White Marlin Oil and Gas Company announced today that it has sealed the acquisition of assets of Dune Energy, Inc., Dune Operating Company, and Dune Properties, Inc July 27, 2015.
The closing of the asset sale followed the July 10, 2015 Bankruptcy Court Order approving the sale of certain Dune assets to White Marlin pursuant to the terms of the Purchase and Sale Agreement (“PSA”) by and between Dune and White Marlin dated June 24, 2015. As described in the PSA, White Marlin purchased Dune’s interests in the following 11 fields: Abbeville North, Bayou Couba, Chocolate Bayou, Comite, Lake Boeuf SW, Leeville, Los Mogotes, Malo Domingo, Manchester SW, Manchester W, and Toro Grande. Per the terms of the PSA, White Marlin paid $19 million for the assets. White Marlin estimates the assets were producing approximately 626 Boe/day net as of the July 1, 2015 effective date of the transaction.
Baker & McKenzie LLP represented White Marlin in the acquisition process.
Terry Clark, White Marlin’s President and CEO commented, “The acquisition of these core producing properties from Dune Energy is another step forward in our plan to increase investor value and net income from our Texas and Louisiana Gulf Coast strategic asset focus. We will continue to grow White Marlin through acquisitions and drilling while positioning our Company to outpace its competitors.”