Dune Energy, Inc. Reports Recent Drilling Results
HOUSTON, Oct. 17, 2013 /PRNewswire/ -- Dune Energy, Inc. (OTCBB:DUNR) today announced recent drilling results.
At Chocolate Bayou Field, Brazoria County, Texas, Dune drilled the A.M. Wieting #31 well to a total depth of 12,440' MD. The well targeted the 12,000S sand which has been highly productive in nearby field wells. The Wieting #31 well was successfully logged, cased and completed and commenced production on October 1, 2013. Initial flow rates for the 12,000 sand as filed with the Railroad Commission of Texas were 3.618 MMCFG/d and 277 BOPD. Dune's working interest in the Wieting #31 well is 50.0%. Additional offset drilling is being evaluated for 2014.
At Garden Island Bay Field, Plaquemines Parish, LA, Dune has recently drilled two wells. The first well was an exploratory test (GIB #913 - Epsilon prospect) which was drilled to a depth of 7,656' MD. This well was designed to evaluate a large subsurface anomaly which was interpreted as a potential hydrocarbon accumulation. Hydrocarbon shows were indicated while drilling the objective section but log analysis indicated that poor reservoir quality sand would preclude a commercial completion. The well was immediately sidetracked as the Garden Island Bay #913 ST1 (Kappa prospect) which was designed to test a series of hydrocarbon bearing sands that were seen in a down-structure well (GIB #145) drilled and produced in 1959. The #913 ST1 was drilled to a total depth of 7,670' MD and successfully logged. Four individual pay sands (oil and natural gas) have been identified and confirmed by sidewall coring. Casing is currently being run to total depth and will be followed by completion of the lower two sands. First production is expected by early November, 2013. Dune has a 100% working interest in these wells.
James A. Watt, President and CEO of the company stated, "We are pleased with the Chocolate Bayou results to date and the potential for the completion of the Kappa well at Garden Island Bay. Third quarter results will be announced in early November along with planned drilling activity for the remainder of 2013 and early 2014."
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FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected drilling and development wells and associated costs, statements relating to estimates of, and increases in, production, cash flows and values, statements relating to the continued advancement of Dune Energy, Inc.'s projects and other statements which are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although Dune Energy, Inc. believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the Company's projects will experience technological and mechanical problems, geological conditions in the reservoir may not result in commercial levels of oil and gas production, changes in product prices and other risks disclosed in Dune's Annual report on Form 10-K filed with the U.S. Securities and Exchange Commission.
Steven J. Craig
Sr. Vice President Investor Relations and Administration
SOURCE Dune Energy, Inc.