HOUSTON, March 29 /PRNewswire-FirstCall/ -- Dune Energy,
Inc. (the "Company") (NYSE Amex: DNE) announced today that on
March 24, 2010 the Company received
notice from the staff of the NYSE Alternext US (the "Exchange")
that the Exchange had accepted the Plan of Compliance (the "Plan")
previously submitted by the Company and determined that the Plan
reasonably demonstrates the Company's ability to regain compliance
under the Exchange's continued listing standards. By such
notice, the Exchange granted the Company an extension until
June 15, 2010 (the "Extension
Period") to regain compliance with the continued listing standards.
The Company may continue its listing during the Extension
Period.
In December of 2009, the Company received notice from the
Exchange indicating that the Company had failed to comply with
certain of the Exchange's continued listing standards as set forth
in Part 10 of the Exchange's Company Guide. Specifically, the
Exchange noted that the Company was not in compliance with (a)
Section 1003(a)(i) of the Company Guide, because its stockholders'
equity is less than $2,000,000 and
losses from continuing operations and it has had net losses in two
out of its three most recent fiscal years; (b) Section 1003(a)(ii)
of the Company Guide, because its stockholders' equity is less than
$4,000,000 and it has had losses from
continuing operations and net losses in three out of its four most
recent fiscal years; and (c) Section 1003(a)(iii) of the Company
Guide, because its stockholders' equity is less than $6,000,000 and
it has had losses from continuing operations and net losses in its
five most recent fiscal years. The Exchange afforded the
Company the opportunity to submit a plan of compliance and on
January 26, 2010, the Company submitted the Plan detailing actions
to be taken to enable it to regain compliance with the continued
listing standards within the allotted timeframe.
If the Company fails to make progress toward compliance
consistent with the Plan, or is not in compliance at June 15, 2010 (the end of the Extension Period),
then the Company may be delisted by the Exchange. There can
be no assurance that the Company will be able to implement the Plan
within the prescribed timeframe. The Company will continue to be
subject to periodic review by Exchange staff during the Extension
Period.
During the Extension Period, the Company's common stock will
continue to trade on the Exchange, subject to the trading symbol
extension ".BC" to denote its noncompliance with the Exchange's
continued listing standards.
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FORWARD-LOOKING STATEMENTS: This document includes
forward-looking statements. Forward-looking statements include, but
are not limited to, statements concerning estimates of expected
drilling and development wells and associated costs, statements
relating to estimates of, and increases in, production, cash flows
and values, statements relating to the continued advancement of
Dune Energy, Inc.'s projects and other statements which are not
historical facts. When used in this document, the words such as
"could," "plan," "estimate," "expect," "intend," "may,"
"potential," "should," and similar expressions are forward-looking
statements. Although Dune Energy, Inc. believes that its
expectations reflected in these forward-looking statements are
reasonable, such statements involve risks and uncertainties and no
assurance can be given that actual results will be consistent with
these forward-looking statements. Important factors that could
cause actual results to differ from these forward-looking
statements include the potential that the Company's projects will
experience technological and mechanical problems, geological
conditions in the reservoir may not result in commercial levels of
oil and gas production, changes in product prices and other risks
disclosed in Dune's Annual report on Form 10-K filed with the U.S.
Securities and Exchange Commission.
SOURCE Dune Energy, Inc.