DUNE ENERGY INC

CIK:0001092839|SEC Filings

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Oil and gas revenues	$ 11,038,760	$ 13,706,257	$ 36,121,081	$ 42,611,399
Other revenues				963,150
Total revenues	11,038,760	13,706,257	36,121,081	43,574,549
Operating expenses:
Lease operating expense and production taxes	5,621,961	5,677,034	16,922,272	20,084,684
Accretion of asset retirement obligation	546,684	402,732	1,640,052	1,208,196
Depletion, depreciation and amortization	3,389,895	5,183,118	10,193,900	13,144,822
General and administrative expense	2,495,340	2,924,299	7,804,090	8,641,758
Impairment of oil and gas properties		22,250,000	29,351,000	22,250,000
Loss on settlement of asset retirement obligation liability			761,464
Remediation costs		4,284,246		4,586,000
Total operating expense	12,053,880	40,721,429	66,672,778	69,915,460
Operating loss	(1,015,120)	(27,015,172)	(30,551,697)	(26,340,911)
Other income (expense):
Other income	202	82	10,695	774
Interest expense	(3,123,462)	(2,541,193)	(8,721,936)	(7,460,381)
Gain (loss) on derivative instruments	400,598	(809,439)	(165,003)	(1,116,741)
Total other income (expense)	(2,722,662)	(3,350,550)	(8,876,244)	(8,576,348)
Net loss	$ (3,737,782)	$ (30,365,722)	$ (39,427,941)	$ (34,917,259)
Net loss per share:
Basic and diluted	$ (0.05)	$ (0.42)	$ (0.54)	$ (0.54)
Weighted average shares outstanding:
Basic and diluted	74,008,952	71,907,952	73,595,356	64,779,930

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
Consolidated Statements of Cash Flows (USD $)	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (39,427,941)	$ (34,917,259)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depletion, depreciation and amortization	10,193,900	13,144,822
Amortization of deferred financing costs	665,130	604,018
Stock-based compensation	1,895,424	1,763,135
Loss on settlement of asset retirement obligation liability	761,464
Accretion of asset retirement obligation	1,640,052	1,208,196
Impairment of oil and gas properties	29,351,000	22,250,000
Remediation costs		4,586,000
Unrealized loss (gain) on derivative instruments	(58,561)	1,088,427
Changes in:
Accounts receivable	421,284	(2,223,214)
Prepayments and other assets	1,799,782	4,768,845
Payments made to settle asset retirement obligations	(330,985)	(196,314)
Accounts payable and accrued liabilities	760,389	9,266,089
NET CASH PROVIDED BY OPERATING ACTIVITIES	7,670,938	21,342,745
CASH FLOWS FROM INVESTING ACTIVITIES
Cash investment in proved and unproved properties	(18,997,774)	(40,435,570)
Purchase of furniture and fixtures	(3,033)	(146,963)
Increase in other assets	(654,037)	(983,647)
NET CASH USED IN INVESTING ACTIVITIES	(19,654,844)	(41,566,180)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term debt	15,000,000
Purchase of treasury stock	(74,333)
Payments on short-term debt	(2,088,390)	(1,623,541)
Increase in long-term debt issuance costs	(16,967)	(116,617)
Proceeds from sale of common stock		20,000,000
Common stock issuance costs		(233,516)
Payments on long-term debt		(19,000,000)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	12,820,310	(973,674)
NET CHANGE IN CASH BALANCE	836,404	(21,197,109)
Cash balance at beginning of period	3,251,371	22,793,916
Cash balance at end of period	4,087,775	1,596,807
SUPPLEMENTAL DISCLOSURES
Interest paid	2,457,468	1,837,444
Income taxes paid
NON-CASH INVESTING AND FINANCIAL DISCLOSURES
Accrued interest converted to long-term debt	5,602,886	4,994,572
Prepaid insurance financed with debt	1,821,925
Revision to asset retirement obligation		$ 4,820,851

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash	$ 4,087,775	$ 3,251,371
Accounts receivable	6,868,569	7,258,425
Current derivative asset	66,105	7,544
Prepayments and other current assets	1,421,090	1,398,947
Total current assets	12,443,539	11,916,287
Oil and gas properties, using successful efforts accounting-proved	312,743,613	293,745,839
Less accumulated depreciation, depletion, amortization and impairment	(101,441,105)	(61,927,723)
Net oil and gas properties	211,302,508	231,818,116
Property and equipment, net of accumulated depreciation of $290,153 and $227,207	92,990	152,903
Deferred financing costs, net of accumulated amortization of $2,252,034 and $1,586,904	1,187,580	1,835,743
Other assets	4,437,349	3,783,312
Other Assets, Noncurrent, Total	5,717,919	5,771,958
TOTAL ASSETS	229,463,966	249,506,361
Current liabilities:
Accounts payable	6,153,568	10,139,205
Accrued liabilities	10,280,662	9,895,057
Current maturities on long-term debt (see note 4)	37,728,430	994,895
Total current liabilities	54,162,660	21,029,157
Long-term debt (see note 4)	67,783,825	84,180,940
Other long-term liabilities	22,277,718	21,449,651
Total liabilities	144,224,203	126,659,748
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $.001 par value, 1,000,000 shares authorized, 250,000 shares undesignated, no shares issued and outstanding
Common stock, $.001 par value, 4,200,000,000 shares authorized, 74,008,952 and 72,644,643 shares issued	74,009	72,645
Treasury stock, at cost (223,760 and 145,270 shares)	(298,154)	(223,821)
Additional paid-in capital	179,726,634	177,832,574
Accumulated deficit	(94,262,726)	(54,834,785)
Total stockholders' equity	85,239,763	122,846,613
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 229,463,966	$ 249,506,361