October 19, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) –  Dune Energy, Inc. (OTCBB: DUNR) said it has formed two South Louisiana drilling joint ventures.

The first of these, in Garden Island Bay, Plaquemines Parish, Louisiana, was formed by Dune Energy through its subsidiary Dune Properties Inc., together with two industry partners.

The JV plans to drill a 19,500 feet exploratory subsalt well within the Garden Island Bay Field to test potential Miocene pay sand.  The prospect has been mapped with depth-migrated 3-D seismic data. Potential unrisked reserves are estimated to be in excess of 100 MMBOe.

The well is anticipated to spud in January of 2011, according to Dune. Dune said it will initially have a 15% working interest in the prospect, escalating to an roughly 26% working interest after the first three MMBOe of gross production.

Dune said it will fund its proportionate share of drilling costs through cost recovery. Dune maintains its 100% working interest in all existing production from the field and in all lease acreage, with the exception of 9,000 acres associated with this prospect that is beneath the salt dome and at depths greater than 12,000 feet.  

Texas-based Dune said it has also signed a LOI to sell 60% of its non-productive, leasehold interest within the Leeville Field to a private exploration and production company for $5 million. The company plans to form a joint venture to further exploit undeveloped opportunities within the field. Dune will have a 40% working interest in this venture.

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