HOUSTON, April 7, 2011 /PRNewswire/ -- Dune Energy, Inc. (OTCBB:DUNR) today announced that Alan D. Bell, will become Chairman of the Board of Directors effective April 15, 2011. Mr. Bell is currently a member of the Board of Dune and Chairman of the Audit Committee of the Company. Additionally, Mr. Bell currently serves on the Board of Directors of Approach Resources, Inc., a publicly-traded independent energy company based in Ft. Worth, where he is Chairman of the Audit Committee. Mr. Bell's prior work experience includes 33 years in various capacities at Ernst & Young, LLP from 1973 until his retirement in 2006, when he was Director of Ernst & Young's Energy Practice in the Southwest United States. Before joining Ernst & Young, Mr. Bell was a production engineer with Chevron Oil Company in the Gulf of Mexico.
Mr. Bell will replace Mr. Alan Gaines, who recently notified the board he was resigning his position as Executive Chairman of the Board to pursue other interests. Mr. Bell will be a non-executive chairman and compensated with a quarterly retainer fee. The Board of Directors amended its Governance Standards for Directors and Committees of the Board to accommodate this position. The Governance Documents are available on the company's web site www.duneenergy.com.
James A. Watt, President and Chief Executive Officer of the Company stated, "I am very pleased to have Mr. Bell accept the position of Chairman of the Board. His knowledge of accounting, board structure and governance and the overall oil and gas industry will be invaluable to us as we move through the challenges of restructuring the balance sheet of the company prior to the expiration of our $300 million of Senior Secured Notes in June of 2012."
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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.
CONTACT: Investors, Steven J. Craig, Sr. Vice President Investor Relations and Administration, Dune Energy, Inc., +1-713-229-6300
SOURCE Dune Energy, Inc.