Petrol Oil and Gas, Inc.(fka POIG)

[Golden Cross]

DNE: Dune Energy Announces Spud of New Barnett Shale Well
Monday July 31, 7:00 am ET


HOUSTON, July 31 /PRNewswire-FirstCall/ -- Dune Energy, Inc. (Amex: DNE - News; "Dune") announced today that it had spudded a new well targeting the Barnett Shale formation. The well, the Foster-McPeek #1, located in Denton County, Texas, will be drilled to a total depth of approximately 9,000 feet. This well is an offset to Dune's McPeek #2, which encountered a significant Barnett Shale section, and is scheduled for fracture stimulation in mid August, pending equipment availability. Management expects the Foster-McPeek to reach total depth in about 30 days, which will then allow the rig to be moved to Dune's Pitts #2 location. Dune owns a 95% WI interest and a 73.15% NRI in the well.
ADVERTISEMENT


The Foster-McPeek #1 is the second of four wells Dune has committed to drill with the same rig (the McPeek #2 being the first). In addition, as previously announced, Dune expects delivery of the Itera #1 Rig in mid to late August 2006, for an initial term of two years. The Itera #1, which will be dedicated solely to Dune, will be capable of drilling both horizontal and vertical wells.

Dune is an aggressive and rapidly growing oil and gas exploration and production company with operations presently concentrated along the Louisiana/Texas Gulf Coast as well as the Fort Worth Basin Barnett Shale. Additional information is available at http://www.duneenergy.com.

FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected drilling and development wells and associated costs, statements relating to estimates of, and increases in, production, cash flows and values, statements relating to the continued advancement of Dune Energy, Inc.'s projects and other statements which are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although Dune Energy, Inc. believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the Company's projects will experience technological and mechanical problems, geological conditions in the reservoir may not result in commercial levels of oil and gas production, changes in product prices and other risks disclosed in Dune's Annual report on Form 10-KSB filed with the U.S. Securities and Exchange Commission.


Contacts: Alan Gaines, Chairman & CEO
Dune Energy, Inc.
713-888-0895

Jack Lascar, Partner
DRG&E / 713-529-6600