REASONS THIS STOCK COULD SOAR WHEN OIL PRICES SPIKE 50 - 100%

  • The company was founded by a former Exxon Mobil president responsible for 300,000 barrels of production a day (BOPD).
  • Management has invested over $1.5 MILLION in establishing the corporate structure, refining acquisition parameters and developing the current deal pipeline.
  • Current production averages 1133 barrels of oil per month (BOPM) representing 950,000 BO proved / probable reserves. This project is estimated to do 3400 BOPM after rework.
  • Proven and probable (2P) reserves associated with their Louisiana assets have a discounted present value (PV10) of $41,245,950 as of a March 1, 2011 reserve summary prepared by management, indicating attractive potential for growth.
  • Closed bridge financing for $150,000 and went public in 2011.
  • Plans to acquire over 1,500 acres with over 59 shut-in wells and 30 producing wells with 40 BOPD of current production, which will do 200 BOPD with minimal rework representing 2.1 MILLION barrels of proven reserves. A preliminary agreement has already been secured.
  • Plans to acquire and develop $200 MILLION in proven reserves.

Thursday, July 14, 2011

Dune Updates Garden Island Bay Drilling

 Dune Energy, Inc. (OTCBB:DUNR.ob - News) provides an update on the drilling at Garden Island Bay.
The ORX SL 214 #1 well at Garden Island Bay, Plaquemines Parish, Louisiana has been drilled and logged to a total depth of 19,670 feet (measured depth) and 19,550 feet (true vertical depth).  The well is being temporarily abandoned and left capable for deepening or sidetracking operations at a later time.  The cost of the well was approximately $32 million of which Dune had a 15% working interest.  Prior to drilling the well Dune received approximately $3.9 million in cash recoupments from its partners resulting in a net cost to date of approximately $900,000.
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