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Article: Dune Energy Terminates Transaction to Purchase Barnett Shale Properties; Actively Negotiating New, Larger Deal.
- Article from:
- PR Newswire
- Article date:
- March 5, 2007
CopyrightCOPYRIGHT 2007 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON, March 5 /PRNewswire-FirstCall/ -- Dune Energy, Inc. ("Dune" or the "Company") announced today that it has decided not to purchase 1,600 acres from Voyager Partners, Ltd. ("Voyager") for cash consideration of approximately $25.8 million, as previously contemplated. The properties are located in the Barnett Shale play in Denton County, Texas. In addition, Dune has released and discharged outstanding obligations due from Voyager totaling $1.35 million, stemming from joint interest expenses covering oil and gas leases and retained interests. In exchange for the $1.35 million owed to Dune, Voyager has conveyed to Dune, its undivided 5% working interest in those ...