Dune Energy extends tender offer for American Natural Energy's defaulted 8% convertibles

By Angela McDaniels

Seattle, Jan. 29 - Dune Energy, Inc. extended the tender offer for the 8% convertible secured debentures of American Natural Energy Corp. to midnight ET on Feb. 9 from Jan. 31, according to a company news release.

As of Jan 31, noteholders had tendered $3.035 million principal amount of the debentures, or 39% of the notes outstanding.

The company will pay 282 shares of Dune common stock per $1,000 principal amount of debentures tendered.

The tender consideration was determined on Jan. 29 and is equal to 55% of the principal amount then 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 - $4.79 million of which remain 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. On Jan. 31, the company waived the condition that a minimum of $6 million debentures be tendered.

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

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

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