Under a prior agreement with ANEC, ANEC assigned to Dune, one-half of ANEC's rights under a certain Development Agreement with a major integrated oil and gas company. Such Development Agreement created an area of mutual interest (AMI) covering approximately 11,500 acres at Bayou Couba, which management of the Company considers highly prospective. The purchase of TNP's working interest further increases Dune's interest at Bayou Couba.
Houston-based Dune Energy is a rapidly growing E&P company with oil and gas exploration and development concentrated along the Louisiana/Texas Gulf Coast as well as the Fort Worth Basin Barnett Shale.
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