Denbury Resources Awards Contract for $335 Million Louisiana-Texas CO2 Pipeline

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Researched by Industrial Info Resources (Sugar Land, Texas)--Denbury Resources (NYSE:DNR) (Plano, Texas) has awarded a general contract for the $335 million grassroot Denham Springs Green carbon-dioxide (CO2) pipeline project to U.S. Pipeline Incorporated (Houston, Texas). Construction will include 284 miles of 24-inch-diameter pipe in Louisiana and 36 miles in Texas to transport 800 million standard cubic feet per day of natural and man-made CO2 from Donaldsville, Louisiana, to the petroleum reservoirs in the Hastings Field south of Houston.

The longer portion of the project in Louisiana will consist of two phases that will make up $295 million of the total cost. Phase I is expected to begin construction in March 2009, and Phase II could begin construction in August 2009. The pipeline to be built in Texas will cost $40 million.

Denbury, an independent oil and gas firm, is one of the largest oil and natural gas operators in Mississippi. It employs about 760 people in offices throughout Texas and Mississippi.

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