Ann: Shareholder Review 2018, page-9

"Denbury has advised that the production operations at Grieve are in keeping with the field start-up operations it established for its Bell Creek CO2 EOR Field on the Wyoming-Montana border which is also a Muddy Sandstone Reservoir CO2 EOR project. Subsequent operations have focused on two key activities – (1) a systematic clean-up of all production and injection wells across the field starting with an initial focus on testing the down dip wells and field production flow lines before moving to up dip well locations and (2) reinstatement of CO2 injection across the field. Production clean-up operations consisted principally of water, associated gas (CO2) and some oil. With a focus on production well clean-up across the field, stabilized oil production rates for the project had not been established by the end of the final quarter. Following year-end Denbury is focused on establishing stabilized oil production rates and oil production has commenced with oil now being recovered from the Central Processing Plant production separators and transferred to the oil sales storage tanks for transfer to the Grieve Pipeline. The Company remains confident that the focus shifting from well clean-up operations to production activities will see oil production ramp up."

From Denburys quareterly 2014 Reports Bell Creek Production:

QTR,,,,,,,,,,,,Average Daily Volumes
……………………...(BOE/d)

03/13...………... 0
06/13...………... 0
09/13...………... 49
12/13...…………. 177
03/14...…………. 578
06/14,,,,,,,,,,,,,,,,1,090
09/14...………….1,648
12/14...…………..1,659

Regards

SP