Dune Energy, Inc. issued financial results for the first quarter of 2011, and also updated shareholders and investors on its oil and gas operations for the quarter.
Dune Energy, Inc. reported total production of 1.7 billion cubic feet of natural gas equivalents on the first quarter of 2011. This production was composed of 140,000 barrels of oil and 820 million cubic feet of natural gas. In the same quarter in 2010, Dune Energy, Inc. reported total production of 1.9 billion cubic feet of natural gas equivalents, with 151,000 barrels of oil and 990 million cubic feet of natural gas.
Although production was down on a year-over-year basis, Dune Energy, Inc. reported higher sales due to the increased realized prices for oil during the quarter. The company reported sales of $17.4 million compared to $17 million in the same period in 2010. Dune Energy, Inc. sold its oil production at an average price of $96.90 per barrel, compared to $76.14 per barrel in the first quarter of 2010.
Dune Energy, Inc. is currently drilling a well at the Garden Island Bay Field, and has reached a depth of 11,000 feet. The company also plans to conduct drilling activity at the Live Oak, Bateman Lake and Leeville Fields in 2011.
For more information on the company, go to www.duneenergy.com