Sanders Morris Harris Investment Banking Investor Growth Conference New York City October 24, 2006
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1 Sanders Morris Harris Investment Banking Investor Growth Conference New York City October 24, 2006
2 SAFE HARBOR This presentation contains projections and other forward- looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of These projections and statements reflect the Company s current view with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company documents filed with the Securities and Exchange Commission. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the solicitation of a proxy or an attempt to influence any voting of securities, by any person. 2
3 DUNE OVERVIEW Rapidly growing and focused independent energy company Amex: DNE $124.75MM market capitalization $154.04MM enterprise value 69.7MM fully diluted shares o/s, 20.5MM shares float (65% held by insiders) 73,689 shares average daily volume $8.2MM cash on-hand $50MM credit facility; $20.5MM drawn 3
4 MANAGEMENT WHO WE ARE Alan Gaines Chairman/CEO Co-founder Gaines, Berland, Inc., managed/comanaged $4.0 billion of equity and debt financings three years prior to sale of company Chief Advisor to Carl Icahn (USX/Marathon, Texaco, Etc.) years investment banking experience in energy. BBA Finance Baruch College MBA Zarb School, Hofstra University School of Management Dr. Amiel David President/COO 35 years engineering and investment banking experience in energy First City Bank. First Union Securities (Wachovia), Duke Capital Partners Operating experience with Gulf Oil and Superior Oil Company 25 published papers, including Journal of Petroleum Technology Multiple awards Ph.D. Petroleum Engineering Stanford MBA University of Pittsburgh Hugh Idstein CFO 20 years energy industry experience CFO Black Stone Minerals Company, LP BS Energy Management Eastern Illinois University MBA Eastern Illinois University Advanced programs at Wharton, Thunderbird, and Harvard Business School Greg Fox Operations Manager 27 years engineering experience in reservoir evaluation, production, operations, and drilling Manager of Operations for 5 medium-small independents BS Petroleum Engineering Texas A&M Patrick Donais Manager of Exploration 27 years experience in geophysics and geology BS Geophysics, University of Tulsa 4
5 RESERVES, PRODUCTION AND DRILL SITES Acres Current Net Production Including Drilled Wells MMcfe/d (1) Proved Reserves (2) %Total Drilling Locations %Total Barnett Shale Bayou Couba South Texas (3) Total 3,887 gross (3,692 net) 11,000 gross (1,746 net) 28,400 gross (2,910 net) 43,287 gross (8,348 net) Bcfe 89% 51 93% Bcfe 1% 4 (4) 7% Bcfe 10% nm nm Bcfe 100% % (1) Production amounts are net to Dune. (2) Reserves are un-audited and based on in-house Company estimates as of October 1, 2006 at $6.50 per Mcf and $55 per barrel, constant (3) Includes Pearsall Field, Welder Ranch, and Los Mogotes properties. Los Mogotes AMI acreage earned by drilling. (4) Includes PUD locations only. 5
6 WELL STATUS SUMMARY (OCT-2006) Producing W/O Completion W/O P/L Drilling Total Barnett Shale (20.9 net) Bayou Couba (2.9 net) South Texas* (5.3 net)* Total (29.1 net) * Includes Pearsall Field and Welder Ranch properties, and excludes Los Mogotes Field. 6
7 STRATEGY GROWTH THROUGH THE DRILLBIT Acquire premium assets with low-risk development potential Organic growth through the drillbit Diversify risk with portfolio of development, exploitation, and exploration opportunities Maintain multiyear drilling portfolio Control operations (72% average operating) Leverage advanced technologies to reduce exploration risk Practice financial discipline 7
8 ACQUISITION DISCIPLINE Target expandable acquisitions Must enhance core areas with additional low-risk, development drilling opportunities Prefer opportunities that leverage existing expertise to other unconventional basins Identify acquisitions not heavily marketed (negotiated transactions) Seek assets with unrecognized reserve and production potential Strictly IRR driven 8
9 PRODUCTION GROWTH 6 Annual Production (Bcfe) E 2007E* * 2007E amounts include Voyager acquisition 9
10 CAPITAL EXPENDITURES BY AREA $50MM $49.1MM $40MM $30MM $20MM $10MM $8MM 10 $0MM * 2007E amounts include Voyager acquisition Bayou Couba South Texas Barnett Shale *
11 NEW CREDIT FACILITY CAPITAL FOR DRILLING September 2006 $50 million credit facility $29.5 million available immediately $20.5 million drawn down Secured by Dune s assets 11
12 OPERATIONS OVERVIEW CAPEX 2007E* Barnett Shale - $38.4MM South Texas - $4.3MM Bayou Couba - $6.4MM Barnett Shale Bayou Couba Pearsall Field 12 Los Mogotes * 2007E amounts include Voyager acquisition Welder Ranch *Includes pending Voyager acquisition
13 BARNETT SHALE OVERVIEW Project Facts Premium fairway acreage within largest US gas field (Denton and Wise counties) Low risk, statistical gas manufacturing play Low cost producer (all-in F&D +/- $2.50/Mcfe) 3,887 gross acres, 3,692 net acres 750 feet pay thickness Underlying Viola frac barrier Consistent drilling program (8 to 10 wells per year, per rig) Ownership 95% WI, Average 72% NRI Status 51 drilling location in current inventory Actively seeking acquisition of additional acreage 1 rig dedicated, 2 nd rig pending Well Status: 16 producing 5 w/o completion 1 drilling Improved technology adding value through better fracturing applications and horizontal drilling techniques Wise Fort Worth Denton 89% Total Proved Reserves* 78% Total 2007 CAPEX Plan 85% Total Production (Oct-06) *Un-audited, internal estimates as of Oct-06 Dallas 13
14 BARNETT SHALE ACREAGE Existing Dune Acreage Voyager (PSA in place, expect to close 1Q07) Wise Co. Denton Co. 14 Ft. Worth Dallas
15 BARNETT SHALE CROSS SECTION WITH LOG 15
16 BARNETT SHALE, DENTON COUNTRY CLUB Typical Lease Development Program 16
17 BARNETT SHALE TYPE CURVE (McPeek #1) MCFED 1,600 1,400 1,200 Daily Production Rates 1.4 Bcfe 15% ROR at $4.00/Mcf at well head 45% ROR at $8.00/Mcf at well head 1, MONTHS 17
18 BARNETT SHALE WELL ECONOMICS Internal Rate of Return 60% 50% 40% 30% 20% 10% 0% 12% 7% 6% IRR Sensitivity to Gas Prices Barnett Fayetteville Woodford $4.50 $5.50 $6.50 $7.50 $8.50 Gas Price / Mcfe 51% 28% 26% 18 Source: Company reports, PetroDataSource and Simmons & Co. International (as published in E&P magazine September, 2006)
19 BARNETT SHALE PRODUCTION LEVERAGE 450, , , , , , , ,000 50,000 - Production (Mcfe) Low-risk gas manufacturing Drilling package in-place with dedicated rigs Jan.06 Mar.06 May.06 Jul.06 Sep.06 Nov.06 Jan.07 Mar.07 May.07 Jul.07 Sep.07 Nov.07 PDP PUD PROB Millions 19 Cash Flow* $35 $32.1 $30 $25 $20 $15 $10 $5 $2.1 $0 2006E 2007E * 2007E amounts include Voyager acquisition
20 BARNETT SHALE ACQUISITIONS Recent/Pending Voyager Purchase Total $32.8MM for 46 Bcfe (29.9 Bcfe proved); $7MM purchased October 2,457 acres purchased for $1.09 per Mcfe (proved), $0.71 per Mcfe (probable) Comparable Transactions: $3.02/Mcfe (Chesapeake/Undisclosed) $3.38/Mcfe (Chesapeake/Sinclair/Four Sevens) $3.57/Mcfe (Devon/Chief) Bolting-on additional acreage opportunistically Must be accretive Seek operational efficiencies 20
21 BAYOU COUBA OVERVIEW Project Facts Discovered by Gulf in 1942 (20 miles southwest of New Orleans) Portfolio within a Portfolio Combination of low-risk development and high-risk/highreturn exploration opportunities Upside using recently shot state-of-the-art 3-D seismic to better image flank and sub-salt structures Significant un-risked upside Stacked pay horizons Acreage in AMI earned through drilling Ownership Current 44.9% WI; 31.5% NRI Status Well Status: 6 producing (3 are recent wells) Planned Expenditures $6.4MM currently earmarked for development drilling in 2007 Excludes sub-salt well by early/mid 2007 St. Charles 1% Total Proved Reserves* 13% Total 2007 CAPEX Plan** 7% Total Production (Oct-06) *Un-audited, internal estimates as of Oct-06 **Excludes sub-salt 21
22 BAYOU COUBA CROSS SECTION Existing Producing Horizons -3,000 ft -9,000 ft Cib-Op Flank Structure Sub Salt -15,000 ft Rob L 22
23 BAYOU COUBA WELL STATUS 23 sq. mile 3-D Existing AMI Leasehold Producing wells Prospective wells 23
24 BAYOU COUBA NEARBY FIELDS 24
25 WELDER RANCH OVERVIEW Project Facts 7,950 gross contiguous acres (1,391 net) in Victoria County, TX Chesapeake active to the north and south Chesapeake drilled 7 successful wells to date Recent Chesapeake farm-out Ownership Current: 63.1% WI; 44.2% NRI Future: 25% WI; 17% NRI Status Well Status: 3 producing 2 w/o pipeline Planned Expenditures $1.4MM (under review) 4.5% Total Proved Reserves* 3.0% Total 2007 CAPEX Plan 4.0% Total Production (Oct-06) *Un-audited, internal estimates as of Oct-06 Victoria 25
26 PEARSALL FIELD OVERVIEW Project Facts 2,450 gross acres (613 net) located in the Austin Chalk trend in Frio County, TX Long-life reserves with shallow decline rate Frio Ownership 33% WI; 25% NRI Status Well Status: 2 producing Planned Expenditures $2.6MM (under review) 3.0% Total Proved Reserves* 5.0% Total 2007 CAPEX Plan 1.5% Total Production (Oct-06) *Un-audited, internal estimates as of Oct-06 26
27 LOS MOGOTES OVERVIEW Project Facts 18,000 gross acres (126 net) located in Zapata County, TX Operated by Pogo Producing Company Ownership 0.7% WI in 142 producing wells 0.6% NRI Status Well Status: 142 producing (1 net to Dune) 4 drilling Planned Expenditures $300K Zapata 4.5% Total Proved Reserves* 1.0% Total 2007 CAPEX Plan 2.2 % Total Production (Oct-06) *Un-audited, internal estimates as of Oct-06 27
28 BALANCE SHEET September, (Pro-Forma) June 30, 2006 ASSETS Cash $8,256,593 $2,200,388 Other current assets 1,980,074 2,121,161 Net property and equipment 66,080,589 61,479,383 Other assets 2,336,711 2,356,983 Total assets 78,653,967 68,157,915 LIABILITIES & STOCKHOLDERS EQUITY Current liabilities 3,480,135 2,674,154 Other long-term liabilities 186,216 82,740 Long-term debt 43,106,255 31,488,476 Total stockholders equity 31,881,361 33,912,545 Total liabilities and stockholders equity $78,653,967 $68,157,915 28
29 VALUE BEING CREATED SOUND BUSINESS STRATEGY & EXPERIENCE Acquire premium acreage and grow through the drillbit (Pending $25MM acquisition of additional acreage from Voyager Partners) Experienced and incentivized management team (mgmt/insiders own 65%) OPERATIONAL EXPERTISE Low cost producer Core Barnett Shale acreage on the fairway of the play Significant Bayou Couba un-risked potential relative to market capitalization FINANCIAL RESOURCES TO EXECUTE PLAN New credit facility to fund drilling program and strategic acquisitions New production coming onstream to accelerate operating cash flow 29
30 Investor contact: Post Oak Blvd. Houston, TX Alan Gaines Chairman & CEO (713)
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