Denbury Resources, Inc., a Texas-based oil company doing business in eastern Montana, has petitioned for Chapter 11 bankruptcy.

Denbury was noted for its focus on recovering stranded oil reserves from mature fields using enhanced oil recovery, including sequestering carbon dioxide, which was extracted from fields in Wyoming.

The company is hoping to shed about $2.1 billion of its bond debt. It has secured lenders for interim funding and anticipates continuing its operations and paying employees wages and benefits.

“We look forward to emerging a financially stronger company, and we are excited about building on the multiple advantages of our unique CO2 EOR (Enhanced Oil Recovery) focused strategy for many years to come,” said Denbury’s President and CEO, Chris Kendall