Dune Energy, Inc. - DUNR
Dune Energy, Inc. (DNE), an independent exploration and development company incorporated in Delaware, has operations focused along the Louisiana and Texas Gulf Coasts. Dune’s strategy is to grow organically through low-risk exploitation and development and higher risk exploration of its existing properties and acreage. This will be supplemented with opportunistic acquisition of underdeveloped properties that complement Dune’s existing portfolio. Dune continually reviews its portfolio to high-grade its properties. Dune’s total proved reserves at December 31, 2012 were 90.1 Bcfe, consisting of 50.6 Bcf of natural gas and 6.6 MMbbls of oil.
Dune actively manages its drilling program to increase oil and gas reserves and production while keeping its finding and development costs and operating costs competitive. Dune has a 2+ year current drilling inventory on Gulf Coast properties. In 2013 and beyond the company will continue exploiting low-risk opportunities on its existing acreage positions, and gradually increasing its focus on exploratory opportunities, by applying technology and capital to untested zones with significant upside potential. In conjunction with this focus on exploration, Dune will pursue opportunistic, accretive acquisitions in underdeveloped properties. Investment opportunities will focus on high IRR projects.
For 2013, Dune has targeted an initial capital budget of approximately $65 million primarily focused on our Garden Island Bay and Leeville field projects.
Dune has a results oriented management team, with an average Gulf Coast experience of more than 25 years.
James A. Watt - President and CEO, has 35+ years of oil and gas experience with a proven record in operating Gulf Coast assets and building E&P companies.
Board of Directors | Officers
James A. Watt, age 62, became a Director of our Company on April 16, 2007 and our President and Chief Executive Officer on April 17, 2007. Mr. Watt served as the Chief Executive Officer of Remington Oil and Gas Corporation since February 1998 and the Chairman of Remington since May 2003, until Helix Energy Solutions Group, Inc. (NYSE: HLX) acquired Remington in July 2006. From 1993 through 1997, Mr. Watt served as Vice President—Exploration of Seagull E&P, Inc., and from 1991-1993, he served as Vice President—exploration and exploitation of Nerco Oil and Gas. From August 2006 through March 2007, Mr. Watt served as the Chairman and Chief Executive Officer of Maverick Oil & Gas, Inc. (OTC: MVOG.OB). Mr. Watt currently serves on the Board of Directors of Bonanza Creek Energy, Inc. and Helix. Mr. Watt received a B.S. in Physics from Rensselaer Polytechnic Institute.
Marjorie L. Bowen, 48, was first appointed a Director effective March 28, 2013. Ms. Bowen is a member of our Compensation Committee and Chairs our Corporate Governance and Nominating Committee. Ms. Bowen held positions of increasing responsibility from 1989 through 2007 at Houlihan Lokey Howard & Zukin, Inc., an international advisory-focused investment banking firm. While at Houlihan Lokey, Ms. Bowen served as a Managing Director, where she advised an extensive number of public company boards of directors, providing transactional and financial advisory services in a wide range of corporate matters, including mergers and acquisitions, debt and equity reorganizations and other financial and strategic transactions, governance and shareholder issues, and shareholder value maximization. Ms. Bowen was also a member of the firm’s Management Committee for Financial Advisory Services. Ms. Bowen also currently serves on the board of Global Aviation Holdings, and serves as Chair of the Audit Committee for that company. Ms. Bowen has previously served on the boards of directors of the Talbots Inc., a publicly traded women's apparel company, Texas Industries, Inc., a publicly traded supplier of heavy construction materials, as well as other privately held company boards, and has had various positions on the audit, compensation, and governance and nominating board committees at these companies. Ms. Bowen received her undergraduate degree from Colgate, and an MBA from University of Chicago with a concentration in finance. With over 20 years of corporate financial and transactional experience, much of it focused on advising boards of directors across a broad range of industry sectors, Ms. Bowen brings to our Board considerable strategic planning expertise, financial and strategic transactional experience, and broad knowledge on financial and governance matters.
John R. Brecker, 50, was first appointed a Director effective March 28, 2013. Mr. Brecker is a member of the Audit Committee and also the Nominations and Governance Committee. Mr. Brecker has served as an executive with director and management experience in investing and operations, both domestic and internationally; including chemical, retail, auto, and shipping. Mr. Brecker has also served on numerous boards, including from 2012 to the present on Catalyst Paper Corporation as an audit committee member, and Broadview Network Holdings as a compensation committee member. From 1999 through June 2012 Mr. Brecker has also been the Principal and Co-founder of Longacre Fund Management, L.L.C. Mr. Brecker received his law degree from St. John's University School of Law and his undergraduate from American University. Mr. Brecker’s background in finance, audit, and strategic planning will help shape the future direction of the company.
Michael R. Keener, 52, has been the principal/owner since January of 2011 of KP Energy, a private company focused on providing Mezzanine Debt, Private Equity and Direct Asset ownership to North American Exploration and Production companies. From October of 2009 until December of 2010, Mr. Keener served as Managing Director of Imperial Capital, LLC and from February 2003 until October 2009 he served as Principal and Managing Director of Petrobridge Investment, LLC. Mr. Keener received a B.S. in Business Administration – Accounting from Bloomsburg University and an MBA from Loyola University.
Dr. Alexander A. Kulpecz, Jr., age 59, is currently managing EP Partner of Pulser Energy, LLP (London) an investment group focused on energy and CEO of Alexander Energy Limited (Houston). He has served in these positions since 2006, and 2008 respectively. From 1978 to 1998, Dr. Kulpecz had increasingly more responsible technical and management positions with the Royal Dutch Shell group concluding as Executive Director and Executive Vice President of Shell International Gas and Power. From 1998 to 2000 he was President of Azurix International. Dr. Kulpecz received a B.A. and MSC degree in Geology from Rutgers, an MBA from Henley (UK) and a PhD from Imperial College of Science and Medicine, University of London in subsurface petroleum engineering.
Robert A. Schmitz, age 72, has served as Co-Founder of Quest Turnaround Advisors since 2000, an advisory firm serving debtors and creditors of distressed companies. Mr. Schmitz was the Chief Restructuring Officer of Fontainebleau Miami JV, LLC in 2010 and of WorldSpace Inc. from 2008 to present. From 2003-2007 he served as non-executive chairman of the board of Premium TV, Ltd. From 2009-2011 he served on the Board of Sun Times Media Group which was sold to a private group of investors. Mr. Schmitz received a BA in Economics from the University of Michigan and a SM from the Sloan School of Management at the Massachusetts Institute of Technology. Mr. Schmitz will serve as Chairman of the Board.
Eric R. Stearns, age 55, is currently President, CEO and a member of the Board of Directors of Puckett Land Company, a privately held Colorado energy company. He has served in this position from July 2011 to present. Mr. Stearns served from 1985-2009 in ever increasingly responsible technical and management positions with Petroleum Development Corporation concluding as Executive Vice President. Mr. Stearns received a B.S. in Geology from Virginia Polytechnic Institute and State University.
Corporate Office Info
Two Shell Plaza
777 Walker Street
Houston, Texas 77002