EFTA01357813

-o a, 'Figure 60: Commodiry Price Scenario Anal i., Denbury Resources Forecast Metrics /11 10 < < 0 _ /4 V O FY 15E EBITDA (5 111.1106) FY 13E F CF CS 'litham] orlAtx Gac r3.90 6C -0 o 11.71 $129 1221 11.25 AR $42$ 14.75 51.73 12.25 12.71 MO 1275 $1.25 $4.1$ cl; -2 $10.0 1560 $503 $R/ $872 1576 1541 $560 $300 t$1.111 01111 111741 $1111 111071 11103) 11101 Te 76 1190 $409 $703 1$4) 150 DM $R. SM Mi $6.12 3710 1666 3121 1161 1726 SIS 140.0 1$11) 013) 010 Me CSN Val) 347 191 $16 188 1102 11 $10/ 16 3110 n 2 ai 1910 1960 396I 3993 1992 1907 11.002 11.1011 o 3110 3192 3195 1199 3202 13141 1210 $214 $710 11.073 11.077 11.082 $1.066 11.093 11.c.3 11.100 370.0 3293 1204 327 1271 1274 3276 1732 1110.0 $1.100 31110 11.114 1110 31123 11.131 $1.133 0/00 $2M 1293 $233 1207 100 1301 1300 $11.0 31.230 31231 $1.211 SI 143 $1.247 $1.252 31267 930.0 $392 $393 Sin $402 $403 3410 1414 FY IFE EBITDA (5 M119.6.11 FY 16E FCF IS Milton) * eiltAEx Cas 0.9/1/1 11.75 3226 12.71 1121 13.76 $126 14.75 $1 is $2]> 32.75 1.26 31/5 14.25 14.75 1910 0391 (3341 (ON 0221 0171 III» 061 $30.0 0635 .16.M1 (11-10, I3615) 0610) (10/61 $1110 1184 1191 $106 $101 1339 $215 1221 $100 111 27) me, (1417, (14121 114071 ($30) 11401) 13110) 1509 3412 $4111 $424 1420 SOS $441 $144 960.0 0211) (112131 026111 (SOCC0 (106) ($191) $400 SOU 1.611 1640 $461 $001 $057 lin Mn $10) (14) SO 15 $10 SIO 121 1700 la. 1.166 1401 $406 5471 Un 1884 170.0 1173 1113 116.11 1193 3194 1201 ID) RU 11.028 11.013 11.036 11.00 $1.061 11.04 $EM MO $322 $327 1332 1337 5312 $117 1932 1900 $1 220 31226 S1232 51237 $1211 11249 11 354 11810 $01 $659 1614 1493 $504 $9:0 1511 FY 15E Net Leverage FY 15E ElebVPioved Reserves I SiNkfc) NYME X On Oimec.) NOI4Ex Gac .197.e) SI /6 $226 /3 3123 117$ S4-29 14.75 $1.73 2.26 1.7> 1125 $313 an 14.75 o $3110 6m 034 1100 51a 51x 0.51 01x 504 150, 014 504 04 4á 624 1.2• 130.0 $13 SIS $13 $13 113 $10.0 11.3 SI a $1,3 $13 113 113 113 113 $13 17. $540 a1. 416 41x 416 .11/6 401 1110 $12 $12 $12 $12 $12 $12 $12 o 1600 34. 34. 344 344 344 13. 33/ 11110 $12 $12 112 112 112 Sn 112 1700 31. 3.16 301 30i 30K 3.0 ad $70.0 $12 $12 $12 $12 112 SU 112 $900 30o 2á 13t 29/ 294 29. 2./. 111.0 Il 2 SI 2 111 112 SI 2 1I2 112 1960 2e. 16. 2á 19. 214 154 24 1100 SI I 511 SI I 111 511 111 111 FY 16E Net Levem0e FY 16E Debt,Peoved Reserves I SINIc te I NYI1EX Ga/ (9mcle) NYMEx Gas 097011 117s se n 1175 $123 11175 $4.29 1175 s1 zs $2 26 12.71 $3.21 3175 1.4.13 1175 134.0 .79 PI' .1174 -191á -2573a -31.2.$6 430.* 510 115 SI S 515 115 S15 $16 SIS e lao 1)1 209. »Cs 1044 lek 183. 17.63 3400 SI 4 511 $14 $14 $14 $11 $14 1500 8.96 4.7s 86x 64 536 89 1116 ROM il 3 11.1 31.3 11.3 $12 na $13 16.110 516 59 41x 514 SOc 5.0. 4.9a sua $11 312 11.2 $12 112 112 112 $700 16/ 1.13 1.6x 334 34 lá 346 $70.0 s4.1 111 31.1 111 111 11.1 11.1 3900 29/ 1.8« 213 2114 2h 274 27, 110.0 SI I $1.1 ILI $1.1 31.1 $1.1 31.1 1000 2h 29 214 214 214 214 21x 11110 II 1 11.1 11.1 $1.1 11.1 11.1 111 Sivet Oneclw Serf Deutsche Bank Securities Inc CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0044613 SDNY_GM_00 190797 EFTA01357813