Dune Energy, Inc. released a report to investors and shareholders that provided additional details on the company’s oil and gas exploration and development activity in the third quarter of 2011. The company also issued an update on current production and other operational data.
Dune Energy reported that the company finished drilling the CNO #1 well located at the Leeville Field in Louisiana. The well was drilled to a measured depth of approximately 14,700 feet and found sixty eight feet of net hydrocarbon pay in three separate sand formations.
Dune Energy said that the CNO # 1 well tested at a production rate in excess of 4 million cubic feet per day of natural gas and is expected to start production in November 2011. The well is operated by Manti Exploration Operating LLC and Dune Energy has a 40% interest in the well.
The company reported production of 1.4 Bcfe in the third quarter of 2011. This production was composed of 120,000 barrels of oil and 680 million cubic feet of natural gas. This represented a 22% production decline from the same quarter in 2010.
Dune Energy realized an average price for oil of $98.93 per barrel and $4.77 per thousand cubic feet for natural gas.
For more information on the company, go to www.duneenergy.com
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