Dune Energy, Inc. issued an operational update on its oil and gas exploration and development activities in 2010 and early 2011. The company is active in various projects in the Gulf Coast regions of Texas and Louisiana.
Dune Energy, Inc. reported proved reserves of 82.7 billion cubic feet equivalent at 12/31/2010. These proved reserves were composed of 5.7 million barrels of oil and 48.6 billion cubic feet of natural gas. The company said that its probable and possible reserves at the end of 2010 totaled 8.8 billion cubic feet equivalent.
Dune Energy, Inc. said that the reserve report was prepared by Degolyer and MacNaughton, a well known petroleum geology consulting company. The commodity prices used to calculate the proved reserves were in accordance with regulations from the Securities and Exchange Commission (SEC) and were $78.34 per barrel of oil, and $4.71 per Mcf for natural gas.
Dune Energy, Inc. reported proved reserves 105.4 billion cubic feet equivalent at the end of 2009. The company attributed the year over year decline to the sale of properties and yearly production.
Dune Energy, Inc. started drilling a well in late February 2011 at its properties in the Garden Island Bay field. The company expects the results of this well in April 2011.
For more information on the company, go to www.duneenergy.com