ISI Raises Production Outlook for Denbury Resources

According to a research report released today, ISI has raised 2012 production forecasts for Denbury Resources, Inc. (NYSE: DNR) to 73.5 MBoe/d.

In the report, ISI commented, “This includes 35.5 MBoe/d from CO2-EOR (vs. 33-36 guidance) given the early-to-on time starts of Phases 7 & 8. We raise our Bakken forecast to 14.4 MBoe/d (vs. 12.750-14.750 guidance) as we anticipate DNR to maintain a 4 rig program given higher cash flows. We raise our capex forecast to $1.46B (from $1.41B), which is well within our strip cash flow estimate of $1.5B.”

ISI maintains its $24 PT on Denbury Resources, which closed yesterday at $19.20.