Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
DUNRQ 85% OS IS IN THE HANDS OF 5/6 HEDGE FUNDS, OIL IS UP, NO INTEREST AND VOLUMES IN MARKET ISN' WORRYING ME, I HAVE BOUGHT A TON OF SHARES, I THINK THERE IS NO FLOAT LEFT HERE, I'M WAITING FOR JUNE DECISION, IMO PPS WILL BE .15$ BUT WE'LL SEE WHAT HAPPENS, GLTY
OIL PLAYER BPZRQ 0.055 UNSTOPPABLE!!!
BPZRQ-DUNRQ MAYBE LIFETIME STOCK OPPORTUNITIES WITH OIL BOUNCING HARD AND POSITIVE ASSETS
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$, WE'LL SEE!!!
BPZRQ GREAT NEWS OUT, PARTNER IN PERU BOUGHT FOR 5 BLN$ 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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.055 - DUNRQ 0.015 UNDERVALUED OIL PLAYER WITH REAL POSITIVE ASSETS!!!
OIL PLAYER BPZRQ 0.055 UNSTOPPABLE!!!
BPZRQ-DUNRQ MAYBE LIFETIME STOCK OPPORTUNITIES WITH OIL BOUNCING HARD AND POSITIVE ASSETS
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.053/0.054 STRONG ACCUMULATION WITH OIL UP!!!
BPZRQ-DUNRQ MAYBE LIFETIME STOCK OPPORTUNITIES WITH OIL BOUNCING HARD AND POSITIVE ASSETS
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ-DUNRQ MAYBE LIFETIME STOCK OPPORTUNITIES WITH OIL BOUNCING HARD AND POSITIVE ASSETS
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
KIPS -80% 0.05 WAY OVERSOLD, NOT CH11, MAY BOUNCE IMO, GLTA!!! OS 33 FLOAT 20M, HUGE BOUNCE POSSIBLE HERE TO 0.08 IMO
KIPS -80% 0.05 WAY OVERSOLD, NOT CH11, MAY BOUNCE IMO, GLTA!!! OS 33 FLOAT 20M, HUGE BOUNCE POSSIBLE HERE TO 0.08 IMO
KIPS -80% 0.045 HUGE MARKET OVERREACTION IMO, DOWN FROM .20$, LOW FLOAT, MAY BOUNCE HARD
KIPS -80% 0.045 HUGE MARKET OVERREACTION IMO, DOWN FROM .20$, LOW FLOAT, MAY BOUNCE HARD
KIPS -80% 0.045 HUGE MARKET OVERREACTION IMO, DOWN FROM .20$, LOW FLOAT, MAY BOUNCE HARD
BPZRQ-DUNRQ MAYBE LIFETIME STOCK OPPORTUNITIES WITH OIL BOUNCING HARD AND POSITIVE ASSETS
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$, WE'LL SEE!!!
BPZRQ GREAT NEWS OUT, PARTNER IN PERU BOUGHT FOR 5 BLN$ 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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ-DUNRQ MAYBE LIFETIME STOCK OPPORTUNITIES WITH OIL BOUNCING HARD AND POSITIVE ASSETS
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.054 hod Flying news coming for sure...
NOBRAINER BPZRQ 0.05 DUNRQ 0.013 OIL BOOM AT 63$, WHY PPS SO LOW? DO YOUR DD BEFORE INVESTING...
BPZRQ 0.0534 BOOOOOMMMMMMMMMMMM, NET ASSETS POSITIVE, FINANCING NEWS MAY BE OUT AT ANY MOMENT, MEETING COURT IN PROGRESS...
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.15/.20 EASY IMO, WATCH DUNRQ TOO 0.01 NOBRAINER IMO WITH OIL PRICES FLYING AGAIN!!!
NOBRAINER BPZRQ 0.05 DUNRQ 0.013 OIL BOOM AT 63$, WHY PPS SO LOW? DO YOUR DD BEFORE INVESTING...
BPZRQ 0.0534 BOOOOOMMMMMMMMMMMM, NET ASSETS POSITIVE, FINANCING NEWS MAY BE OUT AT ANY MOMENT, MEETING COURT IN PROGRESS...
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
NOBRAINER BPZRQ 0.05 DUNRQ 0.013 OIL BOOM AT 63$, WHY PPS SO LOW? DO YOUR DD BEFORE INVESTING...
BPZRQ 0.0534 BOOOOOMMMMMMMMMMMM, NET ASSETS POSITIVE, FINANCING NEWS MAY BE OUT AT ANY MOMENT, MEETING COURT IN PROGRESS...
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.05 IT'S A MATTER OF TIME THE NEWS OUT!!! CEO OWNS 5MLN SHARES WHIL OIL UP SINCE CH11 FILING!!!!!!
BPZRQ 0.0534 BOOOOOMMMMMMMMMMMM, NET ASSETS POSITIVE, FINANCING NEWS MAY BE OUT AT ANY MOMENT, MEETING COURT IN PROGRESS...
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.0534 BOOOOOMMMMMMMMMMMM, NET ASSETS POSITIVE, FINANCING NEWS MAY BE OUT AT ANY MOMENT, MEETING COURT IN PROGRESS...
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.0534 BOOOOOMMMMMMMMMMMM, NET ASSETS POSITIVE, FINANCING NEWS MAY BE OUT AT ANY MOMENT, MEETING COURT IN PROGRESS...
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
WSGP 0.0012/14 WAY UNDERVALUED, OVERSOLD!!!
BPZRQ 0.0522 MAY GAIN 200% ON ANY CH11 COURT NEWS
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.05/0.052 BOOOOOOOOOOMMMM WITH OIL BOUNCE, NEWS COMING ABOUT FINANCING, AGM IN JUNE, BUYOUT POTENTIAL NEWS
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
WSGP OVERSOLD 0.0012/14 DOWN FROM 0.0025
BPZRQ 0.05 FALLIN' HUGE BOUNCE PLAYER OIL UP REAL ASSETS, HUGE ONGOING ACCUNULATION BEFORE AGM IN JUNE, FINANCING NEWS...
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.05$ HIGH CHANCES TO OBTAIN FINANCING FROM CREDITORS, MAY BE DILUTION COMING BUT CURRENT COMMON EQUITY HOLDERS SHOULD RETAIN THEIR VALUE, THIS CH11 VERY STRANGE, OIL RALLY IS THE KEY!!!
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ GAPPING 0.05 POSITIVE EQUITY, OIL UP HUGE, SHAREHOLDERS AGM IN JUNE!!!
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.05 GAPPING WITH OIL UP AND POSITIVE EQUITY!!!
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.0480 BBOOOOOOOOOOOOOOOMMMMMIIINNNNNNNNNNGGGGGGGGGGGG!!!
ALERT BPZRQ 0.045 DUNRQ 0.015!!! OIL IN UPTREND, REAL AND POSITIVE ASSETS REGARDLESS OF CH11, KEY DEADLINES LOOM FOR ASSET SALES, MOR DISCLOSURE, POTENTIAL BUYOUT NEWS!
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
ALERT BPZRQ 0.047 DUNRQ 0.015!!! OIL IN UPTREND, REAL AND POSITIVE ASSETS REGARDLESS OF CH11, KEY DEADLINES LOOM FOR ASSET SALES, MOR DISCLOSURE, POTENTIAL BUYOUT NEWS!
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.0447 HUGE ACCUMULATION BEFORE NEWS/UPDATE FROM COURT
ALERT BPZRQ 0.045 DUNRQ 0.015!!! OIL IN UPTREND, REAL AND POSITIVE ASSETS REGARDLESS OF CH11, KEY DEADLINES LOOM FOR ASSET SALES, MOR DISCLOSURE, POTENTIAL BUYOUT NEWS!
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.047 FLYINGGGGGGGGGGGG!!!
ALERT BPZRQ 0.045 DUNRQ 0.015!!! OIL IN UPTREND, REAL AND POSITIVE ASSETS REGARDLESS OF CH11, KEY DEADLINES LOOM FOR ASSET SALES, MOR DISCLOSURE, POTENTIAL BUYOUT NEWS!
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
ALERT BPZRQ 0.045 DUNRQ 0.015!!! OIL IN UPTREND, REAL AND POSITIVE ASSETS REGARDLESS OF CH11, KEY DEADLINES LOOM FOR ASSET SALES, MOR DISCLOSURE, POTENTIAL BUYOUT NEWS!
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
ALERT BPZRQ 0.045 DUNRQ 0.015!!! OIL IN UPTREND, REAL AND POSITIVE ASSETS REGARDLESS OF CH11, KEY DEADLINES LOOM FOR ASSET SALES, MOR DISCLOSURE, POTENTIAL BUYOUT NEWS!
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
BPZRQ 0.045$ DUNRQ 0.015$ OIL PLAYERS WITH POSITIVE NET EQUITY
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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 $55.5 million in the prior year. After Dune tripped financial covenants on its loan, its lenders limited how much the company could borrow, prompting the Chapter 11 filing.
Founded in 1998, Dune’s holdings include properties covering more than 74,000 gross acres across 15 producing oil and natural gas fields in Texas and Louisiana. Energy produced is sold primarily to domestic pipelines and refineries, court papers say.
- Patrick Fitzgerald contributed to this article.
Write to Tom Corrigan at Tom.Corrigan@wsj.com
BPZRQ 0.045$ DUNRQ 0.015$
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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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 $55.5 million in the prior year. After Dune tripped financial covenants on its loan, its lenders limited how much the company could borrow, prompting the Chapter 11 filing.
Founded in 1998, Dune’s holdings include properties covering more than 74,000 gross acres across 15 producing oil and natural gas fields in Texas and Louisiana. Energy produced is sold primarily to domestic pipelines and refineries, court papers say.
- Patrick Fitzgerald contributed to this article.
Write to Tom Corrigan at Tom.Corrigan@wsj.com
OVERSOLD OMBP NO SELLING NOW, ASK ULTRA THIN!!!
OMBP 0.03 -80% ASK ULTRA THIN, NO MORE SELLING PRESSURE!!!
BPZRQ 0.045 DUNRQ 0.015 HUGELY UNDERVALUED STOCKS IMO, DO YOUR DD BEFORE INVESTING IN CH11 STOCKS!!!
BPZRQ GREAT NEWS OUT, PARTNER IN PERU BOUGHT FOR 5 BLN$ 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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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 $55.5 million in the prior year. After Dune tripped financial covenants on its loan, its lenders limited how much the company could borrow, prompting the Chapter 11 filing.
Founded in 1998, Dune’s holdings include properties covering more than 74,000 gross acres across 15 producing oil and natural gas fields in Texas and Louisiana. Energy produced is sold primarily to domestic pipelines and refineries, court papers say.
- Patrick Fitzgerald contributed to this article.
Write to Tom Corrigan at Tom.Corrigan@wsj.com
BPZRQ GREAT NEWS OUT, PARTNER IN PERU BOUGHT FOR 5 BLN$ 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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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 $55.5 million in the prior year. After Dune tripped financial covenants on its loan, its lenders limited how much the company could borrow, prompting the Chapter 11 filing.
Founded in 1998, Dune’s holdings include properties covering more than 74,000 gross acres across 15 producing oil and natural gas fields in Texas and Louisiana. Energy produced is sold primarily to domestic pipelines and refineries, court papers say.
- Patrick Fitzgerald contributed to this article.
Write to Tom Corrigan at Tom.Corrigan@wsj.com
BPZRQ 0.045 DUNRQ 0.015 ULTRA UNDERVALUED OIL STOCKS, WTI RALLYING AGAIN!!!
BPZRQ GREAT NEWS OUT, PARTNER IN PERU BOUGHT FOR 5 BLN$ 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!!!
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$, EASY TAKEOVER TARGET IMO IF WTI CONTINUES RISING, DO YOUR DD ABOUT THIS Q STOCK, IT MAKES ME WONDER HOW IS IT POSSIBLE THAT'S TRADING SO LOW!!! LOOK AT DUNRQ TOO, BOTH UNDERVALUED IMO DUE TO BIG OIL BOUNCE!!! BOTH COPANIES OWN HUGE OIL RESERVES THAT ARE WORTH A LOT MORE THEIR CURRENT MARKET CAP AND DEBT TOO!!!
CRUDE OIL FLYING (61$!)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
OMBP 0.035 -80% MAY BOUNCE