Dune Energy Inc., Houston, (Amex: DNE) has canceled its plans to acquire the remaining 1,600 acres in assets in North Texas from Texas-based Voyager Partners Ltd. for a total of $25.8 million. Dune acquired an initial $7 million worth of properties in the Barnett Shale on Oct. 10 and planned to acquire the remaining properties in Denton County valued at $25.8 million by Jan. 19. Voyager owed $1.35 million in outstanding obligations owed to Dune. Dune released and discharged the obligations in exchange for an undivided 5% working interest in the Barnett Shale properties 95% owned by Dune prior to the conveyance.
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