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Title : Keeping North Dakota Great -- June 19, 2018 -- Denbury, EOR, Southwest North Dakota
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Keeping North Dakota Great -- June 19, 2018 -- Denbury, EOR, Southwest North Dakota

From a press release:

PLANO, Texas, June 18, 2018 -- Denbury Resources Inc. announced that the Company has sanctioned a CO2 enhanced oil recovery project at Cedar Creek Anticline. 

CCA is a massive geological feature stretching approximately 125 miles in length across parts of Montana, North Dakota and South Dakota.

Denbury's portion of CCA covers approximately 175,000 acres and is estimated to hold up to five billion barrels of original oil in place.

KEY PROJECT HIGHLIGHTS:

• targets EOR potential greater than 400 million barrels, with initial tertiary production expected by late 2021 or early 2022
• modest capital to first tertiary production of approximately $250 million (including CO2 pipeline) can be funded with cash flow
• first two project phases are estimated to generate $3 billion of cumulative net free cash flow at $60 oil

If one gets 50% of that OOIP from primary production and EOR, we are talking about 2.5 billion bbls of oil.

One of the more pleasing observations from that press release: it's out of Plano, TX -- just up the road from us. Plano is home to many Fortune 500 companies, including Toyota, after it moved out of California a couple of years ago. Toyota has completely transformed Plano. 

Denbury "needs" $60-oil long-term to make this project viable (after 2024 or thereabouts).

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