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Dune Energy (DNE) Moving Forward On Key Oil and Gas Properties

Dune Energy is an independent oil & gas exploration and production company headquartered in Houston, TX. The company has interests in 23 producing fields with more than 104,000 gross acres located in Louisiana and Texas.

These fields are both onshore and offshore. The company had total proved reserves as of 12/31/2008 of 132.9 Billion cubic feet equivalent (Bcfe) split between 83.8 Billion cubic feet (Bcf) of natural gas and 8.2 million barrels of oil.

One of the company’s most promising areas is the Garden Island Bay prospect, which was originally discovered by Texaco in 1934. Dune Energy has a 100% working interest in 16,600 acres here, and has 30 producing wells. The company believes that the shallow areas may hold 130 Bcfe of reserves.

The company is currently involved with a joint venture to explore and develop the sub salt formation in the Garden Island Bay prospect, which lie at depths of 13,000 to 20,000 feet. The gross unrisked potential in these zones are up to 570 Bfce of reserves.

Dune Energy also has several other tracts of acreage that it is actively developing. These include the Bayou Couba, the Chocolate Bayou and the Leeville Prospects.

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