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

2. Corporate Information
Corporate Headquarters Denbury Resources Inc Tennyson Pkwy., Ste Plano, Texas Ph: (972) Fax: (972) Web Site:
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) Phil Rykhoek – Senior VP & CFO (972) Laurie Burkes – Investor Relations Mgr. (972)
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.

3. Corporate Overview Reduced Debt by $50 MM in 2003
Enterprise Value (3/31/04): - Approximately $1.1 Billion
Total Proved Reserves (12/31/03): Million BOE (91.3 MMBbls Oil / Bcf Gas)
Production (4Q03): ,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

4. 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

5. Net Proved SEC Reserve Growth
130.7*
(MMBOE)
128.2
109.5
87.4
60.2
36.4
Reserve life: Years (based on 2003 production)
Proved developed reserve life: 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

6. 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

7. 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….

8. 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: 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

9. 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

10. 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 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

11. 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

12. 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

13. 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

14. 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

15. 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

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

17. 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

18. 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

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

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

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

22. 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
MMBbls Add’lPotential Beyond Phase II
McComb
Phase II – E. Mississippi
80 MMBOE Net Potential
Baton Rouge
New Orleans
Potential 120 Mile Pipeline
MMBbls Potential
Significant Potential Beyond Phase I and II

23. OFFSHORE GULF OF MEXICO OFFSHORE GULF OF MEXICO
Solid Asset Base
CO2 OPERATIONS
Proved Reserves (MMBOE):
Q4 ’03 Prod. (BOE/d): ,579
2004 Est. CAPEX ($MM): $80.7
Meridian
Dallas
Jackson
BARNETT SHALE
BARNETT SHALE
Approx. 22,000 Undeveloped Acres
Proved Reserves (MMBOE):
Q4 ’03 Prod. (BOE/d):
2004 Est. CAPEX ($MM): $7.5
CO2 Pipeline
EAST MISSISSIPPI
Proved Reserves (MMBOE):
Q4 ’03 Prod. (BOE/d): ,066
2004 Est. CAPEX ($MM): $32.4
EAST MISSISSIPPI
McComb
Lafayette
Baton
Rouge
ONSHORE LOUISIANA
ONSHORE LOUISIANA
Proved Reserves (MMBOE):
Q4 ’03 Prod. (BOE/d): ,320
2004 Est. CAPEX ($MM): $22.7
Lake
Charles
New
Orleans
Houma
OFFSHORE GULF OF MEXICO
OFFSHORE GULF OF MEXICO
Proved Reserves (MMBOE):
Q4 ’03 Prod. (BOE/d): ,357
2004 Est. CAPEX ($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

24. 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

25. 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

26. 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

27. 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

28. 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

29. 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

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