HOUSTON, Sept. 5 /PRNewswire-FirstCall/ -- Dune Energy, Inc. (Amex: DNE)
announced it has closed $38.1 million of its previously announced sale of its
Barnett Shale assets, located in Denton and Wise Counties, TX. The difference
between the $38.1 million and the $41.5 million original sale price reflects
post-closing adjustments. These funds will be used to eliminate the $28.1
million outstanding on Dune's $40 million revolver, and for general corporate
purposes.
James A. Watt, President and Chief Executive Officer stated, "This
disposition allows Dune to focus its activity on high rate of return projects
in the Gulf Coast and develop significant new deeper pool exploratory projects
across our high quality property base."
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FORWARD-LOOKING STATEMENTS: This document includes forward-looking
statements. Forward-looking statements include, but are not limited to,
statements concerning estimates of expected drilling and development wells and
associated costs, statements relating to estimates of, and increases in,
production, cash flows and values, statements relating to the continued
advancement of Dune Energy, Inc.'s projects and other statements which are not
historical facts. When used in this document, the words such as "could,"
"plan," "estimate," "expect," "intend," "may," "potential," "should," and
similar expressions are forward-looking statements. Although Dune Energy, Inc.
believes that its expectations reflected in these forward-looking statements
are reasonable, such statements involve risks and uncertainties and no
assurance can be given that actual results will be consistent with these
forward-looking statements. Important factors that could cause actual results
to differ from these forward-looking statements include the potential that the
Company's projects will experience technological and mechanical problems,
geological conditions in the reservoir may not result in commercial levels of
oil and gas production, changes in product prices and other risks disclosed in
Dune's Annual report on Form 10-KSB/A filed with the U.S. Securities and
Exchange Commission.
SOURCE Dune Energy, Inc.
