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Future Plans
Dune Energy, Inc. is forecasting 2008 production of approximately 20 Bcfe, or an average of 55 MMcfe/day. In 2007 Dune produced approximately 9.0 Bcfe, with 3.8 Bcfe produced in the fourth quarter.
Currently 40% of Dune's production is oil, with the remainder being natural gas. During the final week of the year, Dune's production averaged 44 MMcfe/day. The year-end full capacity rate was 52 MMcfe/day.
2008 Overview
Dune intends to maintain a 1-2 rig program in the Barnett Shale of North Texas during 2008. At Garden Island Bay the company are evaluating facilities upgrades to allow for increased oil production capacity. Additionally, a newly reprocessed 3-D survey will be used to design an 8-10 well shallow drilling program to commence later in the year. This drilling program will be similar to the program completed in 2007 which resulted in production increasing from 4-5 MMcfe/day at the beginning of the year to 13-14 MMcfe/day at the end of the year. Dune are evaluating the possibility of acquiring a new 3-D survey in order to evaluate the high impact deeper sections for future drilling. To date, few penetrations have been made below 12,000 feet and none below 15,000 feet in the field. At Bayou Couba, Dune anticipate drilling at least one additional well later in the year, along with several workovers. A 3-D depth migration, currently being processed, will be used to refine the location of this well and evaluate deeper potential including sub-salt prospects. At Chocolate Bayou, Dune will consider drilling additional wells after evaluation of the results of the Weiting #30 currently being drilled.
2008 Upside Opportunities
It is important to note that Dune has not forecast any incremental production volumes from exploratory drilling in 2008. Should the deep section of the Chocolate Bayou well be successful, significant additional volumes could be achieved. Dune could potentially initiate drilling deeper prospects at both Bayou Couba and Garden Island Bay that could add meaningful volumes late in the year. If testing is successful at the company's Delaware Deep Prospect in Sweetwater County Wyoming, volumes could commence by mid year. Dune are always evaluating outside opportunities that could add near term volumes.