One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil or other liquid hydrocarbons

Exhibit 4(e)

EXECUTION VERSION

FOURTH SUPPLEMENTAL INDENTURE

          FOURTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of February 3, 2011, among DENBURY RESOURCES INC., a Delaware corporation, on behalf of itself and the Subsidiary Guarantors (the “Existing Subsidiary Guarantors”) under the Indenture referred to below, THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee under the indenture referred to below (the “Trustee”) and the following indirect, wholly-owned subsidiaries of the Company, referred to herein collectively as the “New Subsidiary Guarantors”:

Denbury Pipeline Holdings LLC

Denbury Gulf Coast Pipelines LLC

W I T N E S S E T H :

          WHEREAS the Company has heretofore executed and delivered to the Trustee an Indenture dated as of dated as of March 25, 2003 (the “Indenture”), the Company has executed the First Supplemental Indenture dated as of December 29, 2003, the Second Supplemental Indenture dated as of July 24, 2009, and the Third Supplemental Indenture dated as of March 9, 2010, providing for the issuance of 7¹/2% Senior Subordinated Notes Due 2013 (the “Securities”); and

          WHEREAS, the Company desires to amend the Indenture, as set forth herein;

          WHEREAS, Denbury Encore Holdings, Inc. changed its name to Denbury Holdings, Inc. by amending its Certificate of Formation, effective as of December 31, 2010

          WHEREAS, EAP Operating, LLC changed its name to Denbury Air, LLC by amending its Certificate of Formation, effective as of December 31, 2010;

          WHEREAS, Denbury Operating Company merged with and into EAP Properties, Inc., and then changed its name to Denbury Operating Company, pursuant to an Agreement and Plan of Merger, dated as of December 31, 2010;

          WHEREAS the Company desires to cause the New Subsidiary Guarantors to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Subsidiary Guarantors shall fully and unconditionally guarantee all of the obligations of the Company under the Securities pursuant to a Subsidiary Guarantee on the terms and conditions set forth herein; and

          WHEREAS pursuant to Section 9.01(5) of the Indenture, the Trustee, the Company and Existing Subsidiary Guarantors are authorized to execute and deliver this Supplemental Indenture;

          NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Subsidiary Guarantors, the Company, the Existing Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Securities as follows:

Denbury Resources Inc.
Fourth Supplemental Indenture
Notes due 2013

1. Definitions. (a) Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

          (b) For all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context otherwise requires: (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

2. Amendments to the Indenture.

       (a) All references to Denbury Encore Holdings, Inc. are amended to read Denbury Holdings, Inc.;

       (b) All references to EAP Operating, LLC are amended to read Denbury Air, LLC;

       (c) All references to EAP Properties, Inc. are amended to read Denbury Operating Company.

3. Agreement to Guarantee. Each New Subsidiary Guarantor hereby agrees, jointly and severally, with each other and with all other Existing Subsidiary Guarantors, to guarantee all of the obligations of the Company under the Securities on the terms and subject to the conditions set forth in Article 11 of the Indenture and to be bound by all other applicable provisions of the Indenture.

4. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby.

5. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

6. Effectiveness. This Supplemental Indenture shall be effective upon its execution and delivery by the parties hereto.

7. Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

8. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

Denbury Resources Inc.
Fourth Supplemental Indenture
Notes due 2013

9. Trust Indenture Act Controls. If any provision of this Supplemental Indenture limits, qualifies or conflicts with another provision of this Supplemental Indenture or the Indenture that is required to be included by the Trust Indenture Act of 1939, as amended, as in force at the date this Supplemental Indenture is executed, the provision required by said Act shall control.

10. Severability. In case any provision in this Supplemental Indenture or the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

11. Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction thereof.

[Signature page follows]

Denbury Resources Inc.
Fourth Supplemental Indenture
Notes due 2013

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

		DENBURY RESOURCES INC., on behalf of itself and the Existing Subsidiary Guarantors,
		By:		/s/ Phil Rykhoek
		Name: Phil Rykhoek
		Title: Chief Executive Officer
		DENBURY PIPELINE HOLDINGS LLC
		By:		/s/ Mark C. Allen
		Name: Mark C. Allen
		Title: Senior Vice President and Chief Financial Officer
		DENBURY GULF COAST PIPELINES LLC
		By:		/s/ Mark C. Allen
		Name: Mark C. Allen
		Title: Senior Vice President and Chief Financial Officer

Denbury Resources Inc.
Fourth Supplemental Indenture
Notes due 2013

		THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee,
		By:		/s/ Julie H. Ramos
		Name: Julie Hoffman-Ramos
		Title: Senior Associate

Denbury Resources Inc.
Fourth Supplemental Indenture
Notes due 2013