Exhibit 10(a)
(JPMORGAN LOGO) [d56433d5643301.gif]
March 28, 2008
Denbury Onshore, LLC
Denbury Resources Inc.
5100 Tennyson Parkway, Suite 1200
Plano, Texas 75024
Attn: Phil Rykhoek

     
Re:
  Sixth Amended and Restated Credit Agreement dated as of September 14, 2006 (as
amended, the “Credit Agreement”) among Denbury Onshore, LLC, a Delaware limited
liability company (“Borrower”), Denbury Resources Inc., a Delaware corporation,
as Parent Guarantor (“Parent”), JPMorgan Chase Bank, N.A., as Administrative
Agent (“Administrative Agent”), the other agents parties thereto, and the
financial institutions parties thereto as Banks (“Banks”) (unless otherwise
defined herein, all terms used herein which are defined in the Credit Agreement
shall have the meaning when used herein assigned to such terms in the Credit
Agreement)

Gentlemen:
1. Borrowing Base. Pursuant to Section 5.2 of the Credit Agreement, the
Borrowing Base shall be $1,000,000,000.00 effective April 1, 2008, and
continuing until the next Redetermination thereafter. Borrower and Banks agree
that the Borrowing Base redetermination provided for herein shall be the
April 1, 2008 Scheduled Redetermination and shall not be considered or deemed to
be a Special Redetermination.
2. Borrowing Base Provisions. Notwithstanding anything to the contrary contained
in the Credit Agreement or any other Loan Paper, Section 5.2(b) of the Credit
Agreement shall be amended effective as of the date hereof to read in full as
follows:
     “(b) [intentionally deleted],”.
3. Legal Expenses. Borrower hereby agrees to pay on demand all reasonable fees
and expenses of counsel to Administrative Agent incurred by Administrative Agent
in connection with the preparation, negotiation and execution of this letter
agreement and all related documents.
4. Counterparts. This letter agreement may be executed in counterparts, and all
parties need not execute the same counterpart; however, no party shall be bound
by this letter agreement until a counterpart hereof has been executed by
Borrower, Parent and each Bank. Facsimiles or other electronic transmission
(e.g., pdf) shall be effective as originals.
5. Complete Agreement. THIS LETTER AGREEMENT REPRESENTS THE FINAL AGREEMENT
AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES.

 

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Denbury Onshore, LLC
Denbury Resources Inc.
March 28, 2008
Page 2
6. Loan Paper. This letter agreement constitutes a “Loan Paper” under and as
defined in Section 2.1 of the Credit Agreement.
Please evidence your agreement to each of the provisions of this letter
agreement by executing a counterpart hereof where indicated and returning a
fully executed counterpart to Jim Matthews, counsel for Administrative Agent,
via facsimile number (214) 999-7906, or via electronic e-mail
jmatthews@velaw.com.
[SIGNATURE PAGES TO FOLLOW]

 

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                  Very truly yours,    
 
                ADMINISTRATIVE AGENT:    
 
                JPMORGAN CHASE BANK, N.A.,         as Administrative Agent    
 
           
 
  By:   /s/ J. Scott Fowler
 
J. Scott Fowler,    
 
      Senior Vice President    
 
                BANKS:    
 
                JPMORGN CHASE BANK, N.A.    
 
           
 
  By:   /s/ J. Scott Fowler
 
J. Scott Fowler,    
 
      Senior Vice President    

[Signature Page to Borrowing Base Letter]

 

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                  BANKS:    
 
                FORTIS CAPITAL CORP.    
 
           
 
  By:
Name:   /s/ David Montgomey
 
David Montgomey    
 
  Title:   Director    
 
           
 
  By:
Name:   /s/ Darrell Holley
 
Darrell Holley    
 
  Title:   Managing Director    

[Signature Page to Borrowing Base Letter]

 

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                  BANKS:    
 
                CALYON NEW YORK BRANCH    
 
           
 
  By:
Name:   /s/ Michael D. Willis
 
Michael D. Willis    
 
  Title:   Director    
 
           
 
  By:
Name:   /s/ Sharada Manne
 
Sharada Manne    
 
  Title:   Director    

[Signature Page to Borrowing Base Letter]

 

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                  BANKS:    
 
                COMERICA BANK    
 
           
 
  By:
Name:   /s/ Rebecca L. Wilson
 
Rebecca L. Wilson    
 
  Title:   Assistant Vice President    

[Signature Page to Borrowing Base Letter]

 

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                  BANKS:    
 
                UNION BANK OF CALIFORNIA, N.A.    
 
           
 
  By:
Name:   /s/ Alison Fuqua
 
Alison Fuqua    
 
  Title:   Assistant Vice President    
 
           
 
  By:
Name:   /s/ Whitney Randolph
 
Whitney Randolph    
 
  Title:   Assistant Vice President    

[Signature Page to Borrowing Base Letter]

 

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                  BANKS:    
 
                BANK OF AMERICA, N.A.    
 
           
 
  By:
Name:   /s/ Stephen J. Hoffman
 
Stephen J. Hoffman    
 
  Title:   Managing Director    

[Signature Page to Borrowing Base Letter]

 

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                  BANKS:    
 
                BANK OF SCOTLAND plc    
 
           
 
  By:
Name:   /s/ Karen Weich
 
Karen Weich    
 
  Title:   Vice President    

[Signature Page to Borrowing Base Letter]

 

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                  BANKS:    
 
                COMPASS BANK    
 
           
 
  By:
Name:   /s/ Murray E. Brasseux
 
Murray E. Brasseux    
 
  Title:   Executive Vice President    

[Signature Page to Borrowing Base Letter]

 

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                  BANKS:    
 
                WELLS FARGO BANK, N.A.    
 
           
 
  By:
Name:   /s/ Catherine Stacy
 
Catherine Stacy    
 
  Title:   Portfolio Manager    

[Signature Page to Borrowing Base Letter]

 

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                  ACKNOWLEDGED AND AGREED as of the 28th day of March, 2008    
 
                PARENT:    
 
                DENBURY RESOURCES INC.,
a Delaware corporation    
 
           
 
  By:   /s/ Phil Rykhoek
 
Phil Rykhoek,    
 
      Senior Vice President and Chief Financial Officer    
 
                BORROWER:    
 
                DENBURY ONSHORE, LLC,         a Delaware limited liability
company    
 
           
 
  By:   /s/ Phil Rykhoek
 
Phil Rykhoek,    
 
      Senior Vice President and Chief Financial Officer    

[Signature Page to Borrowing Base Letter]