HOUSTON, June 25 /PRNewswire-FirstCall/ -- Dune Energy,
Inc. (NYSE Amex: DNE) today announced they have notified NYSE AMEX
(the "Exchange") of the Company's intent to voluntarily withdraw
its common stock from listing on the Exchange, par value
$0.001 per share (the "Common
Stock"), from the Exchange by filing a Form 25 with the Securities
and Exchange Commission on or about July 6,
2010, with an anticipated effective date on or about
July 16, 2010.
After such withdrawal, the Company intends for the Common Stock
to be quoted on the OTC Bulletin Board and has requested that
Lazard Capital Market LLC make the necessary regulatory filings to
enable it to publish bids and offers for the Company's equity
securities on the OTC Bulletin Board. The OTC Bulletin Board
is an electronic quotation system maintained by Financial Industry
Regulatory Authority (FINRA) that displays real-time quotes, last
sale prices and volume information for many over-the counter
securities that are not listed on a national securities exchange.
In the absence of any quotation on the OTC Bulletin Board by the
anticipated effective date for delisting on the Exchange, the
Common Stock will trade and be accessible to investors on the
Pink OTC Markets (formerly known as the Pink Sheets), an electronic
quotation system maintained by Pink OTC Markets Inc., a privately
owned company not registered with the SEC.
The Company intends to remain an SEC reporting company and for
the Common Stock to remain a registered class of securities under
Section 12(b) of the Securities Exchange Act of 1934, as
amended.
The Company had been subject to delisting by the Exchange since
June 15, 2010 when it failed to
regain compliance with the Exchange's continued listing
requirements consistent with, and within the timeframe allotted by,
its plan of compliance previously submitted and accepted by the
Exchange. As formerly disclosed, the Exchange first notified
the Company in December 2009 that it
was not in compliance with Section 1003(a) of the Exchange's
continuing listing requirements as a result of inadequate market
value of the Company's stockholders' equity, losses from continued
operations and recurring net losses in recent fiscal years.
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FORWARD-LOOKING STATEMENTS: This document includes
forward-looking statements that are intended to be covered by
"forward-looking statements" safe harbor provided by the Private
Securities Litigation Reform Act of 1995. All statements
included in this press release that address activities, events or
developments that Dune Energy expects, believes or anticipates will
or may occur in the future are 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 that 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.