Friday, May 29, 2015 12:52:38 PM
DUNRQ 0.02 -5 DAYS TO FINAL OFFERS FOR ASSETS/CO. WHILE OIL IS SKYROCKETING...
DUNRQ 0.02 HUGE ALERT, LAST WEEK FOR BIDS UNTIL 5TH JUNE THEN OFFICIAL DECISION ON ASSET SALE DUE JUNE 9TH IN THE MEANTIME STALKING HORSE BID PROCEDURE IN THE MAKING, COMPANY ASSETS SHOULD BE WORTH 100/200 MLN$ MAYBE ENOUGH TO REPAY CREDITORS AND LEAVE SOME EQUITY VALUE TO COMMONS, MANAGEMENT BALKED REVISED BUYOUT OFFER AT 0.18$ FROM PREVIOUS 0.30$ SINCE THEN OIL REBOUNDED HARD!!!
BPZRQ-DUNRQ MAYBE LIFETIME STOCK OPPORTUNITIES WITH OIL BOUNCING HARD AND POSITIVE ASSETS
DUNRQ 0.0175$ VS BOOK VALUE WORTH 0.59$, ALMOST NO FLOAT, IT SEEMS 6 BIG SHAREHOLDERS OWN 85% OS OR 62MLN SHARES OUT OF 73MLN, NO FLOAT, PPS A FRACTION OF REAL NET ASSETS, MAY WILL BE THE KEY MONTH FOR ACCUMULATION BECAUSE IN EARLY JUNE WILL BE THE AUCTION FOR ASSETS, WORTH 198MLN$ (INCLUDING DEPRECIATIONS) WHILE
MARKET CAP IS JUST 1.3MLN$!!! WATCH BPZRQ TOO, IT SEEMS VERY UNDERVALUED
DUNRQ SHOWED NET ASSET IN APRIL WORTH 39MLN$ OR 0.22$ PER SHARE WHILE PPS IS ONLY 0.01$ AND OIL RISING AGAIN!!!
LINK:
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10717201
BPZRQ 0.054 HUGE UPTREND WITH OIL RISING, POSITIVE NET ASSETS, CEO OWNS 5MLN
SHARES, HIGH VOLUMES IN LAST TRADING DAYS, ACCUMULATION INCREASING BEFORE NEWS ABOUT FINANCING, POSSIBLE CHANGE OF CONTROL IN CO. OR CO. ASSETS IN PERU', KEY AGM IN JUNE WHEN SHAREHOLDERS ARE REQUIRED TO VOTE (VERY STRANGE IN CH11)
THIS WAS A MAJOR STOCK BEFORE OIL COLLAPSE, NOW WTI AND BRENT IN HUGE REVERSAL SHOULD SUPPORT COMPANY NEEDED FINANCING, COMMONS SHOULD RETAIN IMO THEIR EQUITY BUT DO YOUR DD BEFORE INVESTING HERE YOUR MONEY, ALSO IN DUNRQ, ANOTHER NOBRAINER IMO, SHOULD STAY AT 0.15 NOT 0.01$, WE'LL SEE!!!
http://www.law360.com/articles/640851/bankrupt-dune-energy-gets-approval-to-sell-assets-in-june
Bankrupt Dune Energy Gets Approval To Sell Assets In June
By Linda Chiem
Law360, New York (April 08, 2015, 3:57 PM ET) -- A Texas bankruptcy judge on Wednesday approved sale and bidding procedures for Dune Energy Inc., the private equity-backed oil and gas driller that was brought down by sharply tumbling oil prices and a failed merger, to sell off its assets in June.
U.S. Bankruptcy Judge H. Christopher Mott signed off on the company’s proposed timeline for a sale of its assets, setting a June 5 deadline for interested third parties to submit their bids for some or all of Dune Energy’s assets or, if needed, a June 9 auction to be held in Houston. A hearing to approve the sale is set for June 18.
Judge Mott’s approval on Wednesday paves the way for carving up Dune Energy, the independent exploration and development company with drilling operations along the Louisiana and Texas Gulf Coasts that filed for Chapter 11 bankruptcy last month, soon after its proposed merger with California-based oil and gas driller Eos Petro Inc. fell apart.
According to the bidding procedures, the assets that are up for grabs include the debtors’ leasehold and other interests in wells, leases located in Texas and Louisiana, as well as related assets such as various production facilities, pipelines, machinery and production equipment.
Judge Mott is also allowing Dune Energy to provide certain bid protections to a stalking horse bidder in the event the debtors enter into a stalking horse purchase and sale agreement. The bid protections may include a breakup fee to be negotiated between the debtors and the stalking horse bidder in an amount not to exceed 2 percent of the proposed purchase price, according to the judge’s order.
Founded in 1998, Dune Energy has 15 oil and gas fields and 32 employees, plus a number of independent contractors, according to court documents.
The company’s major shareholders include Strategic Value Special Situation Fund LP, which owns 24.5 percent of Dune Energy’s common stock, BlueMountain Capital Management, which holds 20.6 percent, West Face Long Term Opportunities Global Master LP, which has a 14.9 percent stake, and TPG Funds, which has a 13.1 percent stake, according to court documents.
Dune Energy filed for Chapter 11 bankruptcy on March 9, saddled with $107 million in debt and just $13 million in earnings in 2014. Lenders Bank of Montreal and CIT Capital Securities LLC provided a $10 million loan to help Dune Energy stay operational during the proceedings.
Dune Energy is represented by Charles A. Beckham Jr., Kenric D. Kattner, Kourtney Lyda and Kelli Stephenson of Haynes and Boone LLP.
Bank of Montreal is represented by Sean T. Scott and Charles S. Kelley of Mayer Brown LLP.
The case is In re: Dune Energy Inc., case number 1:15-bk-10336, in the U.S. Bankruptcy Court for the Western District of Texas.
--Additional reporting by Cara Salvatore. Editing by Christine Chun.
BPZRQ GREAT NEWS OUT, PARTNER IN PERU BOUGHT FOR 5 BLN$ BY MEXICAN ALFA, NOW BPZRQ WITH 51% IN PERUVIAN OIL&GAS PROJECT WILL HAVE A HUGE DEEP POCKETED PARTNER POTENTIALLY INTERESTED IN BUYING OR FINANCING ACTIVITIES!!!
DO YOUR DUE DILIGENCE BEFORE INVESTING IN STOCKS AND Q STOCKS!!!
ca.reuters.com/article/businessNews/idCAKBN0NQ28X20150506?sp=true
BPZRQ HUGEEEEEEEE VALUE HERE 0.04 VS NET ASSETS WORTH A LOT MORE!!! OIL UP HUGE!!!!!!!!!!!!!!!! IT WAS DOLLAR STOCK, THEN DELISTED, CEO OWNS 5MLN SHARES, HUGE HOLDINGS IN PERU, DEBT IS CONVERTIBLE, AGRREMENT EVERY DAY CLOSER WITH CONVERTIBLE
BONDHOLDERS WITH OIL BOUNCING HARD!!!
BPZRQ 0.04 OIL FLYING, ABSURD UNDISCOVERED GEM IMO, NET ASSETS POSITIVE, OIL
IS FLYING BACK TO 80/100$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO
LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COMPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)BPZRQ 0.04 AND DUNRQ 0.02 WAY UNDERVALUED,
MISPRICED VS POSITIVE BOOK VALUE, CURRENT OIL PRICES WELL HIGHER WHEN THE COMPANIES FILED FOR CH11, DUNRQ MAY BE WORTH, DEBT INCLUDED, 150-200 MLN$ DUE TO RESERVES,BPZRQ MAY BE NEAR TO A FINANCING, I DON'T UNDERSTAND WHY WITH POSITIVE EQUITY COMMONS SHOULD BE WIPED OUT, I SMELL A GREAT VALUE LEFT FOR COMON SHAREHOLDERS, JUST MY OPINION, DO YOUR DD BEFORE INVESTING HERE!!!
DUNRQ 0.0175$ VS BOOK VALUE WORTH 0.59$, ALMOST NO FLOAT, IT SEEMS 6 BIG SHAREHOLDERS OWN 85% OS OR 62MLN SHARES OUT OF 73MLN, NO FLOAT, PPS A FRACTION OF REAL NET ASSETS, MAY WILL BE THE KEY MONTH FOR ACCUMULATION BECAUSE IN EARLY JUNE WILL BE THE AUCTION FOR ASSETS, WORTH 198MLN$ (INCLUDING DEPRECIATIONS) WHILE
MARKET CAP IS JUST 1.3MLN$!!! WATCH BPZRQ TOO, IT SEEMS VERY UNDERVALUED
WITH RUMORS OF BUYOUT, IT SEEMS VERY CHEAP AT 0.037$!!!
DUNRQ HUGE 8K OUT, PPS 0.0175$ VS 0.59$ in net assets as stated by most
recent MOR!!! Net assets are therefore Worth 43.2mln$ vs current ridicolous market
cap of just less than 1.3mln$, remember last buyout offer Worth 0.30$ then failed
because DUNRQ refused to lower the sale price to 0.18$, then management put the co.
in CH11, a lot of hedge funds specialized in distressed situations own 85% OS
according recent filings...oil is bouncing hard, company should receive 5mln$ as
break up fee from Eos Petro but at this point I think we'll see another offer given
the WTI's bounce, the ridicolous market value of the company, 0.15 is feasible imo,
I don't truly understand why this is trading below 0.05-0.10...6 shareholders own
85% OS, no float, if buyout news out there will no be enough shares to chase
here!!!
April 30th MOR, must read, 43mln$ or 0.59$ per share in net assets versus 1.3mln$
in market cap!!!
www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10662252
Do your DD before investing here, I'm in because I think risk reward is excellent.
DUNRQ 0.01$ BPZRQ 0.03$ ARE TRADING AT A FRACTION OF THEIR NET ASSETS
WHILE OIL IS BOUNCING HARD AND M&A EXPLODED WITH ROYAL DUTCH SHELL BID ON BG WORTH
70BLN$!!!...
-----------------------------------------------------------------------------------
http://uk.reuters.com/article/2015/05/06/us-pacificrubiales-m-a-alfa-harbour-
idUKKBN0NQ28X20150506
Wed May 6, 2015
Alfa, Harbour Energy to buy Pacific Rubiales for $5 billion: source
By Greg Roumeliotis and Mike Stone
(Reuters) - Mexican conglomerate Alfa Sab de CV (ALFAA.MX) and Harbour Energy Ltd
have agreed to acquire Canadian oil and gas company Pacific Rubiales Energy Corp
(PRE.TO) for C$6 billion ($4.97 billion), including debt, a person familiar with
the matter said on Tuesday.
Pacific Rubiales is the largest independent oil and gas producer in Latin America.
Its shares have plummeted more than 80 percent since oil prices began to slide last
summer.
Alfa, which already owns a 20 percent stake in the company, decided now was the
time to act, and on vastly improved terms than when it paid C$21 per share last
August in a C$189.4 million transaction to raise its stake in the company to 17
percent.
Toronto-listed Pacific Rubiales, whose shares also trade in Colombia, suspended
trade in its Bogota shares on Tuesday afternoon after the deal was made public.
Alfa and Harbour have agreed to pay around C$6 ($5) per share for Pacific Rubiales
and will each own half of the company, that source said, asking not to be
identified because the deal is not yet public. Pacific Rubiales ended trading on
Tuesday at C$4.83.
Harbour Energy is a joint venture between Asian commodity trader Noble Group Ltd
(NOBG.SI) and U.S. private-equity firm EIG Global Energy Partners.
Alfa believes the investment, by boosting its oil and gas footprint, will position
it to participate more strongly in Mexico's energy liberalization, the person
added.
Representatives for the companies did not immediately respond to requests for
comment.
Toronto-Based Pacific Rubiales produces natural gas and crude oil at 90 exploration
and production blocks in seven countries; Colombia, Peru, Guatemala, Brazil,
Guyana, Papua New Guinea and Belize.
The company is the second-biggest oil producer in Colombia with output of about
145,000 barrels per day. However, it is set to lose about 65,000 barrels per day of
that in mid-2016 when its contract to operate state-run Ecopetrol's ECO.CN Rubiales
field expires.
Alfa, headquartered near Monterrey, Mexico, has businesses in oil and gas, branded
foods, aluminum auto components, petrochemicals, information technology and
telecommunications services. It has a market capitalization of 164.7 billion
Mexican pesos ($10.6 billion).
Bank of America Corp (BAC.N) advised Pacific Rubiales on the deal.
(Reporting by Greg Roumeliotis and Mike Stone in New York; Editing by Christian
Plumb and Ken Wills)
-----------------------------------------------------------------------------------
Info provided by user Local on 04/29/15 about DUNRQ
Shareholders equity $ 43,183,491
This is from Docket # 201 page 3, filed today.
Hopefully the large shareholders will use this to get a shareholders committee
formed.
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
----------------------------------------------------------------------------------
DUNRQ There are 6 shareholders who own 85 % of the company (all 5 % owners)
Highbridge International, LLC Shareholder 5.00%
West Face Long Term Opportunities Global
Master, L.P. Shareholder 15.00%
Strategic Value Special Situation Fund, L.P.
Mardi Gras Ltd, Shareholder 25.00%
TPG Funds TPG Global, LLC., Shareholder 13.00%
Zell Credit Opportunities Fund, L.P.
Shareholder 6.00%
Blue Mountain Shareholder 21.00%
Page 24 of Court docket # 156
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
http://www.firstenercastfinancial.com/news/story/62342-bankruptcy-judge-approves-
june-9-auction-dune-energys-operations
Bankruptcy Judge Approves June 9 Auction for Dune Energy's Operations
Published: Apr 08, 2015
By Katy Stech
Lawyers for Dune Energy Inc. are preparing to sell the Houston oil driller's
operations at a June 9 auction, after a bankruptcy judge signed off on the
company's proposed sale timeline.
At a hearing Wednesday, Judge H. Christopher Mott set a June 5 deadline for bidders
who are interested in the 32-worker company, which oversees more than a dozen
drilling sites that sit atop an estimated 93.1 billion cubic feet of natural gas
equivalent, according to documents filed in U.S. Bankruptcy Court in Austin, Texas.
Dune Energy officials didn't set a minimum bid price for the auction.
The company's sale could put it under the ownership of a more financially stable
owner, but it would likely make its shares, which trade publicly in over-the-
counter markets, valueless. Investment firms including Strategic Value Special
Situation Fund, LP, BlueMountain Capital Management and West Face Long Term
Opportunities Global Master LP own large chunks of stock, according to earlier
court papers.
Even before the company filed for chapter 11 bankruptcy March 8, company officials
reached out to 45 potential buyers, according to earlier court papers. Any purchase
offer needs approval from Judge Mott, who agreed to look over the auction's winning
offer at a June 18 sale hearing.
Wednesday's approval came after a prolonged battle over how money from potential
lawsuits should be split among Dune Energy's existing debts of more than $100
million. Lawyers for Dune Energy's unsecured creditors didn't specify who or what
could be the target of future, potentially lucrative lawsuits. Profits from those
lawsuits could add to the pot of money that unsecured creditors share as repayment
at the end of the bankruptcy process, they said.
Founded in 1998, the company pulls crude oil and natural gas from underneath more
than 74,000 acres of land in Texas and Louisiana.
"[Dune Energy and its affiliates] have sought to acquire operational control of
properties that they believe have a solid proved reserve base coupled with
significant exploitation and exploration potential," said Chief Restructuring
Officer Donald R. Martin in earlier court papers.
But as oil prices fell last year, so did Dune Energy's revenue. It took in $43
million in revenue last year, down from $55.5 million during 2013, Mr. Martin said.
At the end of the second quarter in 2014, Dune Energy failed to meet a requirement
that was laid out in its borrowing agreement, causing it to lose access to millions
of dollars.
Dune Energy officials cut costs and proposed a merger with California-based oil and
gas driller Eos Petro Inc., which would have cashed out existing stockholders by
paying them 30 cents per share. The merged entity would also take on responsibility
for $106.8 million of debt that Dune Energy faced as of Sept. 30.
The merger fell through on March 4 after Eos was "unable to complete the financing"
needed, earlier court documents said.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those
under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Katy Stech at katy.stech@wsj.com.
----------------------------------------------------------------------------------
http://finance.yahoo.com/news/dune-energy-inc-reports-end-212400951.html
Dune Energy, Inc. Reports Year-End 2014 Proved Reserves Of 12.9 MMBoe, Down 17%
From Year-End 2013
HOUSTON, April 2, 2015 /PRNewswire/ -- Dune Energy, Inc. (DUNRQ) ) ("Dune" or the
"Company") today reported year-end 2014 proved oil and gas reserves of 5,601 Mbo
and 43.6 Bcf of gas or 12.9 MMBoe. Oil volumes decreased 1,562 Mbo or 22% and gas
volumes decreased 6.5 Bcf over year-end 2013 reported reserves. PV@10% value of
these reserves, as calculated in accordance with applicable financial and reporting
standards of the Securities and Exchange Commission, totaled $256.6 million, a
$55.1 million decrease or 17.7% below the year-end 2013 PV@10% value of $311.7
million.
A third party, independent reserve report was done as of June 30, 2014 by DeGolyer
& MacNaughton. The year-end 2014 reserve report was completed by Dune. The prices
used at year-end 2014 were $91.61 per Bbl and $4.35 per Mmbtu.
Year-End 2013 vs. Year-End 2014
The following table compares proved, probable and possible reserve amounts for
year-end 2013 and year-end 2014.
MMboe
MMboe
Reserve Category
Year-End 2013
Year-End 2014
Change
Proved Developed (PDP, PDNP)
8.2
7.3
(11%)
Proved Undeveloped (PUD)
7.3
5.6
(23%)
Total Proved
15.5
12.9
(17%)
Probable/Possible
13.3
14.0
5%
Grand Total
28.8
26.9
(7%)
Major Field Breakout by Reserves Year-End 2014 (MMboe)
Field
Proved
Possible/Probable
Total
Leeville
4.9
13.7
18.6
Garden Island Bay
1.8
0.1
1.9
Bateman Lake
1.3
0.2
1.5
Chocolate Bayou
1.1
0.0
1.1
Other
3.8
0.0
3.7
Total
12.9
14.0
26.8
Production Volumes
In total, 2014 sales were 376 Mbo and 1.6 Bcf or 643 MBoe. On a daily basis this
averaged 1,762 Boe/day and 58% of the sales were oil. January sales were 1,346
Boe/day with 57% oil and February sales were 1,458 Boe/day with 67% oil.
2015 Strip Price
Estimated future revenue attributable to Dune's interest in the proved reserves
were based on spot prices, effective December 31, 2014. Prices for 2015 were
$52.19/Bbl and $3.01/MMbtu.
Proved
Developed Producing
Developed Nonproducing
Undeveloped
Total Proved
(M$)
(M$)
(M$)
(M$)
Future Gross Revenue
151,061
149,626
243,859
544,546
Future Net Revenue
49,885
77,882
111,911
239,678
Present Worth at 10%
33,254
40,285
70,916
144,454
The forecasted field cash flow for 2015 from proved developed producing only is
$7.244 million.
Upside Potential and Capital Expenditures
Over and above the 12.9 MMBoe of proved reserves, the Company has identified an
additional unrisked 54 MMboe of probable, possible and exploratory reserves. These
projects are defined with recent fully processed 3-D seismic data and within our
acreage positions. The majority of this upside potential is within our Garden
Island Bay field.
As previously disclosed, the Company and its subsidiaries filed voluntary petitions
in the United States Bankruptcy Court for the Western District of Texas, Austin
Division (the "Bankruptcy Court") seeking relief under Chapter 11 of Title 11 of
the United States Code (the "Bankruptcy Code"). The Chapter 11 cases are being
jointly administered under the caption "In re Dune Energy, Inc., et al", Case No.
15-10336 (the "Chapter 11 Cases"). The Company continues to operate its business
and manage its properties as "debtors-in-possession" under the jurisdiction of the
Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy
Code and orders of the Bankruptcy Court. The Company currently is limiting its
operations to those necessary to preserve the value of the business as a going
concern and to formulate a definitive Chapter 11 bankruptcy plan ("Plan") for
submission to the Bankruptcy Court and claimholders of the estate. This process
includes evaluating alternative proposals for the sale of substantially all of the
Company's assets in the Chapter 11 case and in connection with the Plan. All other
business activity, including prospect acquisitions and other capital expenditures,
has been halted. The Company therefore does not have the capital required to
explore and develop these opportunities.
Click here for more information: http://www.duneenergy.com/news.html?b=1683&1=1
------------------------------------------------------------------
DUNRQ TRADING AT 0.01 WORTH 1.16$ ACCORDING BANKRUPTCY COURT DOCUMENTS, OS
73M, SUPER TINY FLOAT, EASY 50X WITH GOOD NEWS AND POSITIVE EQUITY FOR COMMONS!!!
FREE MONEY IMO BUT DO YOUR DD BEFORE INVESTING HERE, IT SEEMS POSITIVE EQUITY LEFT
FOR COMMONS, JUNE 9 WILL BE THE DAY OF AUCTION SET BY BANCRUPTCY COURT FOR ASSETS
SALE.
DUNRQ 0.01$ IN CH11 BUT BV IS WORTH 1.16$ OR 85MLN$ VS CURRENT MARKET CAP
LESS THAN 2 MLN$!!! CO. SEEKS FOR CH11 PROTECTION, LISTED ASSETS WORTH 229.5MLN$ VS
ESTIMATED LIABILITIES WORTH ONLY 144.2MLN$, SENIOR LENDERS ARE OWED 39MLN$ WHILE
SECOND LIEN LENDERS ARE OWED NERLY 68MLN$.
COMPANY IS OWED 5.5MLN$ FROM EOS PETROLEUM BECAUSE IT BACKED OUT OF A MERGER
PROPOSAL AND REGULAR TENDER OFFER DUE TO LACK OF FINANCING.
EOS PETRO GAVE TO DUNE ENERGY A VALUATION OF 135.9MLN$ DEBT INCLUDED OR 3X 2014
REVENUES WHILE NOW IT'S ONLY WORTH LESS THAN 2 MLN$. EOS PETRO TENDER OFFER WAS AT
0.30$ PER SHARE OR AN EQUITY VALUE CONSIDERATION WORTH 22MLN$, CURRENT MARKET CAP
IS LESS THAN 2MLN$ WHEREAS ONLY THE BREAK UP FEE IS WORTH 5.5MLN$ AND ASSETS WILL
BE SOLD AT AUCTION JUNE 9
FAR EXCEED TOTAL DEBT. OS IS ONLY 73MLN, MAY EASY REACH 0.20$ FOLLOWING GOOD NEWS
SUCH AS THE 5.5MLN$ BREAK UP FEE OBTAINMENT, THEIR ASSETS ARE LOCATED IN LOUISIANA
AND TEXAS GULF COAST. COMPANY ALREADY OBTAINED 10MLN$ IN DIP FINANCING FROM
LENDERS. THE RESTRUCTURING PROCESS WILL BE COMPLETED IN LESS THAN 4 MONTHS.
EVEN IF TAKING INTO ACCOUNT THE OIL COLLAPSE HOW IS IT POSSIBLE THAT A COMPANY LIKE
DUNE IS WORTH 135.9MLN$ AND AFTER LESS THAN 6 MONTHS 0$?
http://www.bidnessetc.com/36537-heres-why-dune-energy-inc-dunrq-stock-tumbled-82-
yesterday/
As reported by Bloomberg, Dune Energy Inc (OTCMKTS:DUNRQ) filed for bankruptcy in a
court in Austin, Texas on Monday. The Chapter 11 filing came on the back of a fall
in revenue and a failed merger deal with EOS Petro Inc. The Los Angeles-based
company backed out of the merger on March 4. The company due to falling crude oil
price lacked the financing required for the merger to take place.
As reported by the Wall Street Journal, the Restructuring Chief of Dune Donald R
Martin in a declaration filed in the court indicated that the decline in crude oil
price sent the revenue down $12.5 million to $43 million in 2014, compared to what
the company generated in 2013. Mr. Martin on the issue said: “During 2014, as a
result of a significant decline in oil price, the debtors’ revenue fell sharply,
although the debtors were able to reduce expenses, the significant decline in
revenue imposed a strain on the debtors’ liquidity.”
The falling oil price has caused substantial problems for companies involved in the
energy industry. Crude oil price since June 2014 has fallen more than 50%. The fall
in the price was associated with rising US production owing to the hydraulic
fracturing techniques employed by the US energy firms. US production as a result
has reached a 30-year high. The International Energy Agency estimates the US
production to be more than nine million barrels of oil per day.
The Organization of Petroleum Exporting Countries in a move to protect its market
share refrained from cutting its production and maintained it at 30 million barrels
of oils per day. This has worsened the decline in crude oil price. Demand for fuel
has also weakened in recent times.
As reported by Bloomberg, Dune Energy would seek an approval from the court to
divest its assets in an auction to be held on June 9. The company’s listed assets
are worth $229.5 million, whereas, its debt is valued $144.2 million. No bids till
now have been received by the company for its assets. The company has requested the
court to approve a $10 million loan financed through Bank of Montreal and CIT
Capital Securities LLC.
Dune Energy indicates that EOS owes around $5.5 million to the Houston-based
company as a fine for backing out of the merger deal which was made on September
2014. Other companies that have filed for bankruptcies include Endeavour
International Corporation (OTCMKTS:ENDRQ), Gasfrac Energy Services Inc, and Cal
Dive International, Inc. (OTCMKTS:CDVIQ).
Dune Energy shares crashed 82.76% yesterday to $0.0250
-----------------------------------------------------------------
http://www.wsj.com/articles/dune-energy-to-begin-swift-bankruptcy-sale-process-
1426080050
Business
Dune Energy to Begin `Swift` Bankruptcy Sale Process
Judge approves moves that will ease company’s transition into bankruptcy protection
By Tom Corrigan
March 11, 2015
Dune Energy Inc., a Houston-based energy company, has received a bankruptcy
judge’s approval to kick off a marketing and sale process, one that aims to keep
the business operating while in Chapter 11.
During the company’s first appearance in court Tuesday, U.S. Bankruptcy Judge H.
Christopher Mott signed off on a series of so-called first-day motions that will
ease Dune’s transition into bankruptcy protection, allowing it to pay employees, to
access its bank account and to otherwise continue normal operations.
Judge Mott also signed an interim order allowing the company to drawn down up to $3
million of a larger $10 million loan from a group of lenders led by Bank of
Montreal. A final hearing on the loan was scheduled for April 2.
As a condition of the bankruptcy financing, Dune’s senior lenders are requiring
that the company put itself up for auction.
According to proposed bidding procedures, which weren't brought before Judge Mott
at Tuesday’s hearing, Dune will pursue a “fairly swift sale process,” according to
attorney Charles Beckham. Under the currently proposed timeline, Dune will hold an
auction June 9, with a sale hearing to follow shortly after.
Prebankruptcy marketing efforts failed to produce a lead bid, court papers say.
Dune and two subsidiaries filed for Chapter 11 protection Sunday, after falling oil
prices caused a proposed merger with EOS Petro Inc. to fall apart last week. The
proposed merger would have valued Dune at $135.9 million, but EOS was ultimately
unable to line up the financing to complete the deal.
The publicly traded company listed assets of $229.5 million and debts of $144.2
million. Senior lenders are owed $39 million, while second-lien lenders are owed
nearly $68 million.
Dune is the latest among a number of companies---including Endeavour International
Corp., BPZ Resources Inc., Cal Dive International Inc. and Gasfrac Energy Services
Inc.---that have recently sought bankruptcy protection as a result of plummeting
oil prices. Several others have skipped payments to bondholders and warned that
bankruptcy is a possibility.
In a declaration filed with the court, Dune’s restructuring chief, Donald R.
Martin, said the decline in oil prices cut into the company’s bottom line, with
2014 revenue of $43 million down from $55.5 million in the prior year. After Dune
tripped financial covenants on its loan, its lenders limited how much the company
could borrow, prompting the Chapter 11 filing.
Founded in 1998, Dune’s holdings include properties covering more than 74,000 gross
acres across 15 producing oil and natural gas fields in Texas and Louisiana. Energy
produced is sold primarily to domestic pipelines and refineries, court papers say.
- Patrick Fitzgerald contributed to this article.
Write to Tom Corrigan at Tom.Corrigan@wsj.com
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http://ir.bpzenergy.com/releasedetail.cfm?releaseid=895487
BPZ Energy is an independent oil and gas exploration and production company with
license contracts covering approximately 1.9 million net acres in four properties
in northwest Peru.
Offshore Block Z-1 is producing oil from the Corvina field at the CX-11 and CX-15
platforms as well as the Albacora field platform. Development drilling campaigns
resumed in late 2013 at the CX-15 (shown left) and at Albacora to develop each
field's proved undeveloped oil reserves. A 1,600 square kilometer 3D seismic
survey, which was initiated in 2012 and completed in early 2013, is better defining
the exploration and development projects at the block. Operations at Block Z-1 are
being conducted through a joint venture partnership with Pacific Rubiales Energy
Corp.
Onshore, BPZ Energy holds a 100% interest in three blocks, where the focus has
been on seismic data acquisition at Blocks XIX, XXII and XXIII to lay the
groundwork for exploration drilling. In 2014 an exploration drilling campaign began
at Block XXIII. The Company also owns a non operating net profits interest in a
producing property in southwest Ecuador.
Peruvian electricity demand continues to grow, fueled by the growth of the economy
as well as the mining sector. Although the majority of the country’s generation
capacity is from hydroelectric projects, its reliability is limited, which creates
a tremendous opportunity for a Corvina field Gas-to-Power project to meet growing
demand.
We are reviewing the Gas-to-Power project, which consists of constructing a 135 MW
gas-fired power plant at Nueva Esperanza (New Hope), near the coastal town of
Caleta Cruz in northwest Peru, just 10 miles from the offshore Corvina gas field.
The power plant will be strategically located next to key electrical infrastructure
for connecting to the power grid of Peru. The first 135 MW will require
approximately 24 Mmcfd of natural gas. As independent reserves reports indicate, we
should have ample productive capacity to fuel this plant for up to 20 years.
The Gas-to-Power initiative gives us a market for our regionally produced natural
gas, transforming it into value-added electrical power that can be distributed and
sold to local and regional power consuming markets. Participating in the full
supply chain, from upstream production, to the distribution of gas to consumer and
industrial users, to power generation, gives BPZ multiple avenues for creating
value for customers and shareholders. It also establishes BPZ as an experienced
integrated Gas-to-Power company capable of tapping other large stranded gas
reserves found throughout South America.
http://bpzenergy.com/GastoPower/tabid/74/Default.aspx
DUNRQ 0.02 HUGE ALERT, LAST WEEK FOR BIDS UNTIL 5TH JUNE THEN OFFICIAL DECISION ON ASSET SALE DUE JUNE 9TH IN THE MEANTIME STALKING HORSE BID PROCEDURE IN THE MAKING, COMPANY ASSETS SHOULD BE WORTH 100/200 MLN$ MAYBE ENOUGH TO REPAY CREDITORS AND LEAVE SOME EQUITY VALUE TO COMMONS, MANAGEMENT BALKED REVISED BUYOUT OFFER AT 0.18$ FROM PREVIOUS 0.30$ SINCE THEN OIL REBOUNDED HARD!!!
BPZRQ-DUNRQ MAYBE LIFETIME STOCK OPPORTUNITIES WITH OIL BOUNCING HARD AND POSITIVE ASSETS
DUNRQ 0.0175$ VS BOOK VALUE WORTH 0.59$, ALMOST NO FLOAT, IT SEEMS 6 BIG SHAREHOLDERS OWN 85% OS OR 62MLN SHARES OUT OF 73MLN, NO FLOAT, PPS A FRACTION OF REAL NET ASSETS, MAY WILL BE THE KEY MONTH FOR ACCUMULATION BECAUSE IN EARLY JUNE WILL BE THE AUCTION FOR ASSETS, WORTH 198MLN$ (INCLUDING DEPRECIATIONS) WHILE
MARKET CAP IS JUST 1.3MLN$!!! WATCH BPZRQ TOO, IT SEEMS VERY UNDERVALUED
DUNRQ SHOWED NET ASSET IN APRIL WORTH 39MLN$ OR 0.22$ PER SHARE WHILE PPS IS ONLY 0.01$ AND OIL RISING AGAIN!!!
LINK:
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10717201
BPZRQ 0.054 HUGE UPTREND WITH OIL RISING, POSITIVE NET ASSETS, CEO OWNS 5MLN
SHARES, HIGH VOLUMES IN LAST TRADING DAYS, ACCUMULATION INCREASING BEFORE NEWS ABOUT FINANCING, POSSIBLE CHANGE OF CONTROL IN CO. OR CO. ASSETS IN PERU', KEY AGM IN JUNE WHEN SHAREHOLDERS ARE REQUIRED TO VOTE (VERY STRANGE IN CH11)
THIS WAS A MAJOR STOCK BEFORE OIL COLLAPSE, NOW WTI AND BRENT IN HUGE REVERSAL SHOULD SUPPORT COMPANY NEEDED FINANCING, COMMONS SHOULD RETAIN IMO THEIR EQUITY BUT DO YOUR DD BEFORE INVESTING HERE YOUR MONEY, ALSO IN DUNRQ, ANOTHER NOBRAINER IMO, SHOULD STAY AT 0.15 NOT 0.01$, WE'LL SEE!!!
http://www.law360.com/articles/640851/bankrupt-dune-energy-gets-approval-to-sell-assets-in-june
Bankrupt Dune Energy Gets Approval To Sell Assets In June
By Linda Chiem
Law360, New York (April 08, 2015, 3:57 PM ET) -- A Texas bankruptcy judge on Wednesday approved sale and bidding procedures for Dune Energy Inc., the private equity-backed oil and gas driller that was brought down by sharply tumbling oil prices and a failed merger, to sell off its assets in June.
U.S. Bankruptcy Judge H. Christopher Mott signed off on the company’s proposed timeline for a sale of its assets, setting a June 5 deadline for interested third parties to submit their bids for some or all of Dune Energy’s assets or, if needed, a June 9 auction to be held in Houston. A hearing to approve the sale is set for June 18.
Judge Mott’s approval on Wednesday paves the way for carving up Dune Energy, the independent exploration and development company with drilling operations along the Louisiana and Texas Gulf Coasts that filed for Chapter 11 bankruptcy last month, soon after its proposed merger with California-based oil and gas driller Eos Petro Inc. fell apart.
According to the bidding procedures, the assets that are up for grabs include the debtors’ leasehold and other interests in wells, leases located in Texas and Louisiana, as well as related assets such as various production facilities, pipelines, machinery and production equipment.
Judge Mott is also allowing Dune Energy to provide certain bid protections to a stalking horse bidder in the event the debtors enter into a stalking horse purchase and sale agreement. The bid protections may include a breakup fee to be negotiated between the debtors and the stalking horse bidder in an amount not to exceed 2 percent of the proposed purchase price, according to the judge’s order.
Founded in 1998, Dune Energy has 15 oil and gas fields and 32 employees, plus a number of independent contractors, according to court documents.
The company’s major shareholders include Strategic Value Special Situation Fund LP, which owns 24.5 percent of Dune Energy’s common stock, BlueMountain Capital Management, which holds 20.6 percent, West Face Long Term Opportunities Global Master LP, which has a 14.9 percent stake, and TPG Funds, which has a 13.1 percent stake, according to court documents.
Dune Energy filed for Chapter 11 bankruptcy on March 9, saddled with $107 million in debt and just $13 million in earnings in 2014. Lenders Bank of Montreal and CIT Capital Securities LLC provided a $10 million loan to help Dune Energy stay operational during the proceedings.
Dune Energy is represented by Charles A. Beckham Jr., Kenric D. Kattner, Kourtney Lyda and Kelli Stephenson of Haynes and Boone LLP.
Bank of Montreal is represented by Sean T. Scott and Charles S. Kelley of Mayer Brown LLP.
The case is In re: Dune Energy Inc., case number 1:15-bk-10336, in the U.S. Bankruptcy Court for the Western District of Texas.
--Additional reporting by Cara Salvatore. Editing by Christine Chun.
BPZRQ GREAT NEWS OUT, PARTNER IN PERU BOUGHT FOR 5 BLN$ BY MEXICAN ALFA, NOW BPZRQ WITH 51% IN PERUVIAN OIL&GAS PROJECT WILL HAVE A HUGE DEEP POCKETED PARTNER POTENTIALLY INTERESTED IN BUYING OR FINANCING ACTIVITIES!!!
DO YOUR DUE DILIGENCE BEFORE INVESTING IN STOCKS AND Q STOCKS!!!
ca.reuters.com/article/businessNews/idCAKBN0NQ28X20150506?sp=true
BPZRQ HUGEEEEEEEE VALUE HERE 0.04 VS NET ASSETS WORTH A LOT MORE!!! OIL UP HUGE!!!!!!!!!!!!!!!! IT WAS DOLLAR STOCK, THEN DELISTED, CEO OWNS 5MLN SHARES, HUGE HOLDINGS IN PERU, DEBT IS CONVERTIBLE, AGRREMENT EVERY DAY CLOSER WITH CONVERTIBLE
BONDHOLDERS WITH OIL BOUNCING HARD!!!
BPZRQ 0.04 OIL FLYING, ABSURD UNDISCOVERED GEM IMO, NET ASSETS POSITIVE, OIL
IS FLYING BACK TO 80/100$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO
LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COMPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)BPZRQ 0.04 AND DUNRQ 0.02 WAY UNDERVALUED,
MISPRICED VS POSITIVE BOOK VALUE, CURRENT OIL PRICES WELL HIGHER WHEN THE COMPANIES FILED FOR CH11, DUNRQ MAY BE WORTH, DEBT INCLUDED, 150-200 MLN$ DUE TO RESERVES,BPZRQ MAY BE NEAR TO A FINANCING, I DON'T UNDERSTAND WHY WITH POSITIVE EQUITY COMMONS SHOULD BE WIPED OUT, I SMELL A GREAT VALUE LEFT FOR COMON SHAREHOLDERS, JUST MY OPINION, DO YOUR DD BEFORE INVESTING HERE!!!
DUNRQ 0.0175$ VS BOOK VALUE WORTH 0.59$, ALMOST NO FLOAT, IT SEEMS 6 BIG SHAREHOLDERS OWN 85% OS OR 62MLN SHARES OUT OF 73MLN, NO FLOAT, PPS A FRACTION OF REAL NET ASSETS, MAY WILL BE THE KEY MONTH FOR ACCUMULATION BECAUSE IN EARLY JUNE WILL BE THE AUCTION FOR ASSETS, WORTH 198MLN$ (INCLUDING DEPRECIATIONS) WHILE
MARKET CAP IS JUST 1.3MLN$!!! WATCH BPZRQ TOO, IT SEEMS VERY UNDERVALUED
WITH RUMORS OF BUYOUT, IT SEEMS VERY CHEAP AT 0.037$!!!
DUNRQ HUGE 8K OUT, PPS 0.0175$ VS 0.59$ in net assets as stated by most
recent MOR!!! Net assets are therefore Worth 43.2mln$ vs current ridicolous market
cap of just less than 1.3mln$, remember last buyout offer Worth 0.30$ then failed
because DUNRQ refused to lower the sale price to 0.18$, then management put the co.
in CH11, a lot of hedge funds specialized in distressed situations own 85% OS
according recent filings...oil is bouncing hard, company should receive 5mln$ as
break up fee from Eos Petro but at this point I think we'll see another offer given
the WTI's bounce, the ridicolous market value of the company, 0.15 is feasible imo,
I don't truly understand why this is trading below 0.05-0.10...6 shareholders own
85% OS, no float, if buyout news out there will no be enough shares to chase
here!!!
April 30th MOR, must read, 43mln$ or 0.59$ per share in net assets versus 1.3mln$
in market cap!!!
www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10662252
Do your DD before investing here, I'm in because I think risk reward is excellent.
DUNRQ 0.01$ BPZRQ 0.03$ ARE TRADING AT A FRACTION OF THEIR NET ASSETS
WHILE OIL IS BOUNCING HARD AND M&A EXPLODED WITH ROYAL DUTCH SHELL BID ON BG WORTH
70BLN$!!!...
-----------------------------------------------------------------------------------
http://uk.reuters.com/article/2015/05/06/us-pacificrubiales-m-a-alfa-harbour-
idUKKBN0NQ28X20150506
Wed May 6, 2015
Alfa, Harbour Energy to buy Pacific Rubiales for $5 billion: source
By Greg Roumeliotis and Mike Stone
(Reuters) - Mexican conglomerate Alfa Sab de CV (ALFAA.MX) and Harbour Energy Ltd
have agreed to acquire Canadian oil and gas company Pacific Rubiales Energy Corp
(PRE.TO) for C$6 billion ($4.97 billion), including debt, a person familiar with
the matter said on Tuesday.
Pacific Rubiales is the largest independent oil and gas producer in Latin America.
Its shares have plummeted more than 80 percent since oil prices began to slide last
summer.
Alfa, which already owns a 20 percent stake in the company, decided now was the
time to act, and on vastly improved terms than when it paid C$21 per share last
August in a C$189.4 million transaction to raise its stake in the company to 17
percent.
Toronto-listed Pacific Rubiales, whose shares also trade in Colombia, suspended
trade in its Bogota shares on Tuesday afternoon after the deal was made public.
Alfa and Harbour have agreed to pay around C$6 ($5) per share for Pacific Rubiales
and will each own half of the company, that source said, asking not to be
identified because the deal is not yet public. Pacific Rubiales ended trading on
Tuesday at C$4.83.
Harbour Energy is a joint venture between Asian commodity trader Noble Group Ltd
(NOBG.SI) and U.S. private-equity firm EIG Global Energy Partners.
Alfa believes the investment, by boosting its oil and gas footprint, will position
it to participate more strongly in Mexico's energy liberalization, the person
added.
Representatives for the companies did not immediately respond to requests for
comment.
Toronto-Based Pacific Rubiales produces natural gas and crude oil at 90 exploration
and production blocks in seven countries; Colombia, Peru, Guatemala, Brazil,
Guyana, Papua New Guinea and Belize.
The company is the second-biggest oil producer in Colombia with output of about
145,000 barrels per day. However, it is set to lose about 65,000 barrels per day of
that in mid-2016 when its contract to operate state-run Ecopetrol's ECO.CN Rubiales
field expires.
Alfa, headquartered near Monterrey, Mexico, has businesses in oil and gas, branded
foods, aluminum auto components, petrochemicals, information technology and
telecommunications services. It has a market capitalization of 164.7 billion
Mexican pesos ($10.6 billion).
Bank of America Corp (BAC.N) advised Pacific Rubiales on the deal.
(Reporting by Greg Roumeliotis and Mike Stone in New York; Editing by Christian
Plumb and Ken Wills)
-----------------------------------------------------------------------------------
Info provided by user Local on 04/29/15 about DUNRQ
Shareholders equity $ 43,183,491
This is from Docket # 201 page 3, filed today.
Hopefully the large shareholders will use this to get a shareholders committee
formed.
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
----------------------------------------------------------------------------------
DUNRQ There are 6 shareholders who own 85 % of the company (all 5 % owners)
Highbridge International, LLC Shareholder 5.00%
West Face Long Term Opportunities Global
Master, L.P. Shareholder 15.00%
Strategic Value Special Situation Fund, L.P.
Mardi Gras Ltd, Shareholder 25.00%
TPG Funds TPG Global, LLC., Shareholder 13.00%
Zell Credit Opportunities Fund, L.P.
Shareholder 6.00%
Blue Mountain Shareholder 21.00%
Page 24 of Court docket # 156
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
http://www.firstenercastfinancial.com/news/story/62342-bankruptcy-judge-approves-
june-9-auction-dune-energys-operations
Bankruptcy Judge Approves June 9 Auction for Dune Energy's Operations
Published: Apr 08, 2015
By Katy Stech
Lawyers for Dune Energy Inc. are preparing to sell the Houston oil driller's
operations at a June 9 auction, after a bankruptcy judge signed off on the
company's proposed sale timeline.
At a hearing Wednesday, Judge H. Christopher Mott set a June 5 deadline for bidders
who are interested in the 32-worker company, which oversees more than a dozen
drilling sites that sit atop an estimated 93.1 billion cubic feet of natural gas
equivalent, according to documents filed in U.S. Bankruptcy Court in Austin, Texas.
Dune Energy officials didn't set a minimum bid price for the auction.
The company's sale could put it under the ownership of a more financially stable
owner, but it would likely make its shares, which trade publicly in over-the-
counter markets, valueless. Investment firms including Strategic Value Special
Situation Fund, LP, BlueMountain Capital Management and West Face Long Term
Opportunities Global Master LP own large chunks of stock, according to earlier
court papers.
Even before the company filed for chapter 11 bankruptcy March 8, company officials
reached out to 45 potential buyers, according to earlier court papers. Any purchase
offer needs approval from Judge Mott, who agreed to look over the auction's winning
offer at a June 18 sale hearing.
Wednesday's approval came after a prolonged battle over how money from potential
lawsuits should be split among Dune Energy's existing debts of more than $100
million. Lawyers for Dune Energy's unsecured creditors didn't specify who or what
could be the target of future, potentially lucrative lawsuits. Profits from those
lawsuits could add to the pot of money that unsecured creditors share as repayment
at the end of the bankruptcy process, they said.
Founded in 1998, the company pulls crude oil and natural gas from underneath more
than 74,000 acres of land in Texas and Louisiana.
"[Dune Energy and its affiliates] have sought to acquire operational control of
properties that they believe have a solid proved reserve base coupled with
significant exploitation and exploration potential," said Chief Restructuring
Officer Donald R. Martin in earlier court papers.
But as oil prices fell last year, so did Dune Energy's revenue. It took in $43
million in revenue last year, down from $55.5 million during 2013, Mr. Martin said.
At the end of the second quarter in 2014, Dune Energy failed to meet a requirement
that was laid out in its borrowing agreement, causing it to lose access to millions
of dollars.
Dune Energy officials cut costs and proposed a merger with California-based oil and
gas driller Eos Petro Inc., which would have cashed out existing stockholders by
paying them 30 cents per share. The merged entity would also take on responsibility
for $106.8 million of debt that Dune Energy faced as of Sept. 30.
The merger fell through on March 4 after Eos was "unable to complete the financing"
needed, earlier court documents said.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those
under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Katy Stech at katy.stech@wsj.com.
----------------------------------------------------------------------------------
http://finance.yahoo.com/news/dune-energy-inc-reports-end-212400951.html
Dune Energy, Inc. Reports Year-End 2014 Proved Reserves Of 12.9 MMBoe, Down 17%
From Year-End 2013
HOUSTON, April 2, 2015 /PRNewswire/ -- Dune Energy, Inc. (DUNRQ) ) ("Dune" or the
"Company") today reported year-end 2014 proved oil and gas reserves of 5,601 Mbo
and 43.6 Bcf of gas or 12.9 MMBoe. Oil volumes decreased 1,562 Mbo or 22% and gas
volumes decreased 6.5 Bcf over year-end 2013 reported reserves. PV@10% value of
these reserves, as calculated in accordance with applicable financial and reporting
standards of the Securities and Exchange Commission, totaled $256.6 million, a
$55.1 million decrease or 17.7% below the year-end 2013 PV@10% value of $311.7
million.
A third party, independent reserve report was done as of June 30, 2014 by DeGolyer
& MacNaughton. The year-end 2014 reserve report was completed by Dune. The prices
used at year-end 2014 were $91.61 per Bbl and $4.35 per Mmbtu.
Year-End 2013 vs. Year-End 2014
The following table compares proved, probable and possible reserve amounts for
year-end 2013 and year-end 2014.
MMboe
MMboe
Reserve Category
Year-End 2013
Year-End 2014
Change
Proved Developed (PDP, PDNP)
8.2
7.3
(11%)
Proved Undeveloped (PUD)
7.3
5.6
(23%)
Total Proved
15.5
12.9
(17%)
Probable/Possible
13.3
14.0
5%
Grand Total
28.8
26.9
(7%)
Major Field Breakout by Reserves Year-End 2014 (MMboe)
Field
Proved
Possible/Probable
Total
Leeville
4.9
13.7
18.6
Garden Island Bay
1.8
0.1
1.9
Bateman Lake
1.3
0.2
1.5
Chocolate Bayou
1.1
0.0
1.1
Other
3.8
0.0
3.7
Total
12.9
14.0
26.8
Production Volumes
In total, 2014 sales were 376 Mbo and 1.6 Bcf or 643 MBoe. On a daily basis this
averaged 1,762 Boe/day and 58% of the sales were oil. January sales were 1,346
Boe/day with 57% oil and February sales were 1,458 Boe/day with 67% oil.
2015 Strip Price
Estimated future revenue attributable to Dune's interest in the proved reserves
were based on spot prices, effective December 31, 2014. Prices for 2015 were
$52.19/Bbl and $3.01/MMbtu.
Proved
Developed Producing
Developed Nonproducing
Undeveloped
Total Proved
(M$)
(M$)
(M$)
(M$)
Future Gross Revenue
151,061
149,626
243,859
544,546
Future Net Revenue
49,885
77,882
111,911
239,678
Present Worth at 10%
33,254
40,285
70,916
144,454
The forecasted field cash flow for 2015 from proved developed producing only is
$7.244 million.
Upside Potential and Capital Expenditures
Over and above the 12.9 MMBoe of proved reserves, the Company has identified an
additional unrisked 54 MMboe of probable, possible and exploratory reserves. These
projects are defined with recent fully processed 3-D seismic data and within our
acreage positions. The majority of this upside potential is within our Garden
Island Bay field.
As previously disclosed, the Company and its subsidiaries filed voluntary petitions
in the United States Bankruptcy Court for the Western District of Texas, Austin
Division (the "Bankruptcy Court") seeking relief under Chapter 11 of Title 11 of
the United States Code (the "Bankruptcy Code"). The Chapter 11 cases are being
jointly administered under the caption "In re Dune Energy, Inc., et al", Case No.
15-10336 (the "Chapter 11 Cases"). The Company continues to operate its business
and manage its properties as "debtors-in-possession" under the jurisdiction of the
Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy
Code and orders of the Bankruptcy Court. The Company currently is limiting its
operations to those necessary to preserve the value of the business as a going
concern and to formulate a definitive Chapter 11 bankruptcy plan ("Plan") for
submission to the Bankruptcy Court and claimholders of the estate. This process
includes evaluating alternative proposals for the sale of substantially all of the
Company's assets in the Chapter 11 case and in connection with the Plan. All other
business activity, including prospect acquisitions and other capital expenditures,
has been halted. The Company therefore does not have the capital required to
explore and develop these opportunities.
Click here for more information: http://www.duneenergy.com/news.html?b=1683&1=1
------------------------------------------------------------------
DUNRQ TRADING AT 0.01 WORTH 1.16$ ACCORDING BANKRUPTCY COURT DOCUMENTS, OS
73M, SUPER TINY FLOAT, EASY 50X WITH GOOD NEWS AND POSITIVE EQUITY FOR COMMONS!!!
FREE MONEY IMO BUT DO YOUR DD BEFORE INVESTING HERE, IT SEEMS POSITIVE EQUITY LEFT
FOR COMMONS, JUNE 9 WILL BE THE DAY OF AUCTION SET BY BANCRUPTCY COURT FOR ASSETS
SALE.
DUNRQ 0.01$ IN CH11 BUT BV IS WORTH 1.16$ OR 85MLN$ VS CURRENT MARKET CAP
LESS THAN 2 MLN$!!! CO. SEEKS FOR CH11 PROTECTION, LISTED ASSETS WORTH 229.5MLN$ VS
ESTIMATED LIABILITIES WORTH ONLY 144.2MLN$, SENIOR LENDERS ARE OWED 39MLN$ WHILE
SECOND LIEN LENDERS ARE OWED NERLY 68MLN$.
COMPANY IS OWED 5.5MLN$ FROM EOS PETROLEUM BECAUSE IT BACKED OUT OF A MERGER
PROPOSAL AND REGULAR TENDER OFFER DUE TO LACK OF FINANCING.
EOS PETRO GAVE TO DUNE ENERGY A VALUATION OF 135.9MLN$ DEBT INCLUDED OR 3X 2014
REVENUES WHILE NOW IT'S ONLY WORTH LESS THAN 2 MLN$. EOS PETRO TENDER OFFER WAS AT
0.30$ PER SHARE OR AN EQUITY VALUE CONSIDERATION WORTH 22MLN$, CURRENT MARKET CAP
IS LESS THAN 2MLN$ WHEREAS ONLY THE BREAK UP FEE IS WORTH 5.5MLN$ AND ASSETS WILL
BE SOLD AT AUCTION JUNE 9
FAR EXCEED TOTAL DEBT. OS IS ONLY 73MLN, MAY EASY REACH 0.20$ FOLLOWING GOOD NEWS
SUCH AS THE 5.5MLN$ BREAK UP FEE OBTAINMENT, THEIR ASSETS ARE LOCATED IN LOUISIANA
AND TEXAS GULF COAST. COMPANY ALREADY OBTAINED 10MLN$ IN DIP FINANCING FROM
LENDERS. THE RESTRUCTURING PROCESS WILL BE COMPLETED IN LESS THAN 4 MONTHS.
EVEN IF TAKING INTO ACCOUNT THE OIL COLLAPSE HOW IS IT POSSIBLE THAT A COMPANY LIKE
DUNE IS WORTH 135.9MLN$ AND AFTER LESS THAN 6 MONTHS 0$?
http://www.bidnessetc.com/36537-heres-why-dune-energy-inc-dunrq-stock-tumbled-82-
yesterday/
As reported by Bloomberg, Dune Energy Inc (OTCMKTS:DUNRQ) filed for bankruptcy in a
court in Austin, Texas on Monday. The Chapter 11 filing came on the back of a fall
in revenue and a failed merger deal with EOS Petro Inc. The Los Angeles-based
company backed out of the merger on March 4. The company due to falling crude oil
price lacked the financing required for the merger to take place.
As reported by the Wall Street Journal, the Restructuring Chief of Dune Donald R
Martin in a declaration filed in the court indicated that the decline in crude oil
price sent the revenue down $12.5 million to $43 million in 2014, compared to what
the company generated in 2013. Mr. Martin on the issue said: “During 2014, as a
result of a significant decline in oil price, the debtors’ revenue fell sharply,
although the debtors were able to reduce expenses, the significant decline in
revenue imposed a strain on the debtors’ liquidity.”
The falling oil price has caused substantial problems for companies involved in the
energy industry. Crude oil price since June 2014 has fallen more than 50%. The fall
in the price was associated with rising US production owing to the hydraulic
fracturing techniques employed by the US energy firms. US production as a result
has reached a 30-year high. The International Energy Agency estimates the US
production to be more than nine million barrels of oil per day.
The Organization of Petroleum Exporting Countries in a move to protect its market
share refrained from cutting its production and maintained it at 30 million barrels
of oils per day. This has worsened the decline in crude oil price. Demand for fuel
has also weakened in recent times.
As reported by Bloomberg, Dune Energy would seek an approval from the court to
divest its assets in an auction to be held on June 9. The company’s listed assets
are worth $229.5 million, whereas, its debt is valued $144.2 million. No bids till
now have been received by the company for its assets. The company has requested the
court to approve a $10 million loan financed through Bank of Montreal and CIT
Capital Securities LLC.
Dune Energy indicates that EOS owes around $5.5 million to the Houston-based
company as a fine for backing out of the merger deal which was made on September
2014. Other companies that have filed for bankruptcies include Endeavour
International Corporation (OTCMKTS:ENDRQ), Gasfrac Energy Services Inc, and Cal
Dive International, Inc. (OTCMKTS:CDVIQ).
Dune Energy shares crashed 82.76% yesterday to $0.0250
-----------------------------------------------------------------
http://www.wsj.com/articles/dune-energy-to-begin-swift-bankruptcy-sale-process-
1426080050
Business
Dune Energy to Begin `Swift` Bankruptcy Sale Process
Judge approves moves that will ease company’s transition into bankruptcy protection
By Tom Corrigan
March 11, 2015
Dune Energy Inc., a Houston-based energy company, has received a bankruptcy
judge’s approval to kick off a marketing and sale process, one that aims to keep
the business operating while in Chapter 11.
During the company’s first appearance in court Tuesday, U.S. Bankruptcy Judge H.
Christopher Mott signed off on a series of so-called first-day motions that will
ease Dune’s transition into bankruptcy protection, allowing it to pay employees, to
access its bank account and to otherwise continue normal operations.
Judge Mott also signed an interim order allowing the company to drawn down up to $3
million of a larger $10 million loan from a group of lenders led by Bank of
Montreal. A final hearing on the loan was scheduled for April 2.
As a condition of the bankruptcy financing, Dune’s senior lenders are requiring
that the company put itself up for auction.
According to proposed bidding procedures, which weren't brought before Judge Mott
at Tuesday’s hearing, Dune will pursue a “fairly swift sale process,” according to
attorney Charles Beckham. Under the currently proposed timeline, Dune will hold an
auction June 9, with a sale hearing to follow shortly after.
Prebankruptcy marketing efforts failed to produce a lead bid, court papers say.
Dune and two subsidiaries filed for Chapter 11 protection Sunday, after falling oil
prices caused a proposed merger with EOS Petro Inc. to fall apart last week. The
proposed merger would have valued Dune at $135.9 million, but EOS was ultimately
unable to line up the financing to complete the deal.
The publicly traded company listed assets of $229.5 million and debts of $144.2
million. Senior lenders are owed $39 million, while second-lien lenders are owed
nearly $68 million.
Dune is the latest among a number of companies---including Endeavour International
Corp., BPZ Resources Inc., Cal Dive International Inc. and Gasfrac Energy Services
Inc.---that have recently sought bankruptcy protection as a result of plummeting
oil prices. Several others have skipped payments to bondholders and warned that
bankruptcy is a possibility.
In a declaration filed with the court, Dune’s restructuring chief, Donald R.
Martin, said the decline in oil prices cut into the company’s bottom line, with
2014 revenue of $43 million down from $55.5 million in the prior year. After Dune
tripped financial covenants on its loan, its lenders limited how much the company
could borrow, prompting the Chapter 11 filing.
Founded in 1998, Dune’s holdings include properties covering more than 74,000 gross
acres across 15 producing oil and natural gas fields in Texas and Louisiana. Energy
produced is sold primarily to domestic pipelines and refineries, court papers say.
- Patrick Fitzgerald contributed to this article.
Write to Tom Corrigan at Tom.Corrigan@wsj.com
-----------------------------------------------------------------------------------
http://ir.bpzenergy.com/releasedetail.cfm?releaseid=895487
BPZ Energy is an independent oil and gas exploration and production company with
license contracts covering approximately 1.9 million net acres in four properties
in northwest Peru.
Offshore Block Z-1 is producing oil from the Corvina field at the CX-11 and CX-15
platforms as well as the Albacora field platform. Development drilling campaigns
resumed in late 2013 at the CX-15 (shown left) and at Albacora to develop each
field's proved undeveloped oil reserves. A 1,600 square kilometer 3D seismic
survey, which was initiated in 2012 and completed in early 2013, is better defining
the exploration and development projects at the block. Operations at Block Z-1 are
being conducted through a joint venture partnership with Pacific Rubiales Energy
Corp.
Onshore, BPZ Energy holds a 100% interest in three blocks, where the focus has
been on seismic data acquisition at Blocks XIX, XXII and XXIII to lay the
groundwork for exploration drilling. In 2014 an exploration drilling campaign began
at Block XXIII. The Company also owns a non operating net profits interest in a
producing property in southwest Ecuador.
Peruvian electricity demand continues to grow, fueled by the growth of the economy
as well as the mining sector. Although the majority of the country’s generation
capacity is from hydroelectric projects, its reliability is limited, which creates
a tremendous opportunity for a Corvina field Gas-to-Power project to meet growing
demand.
We are reviewing the Gas-to-Power project, which consists of constructing a 135 MW
gas-fired power plant at Nueva Esperanza (New Hope), near the coastal town of
Caleta Cruz in northwest Peru, just 10 miles from the offshore Corvina gas field.
The power plant will be strategically located next to key electrical infrastructure
for connecting to the power grid of Peru. The first 135 MW will require
approximately 24 Mmcfd of natural gas. As independent reserves reports indicate, we
should have ample productive capacity to fuel this plant for up to 20 years.
The Gas-to-Power initiative gives us a market for our regionally produced natural
gas, transforming it into value-added electrical power that can be distributed and
sold to local and regional power consuming markets. Participating in the full
supply chain, from upstream production, to the distribution of gas to consumer and
industrial users, to power generation, gives BPZ multiple avenues for creating
value for customers and shareholders. It also establishes BPZ as an experienced
integrated Gas-to-Power company capable of tapping other large stranded gas
reserves found throughout South America.
http://bpzenergy.com/GastoPower/tabid/74/Default.aspx
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