X0306 4 2012-11-15 0000945764 DENBURY RESOURCES INC DNR 0001042613 ROBERTS GARETH 5320 LEGACY DRIVE PLANO TX 75024 1 Common Stock 2012-11-15 4 M 0 55736 2.8175 A 1641264 D Common Stock 2012-11-15 4 M 0 64028 3.4125 A 1705292 D Common Stock 2012-11-15 4 M 0 80220 6.9275 A 1785512 D Common Stock 2012-11-15 4 M 0 16940 12.19 A 1802452 D Common Stock 2012-11-15 4 M 0 124541 12.97 A 1926993 D Common Stock 2012-11-15 4 S 0 15000 14.314 D 153320 I Ashley Petroleum Inc. Common Stock 2012-11-15 4 S 0 100000 14.311 D 1826993 D Common Stock 2012-11-15 4 S 0 150000 14.323 D 1676993 D Common Stock 2012-11-15 4 S 0 55736 14.3419 D 1621257 D Common Stock 2012-11-15 4 S 0 64028 14.3419 D 1557229 D Common Stock 2012-11-15 4 S 0 80220 14.3419 D 1477009 D Common Stock 2012-11-15 4 F 0 5199 14.32 D 1471810 D Common Stock 2012-11-15 4 D 0 127222 14.32 D 1344588 D Common Stock 2012-11-15 4 S 0 10000 14.303 D 1334588 D Common Stock 2012-11-16 4 S 0 9060 14.6519 D 1325528 D Common Stock 13324 I by IRA Common Stock 2620 I held by Spouse's IRA Common Stock 1000 I Minor Child Stock Options 2.8175 2012-11-15 4 M 0 55736 0 D 2007-01-02 2013-01-02 Common Stock 55736 0 D Stock Options 3.4125 2012-11-15 4 M 0 64028 0 D 2008-01-02 2014-01-02 Common Stock 64028 0 D Stock Options 6.9275 2012-11-15 4 M 0 80220 0 D 2009-01-03 2015-01-03 Common Stock 80220 0 D Sar (payable In Stock) 12.19 2012-11-15 4 M 0 16940 0 D 2010-01-03 2016-01-03 Common Stock 16940 0 D Sar (payable In Stock) 12.97 2012-11-15 4 M 0 124541 0 D 2012-03-31 2016-01-02 Common Stock 124541 0 D Includes shares to be retained by the issuer in connection with Mr. Roberts' exercise of a stock-settled stock appreciation rights. Includes shares to be retained by the issuer in connection with Mr. Roberts' exercise of a stock-settled stock appreciation rights. Ashley Petroleum owned 100% by Mr. Roberts. Reflects the number of shares retained by the issuer to satisfy tax withholding requirements in connection with Mr. Roberts' exercise of stock-settled stock appreciation rights. Reflects the number of shares retained by the issuer in connection with Mr. Roberts' exercise of stock-settled stock appreciation rights in accordance with the Stock Appreciation Right Agreements. Mark Allen - Per Confirming Statement 2012-11-19