Dune Energy Capital Spending for 2007 Rings in at $149.1 Million

Capital spending in 2007, exclusive of the Goldking Energy acquisition and ARO (Asset Retirement Obligation), was $149.1MM, resulting in an unaudited Finding and Development (F&D) cost of $3.25/Mcfe. The Gulf Coast program alone added 33.9 Bcfe after capital investment of $101.9MM. This resulted in a Gulf Coast F&D cost of $2.99/Mcfe. Reserves in the Barnett Shale were 32.8 Bcfe, up 33% from 24.7 Bcfe at year end 2006. Capital expenditures in the Barnett Shale totaled $47.2MM, yielding an F&D cost of $4.65/Mcfe. This cost is reflective of the "drill to earn" nature of our Barnett position, in that offset locations cannot be booked until they are earned by drilling.