Dune Energy Inc., Houston, (Amex: DNE) has acquired Houston-based Goldking Energy Corp. for $302.5 million in cash and $18 million in stock in a total deal valued at $320.5 million. Goldking has properties on more than 65,000 net acres onshore the Gulf Coast of Louisiana and Texas. Proved reserves are 112.4 billion cubic feet of gas equivalent (56% gas, 48.5 billion proved developed producing) and net probable reserves of 35.5 billion cubic feet equivalent in 14 locations. Production for the combined entity is 30 million cubic feet equivalent per day. Dune now has proved reserves of approximately 142 billion cubic feet equivalent (41% proved developed, 63% gas) and assets covering 28 fields along the Gulf Coast and on the fairway of the north Barnett shale play, Fort Worth Basin, Texas.
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