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

Denbury Resources Inc. 2009 Annual Report 99Estimated Fair ValueNYMEX Contract Prices Per UnitAsset (Liability)Collar Prices December 31,Type of Contract and Period Bbls/d Swap Price Floor Ceiling 2009 2008In thousands2011 Oil CollarsJan 2011–Dec 2011 3,000 — 70.00 101.10 (865) —Jan 2011–Dec 2011 2,000 — 70.00 101.55 (487) —Jan 2011–Dec 2011 2,500 — 70.00 100.95 (758) —Jan 2011–Dec 2011 2,500 — 70.00 102.00 (500) —Jan 2011–Dec 2011 2,000 — 70.00 103.00 (211) —Jan 2011–Dec 2011 2,000 — 70.00 106.00 310 —Jan 2011–Dec 2011 1,000 — 70.00 105.50 114 —Jan 2011–Dec 2011 1,000 — 70.00 101.50 (249) —Jan 2011–Dec 2011 2,000 — 70.00 104.00 (31) —Jan 2011–Dec 2011 2,000 — 70.00 101.20 (557) —Jan 2011–Dec 2011 3,000 — 70.00 102.00 (600) —Jan 2011–Dec 2011 2,000 — 70.00 104.65 82 —(3,752) —Total Crude Oil Contracts $ (126,004) $ 249,746Natural Gas Contracts:2010 Natural Gas Swaps 39,000 $ 5.67 $ — $ — $ (1,759) $ —(1,759) —2011 Natural Gas SwapsJan 2011–Dec 2011 10,000 6.27 — — (244) —Jan 2011–Dec 2011 10,000 6.25 — — (296) —Jan 2011–Dec 2011 7,000 6.16 — — (441) —(981) —Total Natural Gas Contracts $ (2,740) $ —Total Commodity Derivative Contracts $ (128,744) $ 249,746Additional Disclosures about Derivative Instruments:At December 31, 2009 and 2008, we had derivative financial instruments recorded in our Consolidated BalanceSheets as follows:Estimated Fair ValueAsset (Liability)December 31,Type of Contract Balance Sheet Location 2009 2008In thousandsDerivatives not designated as hedging instruments:Derivative AssetCrude Oil contracts Derivative assets – current $ 309 $ 249,746Crude Oil contracts Other assets 506 —Derivative LiabilityCrude Oil contracts Derivative liabilities – current (122,561) —Natural Gas contracts Derivative liabilities – current (1,759) —Crude Oil contracts Derivative liabilities – long-term (4,258) —Natural Gas contracts Derivative liabilities – long-term (981) —Total derivatives not designated as hedging instruments $ (128,744) $ 249,746Notes to Consolidated Financial StatementsForm 10-K Part II