DENBURY RESOURCES INC.
                             P R E S S R E L E A S E

                 DENBURY RESOURCES INC. ANNOUNCES REFINANCING OF
                            SENIOR SUBORDINATED NOTES
News Release
Released at 7:30 AM CDT

     DALLAS, March 17, 2003 (BUSINESS WIRE) -- Denbury Resources Inc. (NYSE:DNR)
("Denbury"  or the  "Company")  announced  today  that it  intends to offer $200
million of Senior Subordinated Notes Due 2013 in a private Rule 144A offering.

     Denbury plans to use the estimated  net proceeds of  approximately  $194.25
million from the offering to refinance the Company's currently  outstanding $125
million aggregate  principal amount of 9% Senior Subordinated Notes Due 2008 and
$75 million aggregate  principal amount of 9% Series B Senior Subordinated Notes
Due 2008.  Denbury  intends to call these 9% notes  today,  with such call to be
effective  as early as April 16, 2003,  conditioned  upon the closing of the new
Senior  Subordinated  Notes.  The  Company  expects to use bank debt to fund the
estimated  $14.75 million of redemption  costs not funded by the net proceeds of
the offering.

     The notes  have not been  registered  under the  Securities  Act of 1933 or
applicable  state  securities laws, and may not be offered or sold in the United
States absent  registration  or an applicable  exemption  from the  registration
requirements of the Securities Act and applicable state laws. This  announcement
shall not constitute an offer to sell or the solicitation of an offer to buy the
notes.

     This press release, other than historical financial  information,  contains
forward-looking  statements  that  involve  risks and  uncertainties,  including
whether the sale of the notes will be closed.

CONTACT: Denbury Resources Inc., Dallas
Gareth Roberts (972) 673-2000
Phil Rykhoek (972) 673-2000
www.denbury.com