1Q23 Earnings and Operations Update

Wind River (WY) - Significant Value Increase Post Acquisition Beaver Creek Big Sand Draw Denbury CO2 pipelines CO2 pipelines owned by others Industrial CO2 source Denbury EOR oil fields WY ◇ Denbury - non-EOR oil fields ⚫2022 Highlights - Quarterly high production in 1Q23; up 75% from level when acquired in March 2021 - - - Beaver Creek: executed Madison E/F reservoir project - Net capital spend Madison E/F ~$11 MM Big Sand Draw: recompleted downdip wells for additional oil response ⚫ Future Development - Infill drilling at Beaver Creek planned for 2H23 and pilot project in Big Sand Draw targeting incremental oil recovery Wind River Basin Avg. Net Production (1) • Acquired in March 2021 for $20 MM - $12 MM original purchase price plus oil-linked contingency - Two active CO, floods (Big Sand Draw and Beaver Creek) producing 2.6 MBOE/d - 46 miles of CO2 pipeline and other infield CO2 infrastructure Denbury Inc. BOE/d 3,768 3,872 3,149 2,623 2,726 2,375 2,497 2,525 2,203 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 (1) Net production does not include non-tertiary field production 12

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