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DALLAS - Denbury Resources Inc. said Wednesday the condition of capital markets led it to more than double its liquidity to $750 million and cancel closing on a stake in a Texas oilfield.
| DNR | 7.36 |  1.61 |
The oil and natural gas company said it increased a bank credit line to $750 million from $350 million. The move still keeps its borrowing base at $1 billion, the company said, noting it has "in excess" of $100 million in available cash.
Denbury had said in August it would buy a 91.4 percent stake in the Conroe Field, located in Texas, for $600 million plus additional potential consideration. The company will forfeit a $30 million nonrefundable deposit for walking away from the deal right now and said it would like to buy the field at some point in the future.
Meanwhile, Denbury said it will trim its proposed 2009 capital budget "to a level more consistent with current commodity prices." Prices for crude have dropped in recent months.
Shares fell $1.14, or 9.7 percent, to $10.58 in morning trading.
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