Interactive 2009 Annual Report (PDF 7.56 MB) - Denbury Resources ...

Denbury Resources Inc. 2009 Annual Report 67Forward-Looking InformationThe statements contained in this Annual Report on Form 10-K that are not historical facts, including, but not limitedto, statements found in this Management’s Discussion and Analysis of Financial Condition and Results of Operations,are forward-looking statements, as that term is defined in Section 21E of the Securities and Exchange Act of 1934, asamended, that involve a number of risks and uncertainties, and are subject to the impact of the Merger with Encore onthe results of operations and financial condition of the combined company. Such forward-looking statements may be ormay concern, among other things, forecasted capital expenditures, drilling activity or methods, acquisition plans andproposals and dispositions, development activities, cost savings, capital budgets, production rates and volumes orforecasts thereof, hydrocarbon reserve quantities and values, CO 2 reserves, potential reserves from tertiary operations,hydrocarbon prices, pricing or cost assumptions based on current and projected oil and gas prices, liquidity, cashflows, availability of capital, borrowing capacity, regulatory matters, mark-to-market values, competition, long-termforecasts of production, finding costs, rates of return, estimated costs, or changes in costs, future capital expendituresand overall economics and other variables surrounding our operations and future plans. Such forward-lookingstatements generally are accompanied by words such as “plan,” “estimate,” “expect,” “predict,” “anticipate,” “projected,”“should,” “assume,” “believe,” “target” or other words that convey the uncertainty of future events or outcomes. Suchforward-looking information is based upon management’s current plans, expectations, estimates and assumptions andis subject to a number of risks and uncertainties that could significantly affect current plans, anticipated actions,the timing of such actions and the Company’s financial condition and results of operations. As a consequence, actualresults may differ materially from expectations, estimates or assumptions expressed in or implied by any forwardlookingstatements made by or on behalf of the Company. Among the factors that could cause actual results to differmaterially are: fluctuations of the prices received or demand for the Company’s oil and natural gas; unexpecteddifficulties in integrating the operations of Denbury and Encore; effects of our indebtedness; success of our riskmanagement techniques; inaccurate cost estimates; availability of and fluctuations in the prices of goods and services;the uncertainty of drilling results and reserve estimates; operating hazards; disruption of operations and damagesfrom hurricanes or tropical storms; acquisition risks; requirements for capital or its availability; conditions in the financialand credit markets; general economic conditions; competition and government regulations; and unexpected delays,as well as the risks and uncertainties inherent in oil and gas drilling and production activities or which are otherwisediscussed in this annual report, including, without limitation, the portions referenced above, and the uncertainties setforth from time to time in the Company’s other public reports, filings and public statements.Management’s Discussion and Analysis of Financial Condition and Results of OperationsForm 10-K Part II