Dune Energy Spuds New Barnett Shale Well
Dune Energy has spudded a new well targeting the Barnett Shale formation. The well, the Pitts #2, located in Wise County, Texas, will be drilled to a total depth of approximately 9,000 feet. This well is an offset to Dune's Pitts #1, which is currently on production. Management expects the Pitts #2 to reach total depth in about 30 days, which will then allow the rig to be moved to a location to be determined. Dune owns a 95% WI interest and a 73.15% NRI in the well.
The Pitts #2 is the third 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 September 2006, for an initial term of two years. The Itera #1 Rig, which will be dedicated solely to Dune, will be capable of drilling both horizontal and vertical wells.
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