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Dune Energy, Inc.
Dune Energy Concludes Disposition of Barnett Shale Properties
September 19th, 2008
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...
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Source: Energy Weekly News (2008-09-19)