The Securities Commission has granted Denbury Inc. an order declaring that it has ceased to be a reporting issuer in Canada. This decision is based on several key factors:
1. Denbury Inc., headquartered in Texas, is a reporting issuer in all Canadian provinces and has been acquired by ExxonMobil Corporation, becoming its wholly-owned subsidiary.
2. Following the acquisition, Denbury’s common shares were delisted from the New York Stock Exchange.
3. The company’s securities are owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide, with no public trading on any marketplace.
4. Denbury Inc. has complied with all necessary securities legislation, with minor exceptions related to late filings and non-substantive defects in materials related to a security holders’ meeting.
The order is supported by the applicable provisions of the Securities Act and National Policy 11-206, which guide the process for ceasing to be a reporting issuer. The decision reflects the consensus of the Decision Makers from Alberta and Ontario, with the Alberta Securities Commission acting as the principal regulator. This outcome allows Denbury Inc. to discontinue its reporting obligations in Canada.