Posted On: 11/05/2013 5:51:27 PM
Post# of 94264
Dune Energy Reports Third Quarter 2013 Financial And Operating Results
HOUSTON, Nov. 5, 2013 /PRNewswire/ -- Dune Energy, Inc. (OTCBB
UNR) today announced results for the third quarter of calendar year 2013.
Revenue and Production
Revenue for the third quarter of 2013 totaled $13.7 million as compared with $13.4 million for the third quarter of 2012. Production volumes in the third quarter were 109 Mbbls of oil and 0.48 Bcf of natural gas, or 189 Mboe. This compares with 107 Mbbls of oil and 0.71 Bcf of natural gas, or 225 Mboe for the third quarter of 2012. In the third quarter of 2013, the average sales price per barrel of oil was $109.28 and $3.77 per Mcf for natural gas, as compared with $103.33 per barrel and $3.34 per Mcf, respectively for the third quarter of 2012. Production decreased 16% in the third quarter of 2013 as compared to the third quarter of 2012. Oil prices increased 6% and gas prices increased 13% from 2012 levels. During the third quarter of 2013 oil accounted for 57% of the total production volumes on an equivalent basis; however, oil revenue accounted for 87% of the total revenue.
Costs and Expenses
Total lease operating expense (LOE) was $5.7 million for the third quarter of 2013 as compared to $6.4 million for the third quarter of 2012, or $30.16 and $28.44 per Boe produced, respectively. DD&A expense was $5.2 million for the third quarter of 2013, or $27.51 per Boe. G&A expense totaled $2.9 million for the third quarter of 2013 compared to $2.1 million in the third quarter of 2012. Interest and financing expense did not fluctuate between quarters amounting to around $2.5 million.
First quarter of 2013 LOE was $6.9 million and second quarter was $7.8 million. This decrease from the prior quarters reflects reclassifying the "Mystery Sheen" at Garden Island Bay as a remediation cost rather than LOE. As a result of this decision we recorded a non-cash remediation cost of $4.6 million in the 3rd quarter of 2013. This removed approximately $700,000 from the year to date LOE costs and future costs associated with this remediation will not be charged to LOE.
Earnings
Net loss totaled $30.4 million for the third quarter of 2013. This compares with income of $1.4 million in 2012. This net loss was primarily associated with two factors. The first was a $22.3 million non-cash impairment at our Garden Island Bay field primarily associated with the impact of lower expected future oil prices on the economic life of the field's proved reserves reflected in the June 30, 2013 Reserve Report and the second was a $4.6 million non-cash charge associated with remediation costs mentioned above.
Liquidity
At the end of the quarter we had $1.6 million in cash and $39 million available under our Credit Facility based on $50 million of availability. The revolver is subject to a mid-year redetermination based on a new reserve report dated June 30, 2013. The report has been submitted to our banks for review and we are awaiting their determination of the availability under the revolver.
The availability under the revolver is subject to a 4.0 to 1.0 ratio of total debt to trailing 12 months EBITDAX. This covenant limits our total availability under the revolver to an effective liquidity. At the end of the third quarter we had total debt as defined of $69.4 million and trailing 12 month EBITDAX of $20.1 million resulting in a ratio of 3.45, well within the covenant restriction. Effective liquidity at the end of the 3rd quarter was $12.6 million. Fourth quarter EBITDAX which is primarily driven by production revenues less LOE will determine our effective availability under the revolver at the end of the year.
2013 Operations Summary and Capital Program
Production
Production volumes for the 3rd quarter of 2013 were down from the 2nd quarter of 2013 by approximately 531 Boe/day primarily related to a third party pipeline shut-in our outside-operated Leeville field. In addition, delays in infrastructure and maintenance work occurred at the Leeville field, as operator and majority-owner changed due to a sale of interests. The new operator is addressing these issues and we anticipate production from Leeville returning to second quarter levels in the fourth quarter of 2013.
Fourth quarter production volumes are anticipated to be between 2,100 Boe/day and 2,400 Boe/day largely dependent on facilities and maintenance work being completed in our Leeville field, volumes remaining at current levels in our recently completed Wieting #31 well at Chocolate Bayou and new production coming on line at the Kappa well (GIB SL 214 #913ST1). This well should commence production within the month. Additionally we are preparing to drill the LOPT 10 well in our Live Oak field which should commence production in December.
Capital Program
In the first three quarters of the year we have spent a total of $40 million primarily in our Leeville, Garden Island Bay and Chocolate Bayou fields. We anticipate $10 to $12 million being spent in the fourth quarter to finish drilling and completing the Kappa well at Garden Island Bay, drilling the LOPT 10 at Live Oak Field, and depending on partner timing, potentially commencing a well at Leeville. We will carefully monitor our capital expenditure against our effective liquidity to stay within the constraints of our credit agreements.
James A. Watt, President and CEO of the company stated, "Based on current forecasts, we anticipate a capital program of approximately $50 million for calendar 2013. This is the largest investment we have put into our asset since 2008. To date the results of the program had added new reserves at excellent finding and development costs and have added new production. We anticipate 2014 will have a similar drilling program as 2013 with a large portion of the program front end loaded in our Leeville field."
Click here for more information: http://www.duneenergy.com/news.html?b=1683&1=1
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.
Investor Contact:
Steven J. Craig
Sr. Vice President Investor Relations and Administration
713-229-6300
Dune Energy, Inc.
Consolidated Balance Sheets
(Unaudited)
September 30,
2013
December 31,
2012
ASSETS
Current assets:
Cash
$ 1,596,807
$ 22,793,916
Accounts receivable
8,846,173
6,723,233
Current derivative asset
—
765,992
Prepayments and other current assets
391,688
5,160,533
Total current assets
10,834,668
35,443,674
Oil and gas properties, using successful efforts accounting—proved
284,490,074
239,233,653
Less accumulated depreciation, depletion, amortization and impairment
(49,172,275 )
(13,806,672 )
Net oil and gas properties
235,317,799
225,426,981
Property and equipment, net of accumulated depreciation of $206,558 and $256,380
169,867
71,080
Deferred financing costs, net of accumulated amortization of $1,375,079 and $771,061
1,941,052
2,428,453
Noncurrent derivative asset
82,292
397,886
Other assets
3,676,444
2,692,797
5,869,655
5,590,216
TOTAL ASSETS
$ 252,022,122
$ 266,460,871
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 15,917,507
$ 6,987,857
Accrued liabilities
9,678,767
12,529,899
Current derivative liability
6,841
—
Current maturities on long-term debt (see note 2)
—
1,623,541
Total current liabilities
25,603,115
21,141,297
Long-term debt (see note 2)
69,424,434
83,429,862
Other long-term liabilities
22,472,330
13,860,597
Total liabilities
117,499,879
118,431,756
Commitments and contingencies
—
—
STOCKHOLDERS' EQUITY
Preferred stock, $.001 par value, 1,000,000 shares authorized, 250,000 shares undesignated, no shares issued and outstanding
—
—
Common stock, $.001 par value, 4,200,000,000 shares authorized, 71,907,952 and 59,022,445 shares issued
71,908
59,022
Treasury stock, at cost (63,810 and 1,056 shares)
(121,146 )
(1,914 )
Additional paid-in capital
177,341,601
155,824,868
Accumulated deficit
(42,770,120 )
(7,852,861 )
Total stockholders' equity
134,522,243
148,029,115
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$ 252,022,122
$ 266,460,871
Dune Energy, Inc.
Consolidated Statements of Operations
(Unaudited)
Three months
ended
September 30, 2013
Three months
ended
September 30, 2012
Nine months
ended
September 30, 2013
Nine months
ended
September 30, 2012
Revenues:
Oil and gas revenues
$ 13,706,257
$ 13,440,370
$ 42,611,399
$ 39,942,295
Other revenues
—
—
963,150
—
Total revenues
13,706,257
13,440,370
43,574,549
39,942,295
Operating expenses:
Lease operating expense and production taxes
5,677,034
6,419,316
20,084,684
19,004,600
Accretion of asset retirement obligation
402,732
365,439
1,208,196
1,096,317
Depletion, depreciation and amortization
5,183,118
926,277
13,144,822
10,198,260
General and administrative expense
2,924,299
2,117,447
8,641,758
7,541,041
Loss on settlement of asset retirement obligation liability
—
62,148
—
951,094
Impairment of oil and gas properties
22,250,000
—
22,250,000
—
Remediation costs
4,284,246
97,715
4,586,000
371,097
Total operating expense
40,721,429
9,988,342
69,915,460
39,162,409
Operating income (loss)
(27,015,172 )
3,452,028
(26,340,911 )
779,886
Other income (expense):
Other income
82
2,715
774
16,417
Interest expense
(2,541,193 )
(2,419,864 )
(7,460,381 )
(7,201,331 )
Gain (loss) on derivative instruments
(809,439 )
(2,430,239 )
(1,116,741 )
2,297,397
Total other income (expense)
(3,350,550 )
(4,847,388 )
(8,576,348 )
(4,887,517 )
Net loss
$ (30,365,722 )
$ (1,395,360 )
$ (34,917,259 )
$ (4,107,631 )
Net loss per share:
Basic and diluted
$ (0.42 )
$ (0.04 )
$ (0.54 )
$ (0.10 )
Weighted average shares outstanding:
Basic and diluted
71,907,952
39,391,382
64,779,930
39,207,325
Dune Energy, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Nine months
ended
September 30, 2013
Nine months
ended
September 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$ (34,917,259 )
$ (4,107,631 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depletion, depreciation and amortization
13,144,822
10,198,260
Amortization of deferred financing costs
604,018
555,322
Stock-based compensation
1,763,135
1,306,197
Loss on settlement of asset retirement obligation liability
—
951,094
Accretion of asset retirement obligation
1,208,196
1,096,317
Impairment of oil and gas properties
22,250,000
—
Remediation costs
4,586,000
—
Unrealized loss (gain) on derivative instruments
1,088,427
(1,331,092 )
Changes in:
Accounts receivable
(2,223,214 )
1,256,952
Prepayments and other assets
4,768,845
1,847,376
Payments made to settle asset retirement obligations
(196,314 )
(2,082,624 )
Accounts payable and accrued liabilities
9,266,089
2,192,585
NET CASH PROVIDED BY OPERATING ACTIVITIES
21,342,745
11,882,756
CASH FLOWS FROM INVESTING ACTIVITIES
Cash investment in proved and unproved properties
(40,435,570 )
(19,126,544 )
Decrease in restricted cash
—
17,184
Purchase of furniture and fixtures
(146,963 )
(95,233 )
Decrease (increase) in other assets
(983,647 )
313,858
NET CASH USED IN INVESTING ACTIVITIES
(41,566,180 )
(18,890,735 )
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock
20,000,000
—
Common stock issuance costs
(233,516 )
—
Payments on short-term debt
(1,623,541 )
(4,557,857 )
Increase in long-term debt issuance costs
(116,617 )
(198,924 )
Payments on long-term debt
(19,000,000 )
(3,000,000 )
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
(973,674 )
(7,756,781 )
NET CHANGE IN CASH BALANCE
(21,197,109 )
(14,764,760 )
Cash balance at beginning of period
22,793,916
20,393,672
Cash balance at end of period
$ 1,596,807
$ 5,628,912
SUPPLEMENTAL DISCLOSURES
Interest paid
$ 1,837,444
$ 2,094,165
Income taxes paid
—
—
NON-CASH INVESTING AND FINANCIAL DISCLOSURES
Accrued interest converted to long-term debt
$ 4,994,572
$ 4,360,073
Non-cash investment in proved and unproved properties in accounts payable
—
1,794,071
Revision to asset retirement obligation
4,820,851
—
SOURCE Dune Energy, Inc.
Copyright 2013 PR Newswire
HOUSTON, Nov. 5, 2013 /PRNewswire/ -- Dune Energy, Inc. (OTCBB
UNR) today announced results for the third quarter of calendar year 2013. Revenue and Production
Revenue for the third quarter of 2013 totaled $13.7 million as compared with $13.4 million for the third quarter of 2012. Production volumes in the third quarter were 109 Mbbls of oil and 0.48 Bcf of natural gas, or 189 Mboe. This compares with 107 Mbbls of oil and 0.71 Bcf of natural gas, or 225 Mboe for the third quarter of 2012. In the third quarter of 2013, the average sales price per barrel of oil was $109.28 and $3.77 per Mcf for natural gas, as compared with $103.33 per barrel and $3.34 per Mcf, respectively for the third quarter of 2012. Production decreased 16% in the third quarter of 2013 as compared to the third quarter of 2012. Oil prices increased 6% and gas prices increased 13% from 2012 levels. During the third quarter of 2013 oil accounted for 57% of the total production volumes on an equivalent basis; however, oil revenue accounted for 87% of the total revenue.
Costs and Expenses
Total lease operating expense (LOE) was $5.7 million for the third quarter of 2013 as compared to $6.4 million for the third quarter of 2012, or $30.16 and $28.44 per Boe produced, respectively. DD&A expense was $5.2 million for the third quarter of 2013, or $27.51 per Boe. G&A expense totaled $2.9 million for the third quarter of 2013 compared to $2.1 million in the third quarter of 2012. Interest and financing expense did not fluctuate between quarters amounting to around $2.5 million.
First quarter of 2013 LOE was $6.9 million and second quarter was $7.8 million. This decrease from the prior quarters reflects reclassifying the "Mystery Sheen" at Garden Island Bay as a remediation cost rather than LOE. As a result of this decision we recorded a non-cash remediation cost of $4.6 million in the 3rd quarter of 2013. This removed approximately $700,000 from the year to date LOE costs and future costs associated with this remediation will not be charged to LOE.
Earnings
Net loss totaled $30.4 million for the third quarter of 2013. This compares with income of $1.4 million in 2012. This net loss was primarily associated with two factors. The first was a $22.3 million non-cash impairment at our Garden Island Bay field primarily associated with the impact of lower expected future oil prices on the economic life of the field's proved reserves reflected in the June 30, 2013 Reserve Report and the second was a $4.6 million non-cash charge associated with remediation costs mentioned above.
Liquidity
At the end of the quarter we had $1.6 million in cash and $39 million available under our Credit Facility based on $50 million of availability. The revolver is subject to a mid-year redetermination based on a new reserve report dated June 30, 2013. The report has been submitted to our banks for review and we are awaiting their determination of the availability under the revolver.
The availability under the revolver is subject to a 4.0 to 1.0 ratio of total debt to trailing 12 months EBITDAX. This covenant limits our total availability under the revolver to an effective liquidity. At the end of the third quarter we had total debt as defined of $69.4 million and trailing 12 month EBITDAX of $20.1 million resulting in a ratio of 3.45, well within the covenant restriction. Effective liquidity at the end of the 3rd quarter was $12.6 million. Fourth quarter EBITDAX which is primarily driven by production revenues less LOE will determine our effective availability under the revolver at the end of the year.
2013 Operations Summary and Capital Program
Production
Production volumes for the 3rd quarter of 2013 were down from the 2nd quarter of 2013 by approximately 531 Boe/day primarily related to a third party pipeline shut-in our outside-operated Leeville field. In addition, delays in infrastructure and maintenance work occurred at the Leeville field, as operator and majority-owner changed due to a sale of interests. The new operator is addressing these issues and we anticipate production from Leeville returning to second quarter levels in the fourth quarter of 2013.
Fourth quarter production volumes are anticipated to be between 2,100 Boe/day and 2,400 Boe/day largely dependent on facilities and maintenance work being completed in our Leeville field, volumes remaining at current levels in our recently completed Wieting #31 well at Chocolate Bayou and new production coming on line at the Kappa well (GIB SL 214 #913ST1). This well should commence production within the month. Additionally we are preparing to drill the LOPT 10 well in our Live Oak field which should commence production in December.
Capital Program
In the first three quarters of the year we have spent a total of $40 million primarily in our Leeville, Garden Island Bay and Chocolate Bayou fields. We anticipate $10 to $12 million being spent in the fourth quarter to finish drilling and completing the Kappa well at Garden Island Bay, drilling the LOPT 10 at Live Oak Field, and depending on partner timing, potentially commencing a well at Leeville. We will carefully monitor our capital expenditure against our effective liquidity to stay within the constraints of our credit agreements.
James A. Watt, President and CEO of the company stated, "Based on current forecasts, we anticipate a capital program of approximately $50 million for calendar 2013. This is the largest investment we have put into our asset since 2008. To date the results of the program had added new reserves at excellent finding and development costs and have added new production. We anticipate 2014 will have a similar drilling program as 2013 with a large portion of the program front end loaded in our Leeville field."
Click here for more information: http://www.duneenergy.com/news.html?b=1683&1=1
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.
Investor Contact:
Steven J. Craig
Sr. Vice President Investor Relations and Administration
713-229-6300
Dune Energy, Inc.
Consolidated Balance Sheets
(Unaudited)
September 30,
2013
December 31,
2012
ASSETS
Current assets:
Cash
$ 1,596,807
$ 22,793,916
Accounts receivable
8,846,173
6,723,233
Current derivative asset
—
765,992
Prepayments and other current assets
391,688
5,160,533
Total current assets
10,834,668
35,443,674
Oil and gas properties, using successful efforts accounting—proved
284,490,074
239,233,653
Less accumulated depreciation, depletion, amortization and impairment
(49,172,275 )
(13,806,672 )
Net oil and gas properties
235,317,799
225,426,981
Property and equipment, net of accumulated depreciation of $206,558 and $256,380
169,867
71,080
Deferred financing costs, net of accumulated amortization of $1,375,079 and $771,061
1,941,052
2,428,453
Noncurrent derivative asset
82,292
397,886
Other assets
3,676,444
2,692,797
5,869,655
5,590,216
TOTAL ASSETS
$ 252,022,122
$ 266,460,871
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 15,917,507
$ 6,987,857
Accrued liabilities
9,678,767
12,529,899
Current derivative liability
6,841
—
Current maturities on long-term debt (see note 2)
—
1,623,541
Total current liabilities
25,603,115
21,141,297
Long-term debt (see note 2)
69,424,434
83,429,862
Other long-term liabilities
22,472,330
13,860,597
Total liabilities
117,499,879
118,431,756
Commitments and contingencies
—
—
STOCKHOLDERS' EQUITY
Preferred stock, $.001 par value, 1,000,000 shares authorized, 250,000 shares undesignated, no shares issued and outstanding
—
—
Common stock, $.001 par value, 4,200,000,000 shares authorized, 71,907,952 and 59,022,445 shares issued
71,908
59,022
Treasury stock, at cost (63,810 and 1,056 shares)
(121,146 )
(1,914 )
Additional paid-in capital
177,341,601
155,824,868
Accumulated deficit
(42,770,120 )
(7,852,861 )
Total stockholders' equity
134,522,243
148,029,115
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$ 252,022,122
$ 266,460,871
Dune Energy, Inc.
Consolidated Statements of Operations
(Unaudited)
Three months
ended
September 30, 2013
Three months
ended
September 30, 2012
Nine months
ended
September 30, 2013
Nine months
ended
September 30, 2012
Revenues:
Oil and gas revenues
$ 13,706,257
$ 13,440,370
$ 42,611,399
$ 39,942,295
Other revenues
—
—
963,150
—
Total revenues
13,706,257
13,440,370
43,574,549
39,942,295
Operating expenses:
Lease operating expense and production taxes
5,677,034
6,419,316
20,084,684
19,004,600
Accretion of asset retirement obligation
402,732
365,439
1,208,196
1,096,317
Depletion, depreciation and amortization
5,183,118
926,277
13,144,822
10,198,260
General and administrative expense
2,924,299
2,117,447
8,641,758
7,541,041
Loss on settlement of asset retirement obligation liability
—
62,148
—
951,094
Impairment of oil and gas properties
22,250,000
—
22,250,000
—
Remediation costs
4,284,246
97,715
4,586,000
371,097
Total operating expense
40,721,429
9,988,342
69,915,460
39,162,409
Operating income (loss)
(27,015,172 )
3,452,028
(26,340,911 )
779,886
Other income (expense):
Other income
82
2,715
774
16,417
Interest expense
(2,541,193 )
(2,419,864 )
(7,460,381 )
(7,201,331 )
Gain (loss) on derivative instruments
(809,439 )
(2,430,239 )
(1,116,741 )
2,297,397
Total other income (expense)
(3,350,550 )
(4,847,388 )
(8,576,348 )
(4,887,517 )
Net loss
$ (30,365,722 )
$ (1,395,360 )
$ (34,917,259 )
$ (4,107,631 )
Net loss per share:
Basic and diluted
$ (0.42 )
$ (0.04 )
$ (0.54 )
$ (0.10 )
Weighted average shares outstanding:
Basic and diluted
71,907,952
39,391,382
64,779,930
39,207,325
Dune Energy, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Nine months
ended
September 30, 2013
Nine months
ended
September 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$ (34,917,259 )
$ (4,107,631 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depletion, depreciation and amortization
13,144,822
10,198,260
Amortization of deferred financing costs
604,018
555,322
Stock-based compensation
1,763,135
1,306,197
Loss on settlement of asset retirement obligation liability
—
951,094
Accretion of asset retirement obligation
1,208,196
1,096,317
Impairment of oil and gas properties
22,250,000
—
Remediation costs
4,586,000
—
Unrealized loss (gain) on derivative instruments
1,088,427
(1,331,092 )
Changes in:
Accounts receivable
(2,223,214 )
1,256,952
Prepayments and other assets
4,768,845
1,847,376
Payments made to settle asset retirement obligations
(196,314 )
(2,082,624 )
Accounts payable and accrued liabilities
9,266,089
2,192,585
NET CASH PROVIDED BY OPERATING ACTIVITIES
21,342,745
11,882,756
CASH FLOWS FROM INVESTING ACTIVITIES
Cash investment in proved and unproved properties
(40,435,570 )
(19,126,544 )
Decrease in restricted cash
—
17,184
Purchase of furniture and fixtures
(146,963 )
(95,233 )
Decrease (increase) in other assets
(983,647 )
313,858
NET CASH USED IN INVESTING ACTIVITIES
(41,566,180 )
(18,890,735 )
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock
20,000,000
—
Common stock issuance costs
(233,516 )
—
Payments on short-term debt
(1,623,541 )
(4,557,857 )
Increase in long-term debt issuance costs
(116,617 )
(198,924 )
Payments on long-term debt
(19,000,000 )
(3,000,000 )
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
(973,674 )
(7,756,781 )
NET CHANGE IN CASH BALANCE
(21,197,109 )
(14,764,760 )
Cash balance at beginning of period
22,793,916
20,393,672
Cash balance at end of period
$ 1,596,807
$ 5,628,912
SUPPLEMENTAL DISCLOSURES
Interest paid
$ 1,837,444
$ 2,094,165
Income taxes paid
—
—
NON-CASH INVESTING AND FINANCIAL DISCLOSURES
Accrued interest converted to long-term debt
$ 4,994,572
$ 4,360,073
Non-cash investment in proved and unproved properties in accounts payable
—
1,794,071
Revision to asset retirement obligation
4,820,851
—
SOURCE Dune Energy, Inc.
Copyright 2013 PR Newswire
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