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the assest sale has been approved by the bk judge....after a series of objection from the unsecured creditors....its good in my oponion because....now dune is not bleeding any more.closing is on the 24th of this month....one thing to note is that now that dune is debt free its still holding three of its oil and gas fields....and after closing imo about 4 to 7 million cash left after distribution.....with its stock around 9 to 12c/share....lets see and hope for the best.....good luck
Correct me if I'm wrong but apparently the asset sale was approved. Why is everyone selling?
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
Docket#378.
Bear in mind, I didn't read all of it, mainly cause I don't understand a lot of legal terms. But apparently, the sale went through. The question is for how much?
Anyone know what happened yesterday?
Agreed, would be foolish to sell now. Imagine you sell now, and the pps ends up going $.2-.25. You'd really hate yourself. .004 is essentially nothing so I'm in it to win it.
lets see what happens in the court today....may be delays in the sales...this company is in ch 11....yesterdays 8k is v common for them to inform their share holders of the survival of the commons...... imo long road ahead before this thing is over. i m holding on to my shares and expecting a much better outcome....bk companies are tricky...u need strong holding power to come out ahead....good luck
Creditors object to sale!
By Joseph Checkler
Creditors of Dune Energy Inc. (DUNRQ) say the company conducted a "highly irregular" auction of its assets that shouldn't be approved by a bankruptcy judge.
In a Tuesday filing with the U.S. Bankruptcy Court in Austin, Texas, creditors of the Texas oil and gas company said the separate sales of Dune's assets to White Marlin Oil and Gas Co. and Trimont Energy LLC didn't adhere to the sale procedures spelled out by the company and approved by the judge, partly because it was "directed" by the demands of third parties Chevron U.S.A. Inc. and Enervest Energy LP.
"The auction was not conducted as authorized or expected, and that fact should be noted before the court makes findings to the contrary," lawyers for Dune's official committee of unsecured creditors said in their filing.
A spokesman for Dune didn't immediately respond to a request for comment.
Lawyers for Chevron and Enervest didn't immediately respond to a request for comment. A hearing on the sales is set for Thursday in Austin.
At the June 30 the auction, Dune said Chevron and Enervest asserted that they could require bidders to put up $20.3 million to replace a so-called plugging and abandonment bond related to Enervest properties purchased by Dune. That number was eventually negotiated down.
According to the filing by Dune, Trimont was declared the buyer of the company's Garden Island Bay field and Bateman Lake field for $1 and the assumption of real-estate tax liabilities. White Marlin was named the purchaser of all but three of Dune's other oil and gas fields, with a bid of $19 million.
The creditors said those events don't comply with the sale procedures approved by Judge H. Christopher Mott.
"The proposed sale orders do not accurately describe how Chevron/Enervest offered incentives to Trimont and threatened to oppose any sale to White Marlin during the bidding process," creditors said in the filing.
Dune had been shopping its assets since before the company filed for chapter 11 bankruptcy March 8. Pre-bankruptcy marketing efforts failed to produce a lead bid.
Much of the bankruptcy case has been focused on creditors' efforts to slow down the sale process and reject provisions that give Dune's lenders liens on the estate's property. That property includes the right to pursue litigation against Dune's directors and officers.
Dune and two subsidiaries filed for chapter 11 protection after falling oil prices caused a proposed merger with EOS Petro Inc. (EOPT) to fall apart. 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.
Founded in 1998, the company drills for crude oil and natural gas from underneath more than 74,000 acres of land in Texas and Louisiana. The publicly traded company listed assets of $229.5 million and debts of $144.2 million. Senior lenders, led by Bank of Montreal, are owed $39 million, while second-lien lenders, led by a unit of U.S. Bancorp (USB), are owed nearly $68 million.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Joseph Checkler at joseph.checkler@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
July 08, 2015 14:35 ET (18:35 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
news...............http://www.otcmarkets.com/stock/DUNRQ/quote
What happened to this stock? I can't pull up old messages from today or news. DAmn you iPhone 4s lol
Where is POR? Judge must confirm company's plans; i still own shares, last deadline is octoer or not?
How many shares are you holding, and at what price did you get them? I have 100k at .02. May as well see this through to the end, literally no point in selling now.
No heavy volumes, what are doing with hedge funds holdings? I will sell after judge decision!!!
good luck I hope so
TS
shares worthless for compay ot already for judge, maye something happens such as shareholder committee
hopefully my investment with bpzrq will fare better, but knowing my luck.....
all mute now...good luck everyone
TS
Tbh at this point, I'll hold on to them, I only have 100k shares, I bought them at close to 2 cents. I'm going down with the ship, .004 is essentially nothing. Tomorrow will tell all, in for a penny in for a pound.
edit: Wow, epic dumping. We may hit 4 zeros by the end of the day.
READ THE 8K just out. SOLD ALL MINE WITH LOSS
Item 7.01. Regulation FD Disclosure.
Based on the Company’s debt and other obligations, the Company does not expect to be able to distribute any proceeds as a result of the Chapter 11 Cases to the Company’s stockholders and therefore believes that the shares of its common stock are worthless.
Additional information on the Chapter 11 Cases, including access to documents filed with the Bankruptcy Court and other general information about the Chapter 11 Cases, is available at https://cases.primeclerk.com/duneenergy/.
Someone's dumping
Right now. Hope they do not have any insider
knowledge.
TS
Someone is selling big time, do they know something we don't? Either way, it would be a joke to sell now at .006.
IFFI where you able to read
anything in the dockets about lawsuits pending?
Is it the responsibility of DUNE or the new owners?
I think that is our last hurdle here.
Also, was their a retainer fee that WM and Trimont
had to pay. The sale price in the new docket
went down from 19 to 16mm. What is that about?
Some other random quick thought:
1. I think the mm's will keep the vol and pps
low-that way they do not exhaust inventory.
2. I find it interesting that someone on June 2
bought 2mill shares. I have not seen any sells
on those shares in any of the dockets. Why
would they buy before the auction?
3. Dune mgt is really on the hook here, if they
do not deliver, your looking at a shareholder
lawsuit.(Especially in the light of the info
about the EOS deal being the least attractive
of the deals available. Plus, turning down
18 cents guaranteed money for shareholders.)
4.I was glad to see that EOS termination fee
under potential assets.
5. The faster this is resolved, the better it
is for us shareholders.
It is getting interesting now and tomorrow
should give us additional clues on where we
are headed.
TS
TS u r right....its getting v interesting....my understanding of the bonds is that both buyer have to replace the existing bonds and bear the cost as agreed in the bidding contract. all thats happening is they will in the next few meetings iron out all the kinks and minor objections.....which is part of the ch 11 process.
imo dune does not have to bear the burden to replace the bonds.....but may have to pay attorneys fees(as you noticed in the dockets) which comes out to be around 3 mil...and also another 2 mil by the time its over with....i believe we are looking around approx 15 mil to be divided to the share holders....lets see
TS u r right....its getting v interesting....my understanding of the bonds is that both buyer have to replace the existing bonds and bear the cost as agreed in the bidding contract. all thats happening is they will in the next few meetings iron out all the kinks and minor objections.....which is part of the ch 11 process.
imo dune does not have to bear the burden to replace the bonds.....but may have to pay attorneys fees(as you noticed in the dockets) which comes out to be around 3 mil...and also another 2 mil by the time its over with....i believe we are looking around approx 15 mil to be divided to the share holders....lets see
Today's dockets talk about the bond holders
objecting to the sale, as the bonds are not being totally replaced by the
New buyers. It does look like you were right and they should be transferred to
The buyer. There were roughly 12 million in bonds, that need replaced.
Now, I do not know if ultimately the court will make Dune pay them or the buyers.
In the event Dune gets saddled with the burden, that will leave 6.8mm from the
sale remaining with the potential for another 5.5mm from Eos. Providing they win
a law suit.
So, if you are indeed correct and the bonds are transferred to the winning bidders, this
COULD GET INTERESTING.
19mm net after the sale plus 5.5 mm potentially from EOS is 24.5 mm. Let's hope this doesn't
become an issue that falls back onto dunes lap-the bonds and takes a huge chunk out of the
24.5 mm potential net assets or causes the buyers to back out. Trimonts bonds were not
listed in any dockets to date.
TS
Looks like someone is getting cold feet
today. I guess a lot will be filed online Friday, after
the meeting on Thursday.
Hope for great news!!
TS
in the sales contract sec 6.04 and 6.05 ....it talks about bonds and liabilities.....dune wants the buyer to replace all the existing bonds with new bonds of similer values...also all these new bonds will be backed up by the buyers own guarantee ....therefore imo....no liability on dune for bond default...also all the existing liabilities will be transferred to the buyer in as is condition....lets see what happens on the 9th....
Well ,the million dollar question is: Did
Trimont pay off all outstanding debt including the bond holders,
hence the one dollar buy price?
We know that Dune will received a net sum of 19 million after paying
off the creditors and liabilities.
So, are the current bondholders still owed monies?
I did see that EOS-5.5 termination fee may be included in Assets,
assuming DUNE sues and wins.
So my guess is the asset sale was around 169-171 million range and makes
one think that insiders really were not pushing hard to sell the company
beforehand.(Which could come back to haunt them.) JMHO
TS
I would be concerned about the pps today if
it were millions of shares. Looks to me like the mm's
are trying to shake the pot and grab some cheapies.
Who knows though....We will get our answers soon.
TS
So auction went on 2 bidders and no volume at all. Don't understand this stock at all. Any one have any insite a what might be going on.
therefore imo.... at closing the seller i.e. dune energy will recieve 19 million dollars net. that will come to be .26/share net approx
the purchase price for the assests is in
file:///C:/Users/User/Downloads/M180120399294%20(2).pdf
article 3.01 19 million dollars net to seller
Well, another way I look at this pps scenario is
Dune management had better of called every oil and gas company
they could of, left no stone unturned. They needed to create an ebay
type bidding frenzy to save their hide.
By walking away from a sure sale at .18 cents a share, they have left themselves
wide open for a shareholder lawsuit. Also, they passed on two better funded companies
for EOS and a golden parachute. It is in their best interest to have created enough
Bidder interest to get all parties in the money or they will be in another court proceeding
soon.
Jmho
TS
July 9th-sale hearing 9:30 am. I suspect with two
Winning bidders that there was some interest in Dunes assets. Let's hope.
In any event, I expect that shares now will move. Volume should come in or at least
price swings should happen as people place there bets whether the sale price was high
enough to cover all debts ,creditors,and then if additional monies for shareholders are left.
That auction is done but the one for shares , prior to releasing the final info should get
INTERESTING!!! Let the speculation begin.....
Good Luck...
TS
Two successful bidders White Marlin Oil and Gas Company, LLC and Trimont Energy (NOW), LLC. This is from Docket # 324. But no price given.
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
my guess is since they rejected .18/share from eos before going into bancruptcy it has to be higher then .18...also higher then the stalking horse bidder....imo anywhere from .18/share to .35/share......
How much per share? I do not get it.
seems like dune sale has happened here the link
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
did you all see all the dockets filed on june 30....seems like the auction bidding has been done and there is a buyer soon to be revealed.....any thoughts
the possibility
of reorganizing......
TS
Is this a delay on companies to bid?
Interesting motion
IT IS HEREBY ORDERED THAT:
1. The Motion is GRANTED as set forth herein.
2. Pursuant to Section 365(d)(4)(B) of the Bankruptcy Code, any applicable deadline
for the Debtors to assume or reject any lease or other agreement to which any Debtor is a party
that is a “non-residential real property lease” within the meaning of Section 365(d)(4)(A) of the
Bankruptcy Code is extended to and includes the earlier of (a) October 5, 2015, or (b) the entry
of an order confirming a chapter 11 plan of reorganization.
TS
Time for auction
I think the problem is that with the extended deadlines filed for the auction can't happen any earlier. I think the company made a big mistake asking for so much extra time since now the court may hold the company to that extra time and not allow a sale prior to that. In order to shorten the time period, the company has to ask for permission, plus there are delays while other classes have to be given an opportunity to object.
The other problem is that the company is burning through its equity every month.
Louis J. Desy Jr.
Great analysis. Hopefully it won't take that long, and there will be an auction soon enough.
Maybe $0.27/share but I expect zero
Here is what I see in the 'best case'. The company in the Monthly Operating Report for May 2015, reports equity of $36 million at the end of May 2015. It looks like the company is losing around $2 million per month in equity. The bankruptcy case is probably going to go on through Jan 2016 since that is one of the deadlines that got extended. June 2015 through Jan 2016 is another 8 months, and losing $2 million per month, that is another $16 million in equity lost, leaving equity at around $20 million on Jan 31, 2016. There are 74 million shares so $20/74 give us $0.27/share.
The BIG problem, the thing that I do not trust, is that in order to realize that value is the assets need to sell for almost 100% of what they are being carried for on the books. Considering how things have been going, I would not be surprised to see a cut of at least 10% on those assets. The net of the property from the Sept 2014 10Q was $211 million. Even a 10% loss on that would take equity down by $21 million and wipe it out, leaving the common shares with nothing.
I am expecting that the properties will take a loss of 15% or more since the company is in bankruptcy and oil prices are still not where they use to be.
Louis J. Desy Jr.
Realistically, how much do you guys think each shareholder is going to get when all is said and done? My guess is somewhere in between .15-.25.
DUNRQ MOR OUT (MAY15), BOOK VALUE PER SHARE 0.50$ VS CURRENT PPS 0.02
Yes I have read filings, we'll probably get an extension to september 2015, it's the best outcome, WTI may be 70$ in the fall so DUNE Energy will be able to fetch the best possible price for its assets, 0.15/.20 a real scenario imo
BPZRQ asks for an extension and DUNRQ follows suit.
DUNRQ Dune Energy Seeks More time to File Bankruptcy Plan
Patrick Fitzgerald
June 19, 2015
(c) 2015 Dow Jones & Company, Inc.
Lawyers for Dune Energy Inc . want more time to file a bankruptcy plan while potential bidders look over the Houston oil driller's assets.
The company is asking a bankruptcy judge to sign off on a 90-day extension of its sole right to draft a chapter 11 plan describing how it intends to pay back creditors. So-called exclusive periods protect a firm restructuring under chapter 11 from outsiders who may look to interfere with the reorganization process for their own benefit....
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http://www.duneenergy.com/index.html
Dune Energy, Inc. is an independent exploration and development company, with operations focused along the Louisiana/Texas Gulf Coast. Dune operates over 90% of its production and typically maintains a 100% WI. Proved reserves as of January 1, 2010 totaled 105.5 Bcfe. Dune will continue to exploit its existing asset base, seek accretive acquisitions, and enter into additional joint venture drilling programs.
http://www.duneenergy.com/PDFs/DNE_Investor_Presentation.pdf
Dune actively manages its drilling program to increase oil and gas reserves and production while keeping its finding and development costs and operating costs competitive. For the next several years, Dune intends to focus on exploitation of its underdeveloped properties through extensional drilling and low-risk step outs. Dune has a 2+ year current drilling inventory on Gulf Coast properties. In 2010 and beyond the company will continue exploiting low-risk opportunities on its existing acreage positions, and gradually increasing its focus on exploratory opportunities, by applying technology and capital to untested zones with significant upside in deeper pool and subsalt potential. In conjunction with this focus on exploration, Dune will pursue opportunistic, accretive acquisitions. Dune also intends, whenever possible, to maintain operatorship to control the timing of operations and its cost structure. Investment opportunities will focus on high IRR projects.
Dune has a results oriented management team, with an average Gulf Coast experience of more than 25 years.
Alan Gaines – Founder and Chairman, has 25+ years of investment banking and M&A experience in the energy industry.
James A. Watt - President and CEO, has 35+ years of oil and gas experience with a proven record in operating Gulf Coast assets and building E&P companies
_______________________________________________________________________________________________________________
Aug 04, 2010 Dune Energy Reports Second Quarter 2010 Financial Results | |
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Jul 16, 2010 Dune Energy Announces Stock To Be Quoted Under Symbol DUNR | |
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Jun 30, 2010 Dune Energy Closes Sale of South Florence Field and Amends Revolving Credit Agreement | |
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Jun 25, 2010 Dune Energy Announces Voluntary Withdrawal of Its Common Stock From the NYSE AMEX; Stock Intended to be Quoted on the OTC Bulletin Board | |
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Jun 21, 2010 Dune Energy Concludes Annual Meeting | |
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Jun 04, 2010 Dune Energy Announces Adjournment of 2010 Annual Meeting of Stockholders | |
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May 06, 2010 Dune Energy Reports First Quarter 2010 Financial Results | |
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Apr 29, 2010 Dune Energy, Inc. Announces Property Sale and 2010 Drilling Plans | |
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Mar 29, 2010 Dune Energy, Inc. Receives Notice From NYSE Amex Accepting the Company's Plan for Compliance With Continued Listing Criteria | |
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Mar 26, 2010 Dune Energy Reports Fourth Quarter and Full Year 2009 Results |
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YEAR | TYPE | |
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2008 - | Dune Energy Annual Report | |
2007 - | Dune Energy Annual Report |
Joint Ventures from latest press (10-18-10)
Garden Island Bay, Plaquemines Parish, Louisiana
Dune Energy Inc., through its subsidiary Dune Properties Inc., together with two industry partners, intends to drill a 19,500 feet exploratory subsalt well within the Garden Island Bay Field to test potential Miocene pay sand. The prospect has been mapped with state-of-the-art depth-migrated 3-D seismic data. Potential unrisked reserves are estimated to be in excess of 100 MMBOe. This prospect targets sands of similar age and structural settings to the Pompano Subsalt Field in Viosca Knoll 989/990 and the Mahogany Field located in Ship Shoal 349. The Pompano and Mahogany Fields, located in the Gulf waters of the Federal Offshore are approximately 50 and 125 miles respectively from Garden Island Bay Field which is located in the onshore state waters of Louisiana.
The well is anticipated to spud in January of 2011. Dune will initially have a 15% working interest in the prospect, escalating to an approximate 26% working interest after the first 3 MMBOe of gross production. Dune will fund its proportionate share of drilling costs through cost recovery. Dune maintains its 100% working interest in all existing production from the field and in all lease acreage, with the exception of 9,000 acres associated with this prospect that is beneath the salt dome and at depths greater than 12,000 feet.
Leeville Field, Lafourche Parish, Louisiana
Dune has signed a LOI to sell 60% of its non-productive, leasehold interest within the Leeville Field to a private exploration and production company for $5 million. The company intends to form a joint venture to further exploit undeveloped opportunities within the field. Dune will have a 40% working interest in this venture.
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