Dune Energy, Inc. (DNE), an independent exploration and development company incorporated in Delaware, has operations focused along the Louisiana and Texas Gulf Coasts. Dune’s strategy is to grow organically through low-risk exploitation and development and higher risk exploration of its existing properties and acreage. This will be supplemented with opportunistic acquisition of underdeveloped properties that complement Dune’s existing portfolio. Dune continually reviews its portfolio to high-grade its properties. Dune’s total proved reserves at December 31, 2012 were 90.1 Bcfe, consisting of 50.6 Bcf of natural gas and 6.6 MMbbls of oil.
Dune actively manages its drilling program to increase oil and gas reserves and production while keeping its finding and development costs and operating costs competitive. Dune has a 2+ year current drilling inventory on Gulf Coast properties. In 2013 and beyond the company will continue exploiting low-risk opportunities on its existing acreage positions, and gradually increasing its focus on exploratory opportunities, by applying technology and capital to untested zones with significant upside potential. In conjunction with this focus on exploration, Dune will pursue opportunistic, accretive acquisitions in underdeveloped properties. Investment opportunities will focus on high IRR projects.
For 2013, Dune has targeted an initial capital budget of approximately $65 million primarily focused on our Garden Island Bay and Leeville field projects.
Dune has a results oriented management team, with an average Gulf Coast experience of more than 25 years.
James A. Watt - President and CEO, has 35+ years of oil and gas experience with a proven record in operating Gulf Coast assets and building E&P companies.