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Company Overview

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. This process resulted in the sale in 2008 of its Barnett Shale assets, approximately 33.5 Bcfe of proved reserves, for $41.5 million. Dune’s total proved reserves at January 1, 2010 were 105.5 Bcfe, consisting of 62.3 Bcf of natural gas and 7.2 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. For the next several years, Dune intends to focus on exploitation of its underdeveloped properties through extensional drilling and low-risk step outs. Dune has a 2+ year current drilling inventory on Gulf Coast properties. In 2010 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 in deeper pool and subsalt potential. In conjunction with this focus on exploration, Dune will pursue opportunistic, accretive acquisitions. Dune also intends, whenever possible, to maintain operatorship to control the timing of operations and its cost structure. Investment opportunities will focus on high IRR projects.

Dune has a results oriented management team, with an average Gulf Coast experience of more than 25 years.

Alan Gaines – Founder and Chairman, has 25+ years of investment banking and M&A experience in the energy industry.

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.