The new 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. Dune’s 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.
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 a growing oil and gas exploration and production company with operations presently concentrated along the Louisiana/Texas Gulf Coast and the Fort Worth Basin Barnett Shale.
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