oil Produced CO2 Costs: $0.30/Mcf (includes transportation) Total Operating Costs: $11-$13 / Net Barrel of Oil Produced (does not include overhead) Average Oil Discount to NYMEX: $4.20 Capital Cost: Limited Gross Capital Expenditures to $40 Million per Year Total Capital Costs: $2.60 per Net Barrel of Oil Produced Total Capital Costs Including Jackson Dome CO2 Wells and Facilities: $3.25 per Net Barrel of Oil Produced CO2 Pipeline: Maximum Pipeline Rates of 210 MMcf per Day Total CO2 Required: Approx. 910 BCF Oil Reserves: 80 MMBOE Net Potential as of 12/31/03 Represents First Phase of East MS Fields

CO2 Business Model – Phase II Projected Net Oil Production Similar Production Profile as Phase I

CO2 Business Model – Phases I & II Projected Net Oil Production 21% Annual Production Growth (2002 – 2013) Combined Phases Yield Predictable Growth Thru 2013

CO2 Business Model – Phases I & II CO2 Requires Less Than 50% of Total Corporate Budget

Possible Future CO2 Projects Jackson Dome Jackson Meridian Phase I – W. Mississippi 75-90 MMBOE Total Net Potential (35.3 MMBOE Proved as of 12/31/03) CO2 Pipeline Potential 80 Mile Pipeline 100-200 MMBbls Add’lPotential Beyond Phase II McComb Phase II – E. Mississippi 80 MMBOE Net Potential Baton Rouge New Orleans Potential 120 Mile Pipeline 100-500 MMBbls Potential Significant Potential Beyond Phase I and II

OFFSHORE GULF OF MEXICO OFFSHORE GULF OF MEXICO Solid Asset Base CO2 OPERATIONS Proved Reserves (MMBOE): 35.3 Q4 ’03 Prod. (BOE/d): 5,579 2004 Est. CAPEX ($MM): $80.7 Meridian Dallas Jackson BARNETT SHALE BARNETT SHALE Approx. 22,000 Undeveloped Acres Proved Reserves (MMBOE): 3.0 Q4 ’03 Prod. (BOE/d): 268 2004 Est. CAPEX ($MM): $7.5 CO2 Pipeline EAST MISSISSIPPI Proved Reserves (MMBOE): 62.5 Q4 ’03 Prod. (BOE/d): 13,066 2004 Est. CAPEX ($MM): $32.4 EAST MISSISSIPPI McComb Lafayette Baton Rouge ONSHORE LOUISIANA ONSHORE LOUISIANA Proved Reserves (MMBOE): 11.4 Q4 ’03 Prod. (BOE/d): 8,320 2004 Est. CAPEX ($MM): $22.7 Lake Charles New Orleans Houma OFFSHORE GULF OF MEXICO OFFSHORE GULF OF MEXICO Proved Reserves (MMBOE): 16.0 Q4 ’03 Prod. (BOE/d): 7,357 2004 Est. CAPEX ($MM): $28.7 G U L F O F M E X I C O Proved Reserves as of 12/31/03 Several Conventional Plays in Other Areas Add Additional Growth Potential

Capital Budget (1) Increased Emphasis in 2004 on Core Assets 2003 Projected 2004 Other $7.5 Offshore Gulf of Mexico $54.0 Other $9.1 Offshore Gulf of Mexico $28.7 Jackson Dome (CO2) $19.7 Jackson Dome (CO2) $31.5 Onshore Louisiana $22.7 SW Mississippi (CO2) $25.8 Onshore Louisiana $33.1 SW Mississippi (CO2) $49.2 E. Mississippi $24.6 E. Mississippi $32.4 $166.3 Million $172.0 Million (1) Excludes acquisitions; includes allocated capitalized overhead Increased Emphasis in 2004 on Core Assets

We Monitor All Revenue & Expenses on a Gross and per BOE Basis Financial Data per BOE (6:1 Basis) 2003 2002 2001 Weighted Average NYMEX Variance per BOE(1) $(1.46) $(2.13) $(2.37) Revenue $30.43 $21.17 $22.88 Cash Receipts (payments) from Hedges (4.91) 0.07 1.64 Production Taxes and Marketing Expenses (1.17) (0.92) (0.96) Lease Operating Expense (7.06) (5.48) (4.84) Production Netback $17.29 $14.84 $18.72 Operating Margin from CO2 Operations 0.51 0.48 0.38 General and Administrative Expense (1.20) (0.89) Net Cash Interest Expense (1.61) (1.73) (1.74) Current Taxes and Other (0.01) 0.04 (0.06) Adjusted Cash Flow (2) $14.98 $12.67 $16.41 DD&A (7.48) (7.26) (6.27) Non-Cash Hedging Income (expense) 0.28 0.24 (2.90) Deferred Income Taxes and Other (2.14) (2.05) (2.27) Early Retirement of Subordinated Debt (1.39) --- Cumulative Effect from FAS 143 Adoption 0.21 Net Income $4.46 $3.60 $ 4.97 (1) NYMEX prices based on average of daily closing prices of near month contracts. (2) Cash flow from operations, excluding the change in assets and liabilities. See our website for a reconciliation of Adjusted Cash Flow to Cash Flow from Operations. We Monitor All Revenue & Expenses on a Gross and per BOE Basis

Hedging Less as Balance Sheet Becomes Stronger Hedge Position 2004E 2005E 6% of Total Volume 55% of Total Volume Crude Oil Natural Gas Bbls/d Avg Price MMcf/d Floors --- Swaps 9,500 $22.99 Collars 30.0 $3.50/ $4.45 $3.00/ $5.84 Crude Oil Natural Gas Bbls/d Avg Price MMcf/d Floors --- Swaps Collars 15.0 $3.00/ $5.50 Note: For further detail see 10-K Hedging Less as Balance Sheet Becomes Stronger

Debt to Capital Analysis (1) (2) $736 $748 $676 ($ in millions) $415 $341 $350 $225 $225 $300 $193 $199 $153 12/98 12/99 12/00 12/01 12/02 12/03 Debt/Cap Ratio: 117% 68% 48% 50% 40% (1) Excludes accumulated other comprehensive income (loss). (2) Principal amounts; excludes discount on subordinated debt. Balance Sheet Has Become Stronger Over Time

Genesis Has Enhanced Our Marketing Position in Our Core Areas Public MLP engaged in Crude Oil Gathering, Marketing and Transportation Denbury Owns General Partner Interest; Total of Approximately 9.25% Genesis’ Mississippi Pipeline Runs Near Several of our Key Fields Genesis May Function as a Financer and Operator of New Pipelines and Gathering Systems Requested by Denbury Anticipated Distributions of $0.60 per Unit in 2004; $0.80 in 2005 Denbury Expects Between $2.5 and $3.0 Million of Cash from Genesis in 2004 for Distributions and Service Fees Relating to VPP Genesis Has Enhanced Our Marketing Position in Our Core Areas

We Are Growing Our Core Assets Growth Strategy Low-Risk, Low Cost Reserve Potential for Several Years Through CO2 Maintain a Strong Balance Sheet Use Price Floors and Collars to Protect Against Downside Volatility Shifting More of Our Focus and Spending to CO2 Play One of Few Companies with Years of Inventory for Future Growth Core Assets are Growing, Even Though Our Total Production is Currently Flat We Are Growing Our Core Assets

Denbury Stock Performance 2000-2003 Liquidity Continues to Improve, Which Also Helps Stock Price