Chief executive Gareth Roberts has involuntarily sold $6.4 million in shares of Denbury Resources Inc., Dallas, (NYSE: DNR) involving 513,000 shares at approximately $12.43 each to cover a margin call on a real-estate-based loan.
This sale represents approximately 15% of Roberts’ fully diluted holdings.
Roberts says, “The sale of this stock does not in any way diminish my confidence and enthusiasm in Denbury. I’m disappointed to be forced into a sale of this many shares out of my Denbury holdings, but these are extraordinary times. We have taken several previously announced steps to make sure that Denbury remains strong, and we will continue to monitor our liquidity and make all appropriate adjustments under these ever-changing market conditions.”
Denbuy has E&P assets on the U.S. Gulf Coast and owns the largest reserves of CO2 used for tertiary oil recovery east of the Mississippi River. SJP
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