Ticker: DNE
WKN: A0YFL1
Kurs: $0.27
Outstanding shares: 40,506,775
Float: 24,151,150
Website: www.duneenergy.com
Dune Energy, Inc. (“Dune, the “Company” or “we”) is an independent energy company based in Houston, Texas. Since May of 2004, we have been engaged in the exploration, development, acquisition and exploitation of natural gas and crude oil properties, with interests along the Louisiana/Texas Gulf Coast. Our properties cover over 90,000 gross acres across 27 producing oil and natural gas fields.
Our total proved reserves as of December 31, 2009 were 105.5 Bcfe, consisting of 62.4 Bcf of natural gas and 7.2 Mmbbls of oil. The PV-10 of our proved reserves at year end was $212.3 million based on the average of the beginning of each month prices for 2009 of $58.05/bbl and $4.14/mcf. During 2009, we added 5.5 Bcfe through extensions and discoveries, sold 2.2 Bcfe and produced 9.5 Bcfe. In addition, we experienced a downward revision of (21.3) Bcfe largely as a result of well performance at our Chocolate Bayou field (8.3) Bcfe and deletion of proved undeveloped locations at our North Broussard field (10.6) Bcfe due to mapping from 3-D seismic data.
Employees
As of December 31, 2009, we had 48 full time employees. We are not a party to any collective bargaining agreements and have not experienced any strikes or work stoppages. We believe our relationships with our employees are good. From time to time, we utilize the services of independent contractors to perform various field and other services.
Our Business Strategy
We intend to use our competitive strengths to continue increasing reserves, production and cash flow in order to maximize value for stockholders. The following are key elements of this strategy:
Grow Through Exploitation, Development and Exploration of Our Properties . Our primary focus will continue to be the development and exploration efforts in our Gulf Coast properties. We believe that our properties and acreage position will allow us to grow organically through low risk drilling in the near term, as this property set continues to present attractive opportunities to expand our reserve base through workovers and recompletions, field extensions, delineating deeper formations within existing fields and higher risk/higher reward exploratory drilling. In addition, we will constantly review, rationalize and “high-grade” our properties in order to optimize our existing asset base.
Actively Manage the Risks and Rewards of Our Drilling Program. Our strategy is to increase our oil and gas reserves and production while keeping our finding and development costs and operating costs (on a per Mcf equivalent (Mcfe) basis) competitive with our industry peers. We will implement this strategy through drilling exploratory and development wells from our inventory of available prospects that we have evaluated for geologic and mechanical risk and future reserve or resource potential. Our drilling program will contain some higher risk/higher reserve potential opportunities as well as some lower risk/lower reserve potential opportunities in order to achieve a balanced program of reserve and production growth.
Maintain and Utilize State of the Art Technological Expertise. We expect to maintain and utilize our technical and operations teams’ knowledge of salt-dome structures and multiple stacked producing zones common in the Gulf Coast to enhance our growth prospects and reserve potential. We employ technical advancements, including 3-D seismic data and Pre-stack depth and Reverse-Time migration to identify and exploit new opportunities in our asset base. We also employ the latest directional drilling, completion and fracturing technology in our wells to enhance recoverability and accelerate cash flows.
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