EX-25 10 h69305exv25.htm EX-25 exv25
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
 
     
o   CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b) (2)
WELLS FARGO BANK, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)
     
A National Banking Association
(Jurisdiction of incorporation or
organization if not a U.S. national bank)
  94-1347393
(I.R.S. Employer
Identification No.)
     
101 North Phillips Avenue    
Sioux Falls, South Dakota
(Address of principal executive offices)
  57104
(Zip code)
Wells Fargo & Company
Law Department, Trust Section
MAC N9305-175
Sixth Street and Marquette Avenue, 17
th Floor
Minneapolis, Minnesota 55479
(612) 667-4608

(Name, address and telephone number of agent for service)
 
Denbury Resources Inc.
(Exact name of obligor as specified in its charter)
     
Delaware   20-0467835
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)
5100 Tennyson Pkwy., Ste. 1200
Plano, Texas 75024
(972) 673-2000
(Address, Including Zip Code, and Telephone Number, Including Area
Code, of Registrant’s Principal Executive Offices)
 
SENIOR SUBORDINATED NOTES DUE 2020
TABLE OF ADDITIONAL REGISTRANT GUARANTORS
         
    STATE OR OTHER    
    JURISDICTION OF    
EXACT NAME OF ADDITIONAL REGISTRANT AS   INCORPORATION OR   IRS EMPLOYEE
SPECIFIED IN ITS CHARTER   ORGANIZATION   IDENTIFICATION NO.
DENBURY ONSHORE, LLC
  Delaware   20-0467798
DENBURY GATHERING & MARKETING, INC.
  Delaware   75-3056150
DENBURY OPERATING COMPANY
  Delaware   20-0467368
DENBURY GREEN PIPELINE-TEXAS, LLC
  Delaware   26-2072301
DENBURY MARINE, L.L.C.
  Louisiana   72-1311038
TUSCALOOSA ROYALTY FUND LLC
  Mississippi   73-1668201
5100 Tennyson Pkwy., Ste. 1200
Plano, Texas 75024
(972) 673-2000
(Address, Including Zip Code, and Telephone Number, Including Area
Code, of Subsidiary Guarantors Principal Executive Offices)
 
 

 


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Item 1. General Information. Furnish the following information as to the trustee:
Item 2. Affiliations with Obligor. If the obligor is an affiliate of the trustee, describe each such affiliation.
Item 15. Foreign Trustee. Not applicable.
Item 16. List of Exhibits. List below all exhibits filed as a part of this Statement of Eligibility.
SIGNATURE


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Item 1. General Information. Furnish the following information as to the trustee:
  (a)   Name and address of each examining or supervising authority to which it is subject.
 
      Comptroller of the Currency
Treasury Department
Washington, D.C.
 
      Federal Deposit Insurance Corporation
Washington, D.C.
 
      Federal Reserve Bank of San Francisco
San Francisco, California 94120
 
  (b)   Whether it is authorized to exercise corporate trust powers.
 
      The trustee is authorized to exercise corporate trust powers.
Item 2. Affiliations with Obligor. If the obligor is an affiliate of the trustee, describe each such affiliation.
None with respect to the trustee.
No responses are included for Items 3-14 of this Form T-1 because the obligor is not in default as provided under Item 13.
Item 15. Foreign Trustee. Not applicable.
Item 16. List of Exhibits. List below all exhibits filed as a part of this Statement of Eligibility.
     
Exhibit 1.
  A copy of the Articles of Association of the trustee now in effect.*
 
   
Exhibit 2.
  A copy of the Comptroller of the Currency Certificate of Corporate Existence and Fiduciary Powers for Wells Fargo Bank, National Association, dated February 4, 2004.**
 
   
Exhibit 3.
  See Exhibit 2
 
   
Exhibit 4.
  Copy of By-laws of the trustee as now in effect.***
 
   
Exhibit 5.
  Not applicable.
 
   
Exhibit 6.
  The consent of the trustee required by Section 321(b) of the Act.
 
   
Exhibit 7.
  A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.
 
   
Exhibit 8.
  Not applicable.
 
   
Exhibit 9.
  Not applicable.

 


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*   Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated December 30, 2005 of Hornbeck Offshore Services LLC file number 333-130784-06.
 
**   Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form T-3 dated March 3, 2004 of Trans-Lux Corporation file number 022-28721.
 
***   Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated May 26, 2005 of Penn National Gaming Inc. file number 333-125274.

 


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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Dallas and State of Texas on the 2nd day of February, 2010.
WELLS FARGO BANK, NATIONAL ASSOCIATION
-s- Patrick T. Giordano
 
Patrick T. Giordano
Vice President

 


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EXHIBIT 6
February 2, 2010
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
In accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned hereby consents that reports of examination of the undersigned made by Federal, State, Territorial, or District authorities authorized to make such examination may be furnished by such authorities to the Securities and Exchange Commission upon its request thereof.
Very truly yours,
WELLS FARGO BANK, NATIONAL ASSOCIATION
-s- Patrick T. Giordano
 
Patrick T. Giordano
Vice President

 


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Consolidated Report of Condition of
Wells Fargo Bank National Association
of 101 North Phillips Avenue, Sioux Falls, SD 57104
And Foreign and Domestic Subsidiaries,
at the close of business September 30, 2009, filed in accordance with 12 U.S.C. §161 for National Banks.
                 
            Dollar Amounts  
            In Millions  
ASSETS
               
Cash and balances due from depository institutions:
               
Noninterest-bearing balances and currency and coin
          $ 10,576  
Interest-bearing balances
            3,224  
Securities:
               
Held-to-maturity securities
            0  
Available-for-sale securities
            83,255  
Federal funds sold and securities purchased under agreements to resell:
               
Federal funds sold in domestic offices
            31,571  
Securities purchased under agreements to resell
            1,574  
Loans and lease financing receivables:
               
Loans and leases held for sale
            24,141  
Loans and leases, net of unearned income
    336,946          
LESS: Allowance for loan and lease losses
    10,037          
Loans and leases, net of unearned income and allowance
            326,909  
Trading Assets
            9,540  
Premises and fixed assets (including capitalized leases)
            4,211  
Other real estate owned
            1,413  
Investments in unconsolidated subsidiaries and associated companies
            437  
Direct and indirect investments in real estate ventures
            50  
Intangible assets
               
Goodwill
            11,407  
Other intangible assets
            15,136  
Other assets
            24,246  
 
               
 
             
Total assets
          $ 547,690  
 
             
 
               
LIABILITIES
               
Deposits:
               
In domestic offices
          $ 381,571  
Noninterest-bearing
    79,823          
Interest-bearing
    301,748          
In foreign offices, Edge and Agreement subsidiaries, and IBFs
            57,166  
Noninterest-bearing
    1,361          
Interest-bearing
    55,805          
Federal funds purchased and securities sold under agreements to repurchase:
               
Federal funds purchased in domestic offices
            3,708  
Securities sold under agreements to repurchase
            4,401  

 


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    Dollar Amounts  
    In Millions  
 
       
Trading liabilities
    8,869  
Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases)
    7,405  
Subordinated notes and debentures
    12,392  
Other liabilities
    21,101  
 
       
 
     
Total liabilities
  $ 496,613  
 
       
EQUITY CAPITAL
       
Perpetual preferred stock and related surplus
    0  
Common stock
    520  
Surplus (exclude all surplus related to preferred stock)
    30,685  
Retained earnings
    18,971  
Accumulated other comprehensive income
    725  
Other equity capital components
    0  
 
       
 
     
Total bank equity capital
    50,901  
Noncontrolling (minority) interests in consolidated subsidiaries
    176  
 
     
 
       
Total equity capital
    51,077  
 
     
 
       
Total liabilities, and equity capital
  $ 547,690  
 
     
I, Howard I. Atkins, EVP & CFO of the above-named bank do hereby declare that this Report of Condition has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief.
Howard I. Atkins
EVP & CFO    
We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.
     
John Stumpf
Carrie Tolstedt
Michael Loughlin
  Directors