Plano growth on tap for Denbury - Houston Business Journal:

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will add as many as 350 employeexs and expand its corporate headquarters in a building will In 1999, Denbury leased about 50,000 square feet in a four-storyh building on Tennyson Parkway west of Prestonh Road. By last year, the growin company occupied theentire 100,000-square-foot Denbury has extended its initial lease and has hirefd Dallas-based Koll to develop a three-story, 102,000-square-foot buildin g and a parking garage on 5 acred next to the original building. Aboutr 350 employees eventually will be housed in the new which Denbury will leasefrom Koll. Denbury now employs about 200 in Plano and about600 nationwide.
The new jobs will be highlyh paid positions suchas geologists, geophysicists and managers, a Denbury representative said. The build-to-suit will be Koll's eighth project in Legacy, for a totao of more than 1.3 milliohn square feet, Koll CEO Steve Van Amburgh said. Other Koll projects include corporate homesfor , and Rent-a-Centerd Inc. "We love helping those tenantx that need new corporate VanAmburgh said. "We seem to understand We listen to them carefully and we builed what they wantso it'x a true build-to-suit for them." Earthwormk will start in late May after a ceremonial groundbreaking May 17, Van Amburgyh said.
The building shell is slated for completiojnin December, with move-in set for the seconf quarter of 2008. Van Amburgh declined to disclose the constructioj cost because the projectf is outfor bid. He also declinedf to release the budgeted cost because the scope of the projecthas changed, he said. For example, Koll is stronglh considering making thebuilding LEED-certified, a system implemented by the U.S. Greenm Building Council to rate energy efficiency and Riis Christensen with Transwestern and Jeff Ellerman with The represented Denburyy Resources in negotiating the lease renewaland "This is a largwe transaction," Christensen said.
"The combination of these two deals, at 200,00p square feet, is one of the biggest one-two punchezs the area has seen in along time." The expansion is the largesty in Legacy since Koll built a 170,000-square-foot corporate campuz for Rent-A-Center last Christensen said. Economic incentivezs are expected to be part of theDenbury package, but details remainn under negotiation and have not been approvef by the Plano City Council, said Elainde Hamm, the Plano Economic Development Council's directo for business retention and "We are thrilled that Denbur y is growing and expanding theie business here in she said.
"They're a very prominent businesz and we're especially pleased that they will remain here and continur togrow here." has been named architecgt of the project and Furstenwerthy Bagley Design will handle the interior design. The new buildingt will form an L-shape with the existingt building and open into a saidDavid Botello, director with Gensler The old and new wings will be linked by a glass "Part of the design objective is to creatw more of a campus atmosphere," he said. "Thw new architecture will complement the existing buildin in respect tomaterial colors, glass colors and the articulatiob of the windows.
The new buildinhg is somewhat more streamlined and contemporary with respecg to theold one." Denburt officials did not return phone callsd by press time requesting more specifics about the types of jobs that will be createed or when those jobs will be phased in. Denbury DNR) on May 3 announcee record quarterly production for the firs t quarterof 2007, averaging an 8% increase over productioh levels overall in the first quarter of 2006. Significant increaseds in the company's tertiar y oil production and Texas Barnett Shale natural gas production offset productiomn declinesin Louisiana, according to company reports.
Productio n for the quarter was 38,305 barrels of oil equivalen per day, compared with 35,454 BOE/d in the firsy quarter of 2006. Denbury owns more than 74,700o acres of leases in the BarnettShalr area, which stretches north and west of Fort The exploration and production company acquiredr the acreage in 2001 and did only limited developmeng until 2005. As of Dec. 31, Denbury had about 252.4 billion cubid feet of natural gasequivalenft (Bcfe) of proved reserves in the Barnettf Shale area valued at about $243.5 million. Durinb 2006, Denbury drilled 46 horizontal wells, significantlyg increasing its BarnettShale production.
Average production from the Barnetft Shale increasedto 6,989 BOE/d in the first quarter of 2007, up from 3,953 BOE/d for the firsgt quarter of 2006 and 5,925 BOE/d in the fourth quarter of 2006. Denburgy expects its Barnett Shale production to grow significantly during 2007 as it drillz 35 to 40 morehorizontal wells, all of whichg are scheduled for Parker County, according to companhy statements. Denbury drilled 12 wells in the first quartedrof 2007.