1Q23 Earnings and Operations Update

Oyster Bayou Field (TX) - A2 Phase 2 Development TX LA Encouraging Frio A2 Phase 2 Development Response - Converted two existing wells to CO2 injection and drilled one new CO2 injector and two new oil producers Green Pipeline - First injection September 2022 with first oil response January 2023 - Net field production up >400 BOE/d from project response Oyster Bayou Denbury CO2 pipelines Denbury - EOR oil fields Denbury non-EOR oil fields Industrial CO2 source Net capital spend -$10.5 MM Additional Development Opportunities in 2024 / 2025 Denbury Inc. Oyster Bayou Field Avg. Net Production BOE/d 3,832 3,490 3,423 3,417 2Q22 3Q22 4Q22 1Q23 10

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