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

                 DENBURY RESOURCES INC. ANNOUNCES PRICING OF
                 $225 MILLION SENIOR SUBORDINATED NOTES OFFERING

Press Release
Tuesday, March 18, 8:29 ET

     DALLAS, March 18, 2003 (BUSINESS WIRE) -- Denbury Resources Inc. (NYSE:DNR)
("Denbury"  or the  "Company")  announced  today that it has priced its  private
offering of $225 million of Senior Subordinated Notes due 2013, which will carry
a coupon interest rate of 7.5%.

     The notes are being  sold at  99.135% of their  face  amount.  The  Company
expects  to close  the  sale of the  notes on March  23,  2003,  subject  to the
satisfaction of customary closing conditions.

     Denbury  plans to use the estimated  net proceeds of  approximately  $218.5
million from the offering to refinance the Company's currently  outstanding $125
million aggregate  principal amount of 9% Senior Subordinated Notes Due 2003 and
$75 million aggregate  principal amount of 9% Series B Senior Subordinated Notes
due 2003.

     Today  Denbury  called  for  redemption  the full $200  million of these 9%
notes,  such  redemption to take place on April 16, 2003,  conditioned  upon the
closing of the sale of the new 7.5% Senior Subordinated Notes.

     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