Dune Expands Interest at Bayou Couba
Dune Energy, Inc. said that it purchased from TransAtlantic Petroleum Corp. (TNP), TNP's 10% working interest and related interests in the Bayou Couba project, St. Charles Parish, La., held by its subsidiary, TransAtlantic Petroleum (USA) Corp., and certain 8% Convertible Secured Debentures issued by American Natural Energy Corp. (ANEC) in the principal face amount of $3.0 million held by TNP (the "Debentures"). The Debentures, which are secured by substantially all of ANEC's assets, matured on September 30, 2006 and are now in default. Total consideration for the purchase was $2 million, which Dune obtained from its senior lender.
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.
- ANEC Posts '09 Financial, Operational Results (Apr 06)
- ANEC Acquires Additional Stake in Bayou Couba Field in La. (Dec 28)
- Dune Expands Interest at Bayou Couba (Dec 26)
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