Dune Energy prices tender consideration for American Natural Energy's defaulted 8% convertibles

By Angela McDaniels

Seattle, Jan. 29 - Dune Energy, Inc. said it will pay 282 shares of Dune common stock per $1,000 principal amount of American Natural Energy Corp.'s 8% convertible secured debentures tendered during a tender offer that expires on Jan. 31.

The tender consideration is equal to 55% of the principal amount outstanding on the debentures that are validly tendered, divided by the average closing stock price of Dune's common stock for the 10 trading days ended Jan. 26.

The debentures, of which there are $7.825 million outstanding, matured on Sept. 30, 2006 and are now in default.

The debentures are convertible into shares of American Natural Energy common stock at $0.15 per share and are secured by substantially all of American Natural Energy's assets.

The tender offer began on Dec. 28 and is subject to several conditions including the valid tender of no less than $6 million of the debentures.

Debenture holders seeking more information on the tender offer may call (800 510-8533), according to a company news release.

Houston-based Dune Energy and Tulsa, Okla.-based American Natural Energy are oil and gas exploration and production companies.

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