May 13, 2009 (FinancialWire) — Dune Energy, Inc. (AMEX: DNE) (Current Market Cap: US$23.68 Mil.) has agreed to a deal with American Natural Energy Corp. (TSX: ANR.U) under which ANEC will re-purchase and retire $7.8 million of its 8% secured debentures held by Dune, and acquire Dune’s interest in producing wells and certain leasehold rights in the Bayou Couba field.

The deal will also allow ANEC to resume operations at the Bayou Couba field and, according to ANE, “settle outstanding issues between the companies.”

In exchange, ANEC will assign a portion of certain deep rights held by ANEC and pay Dune a total of $1.3 million with $1 million due at closing and an additional $300,000 due in quarterly payments beginning 90 days after resuming operations of the field.

According to ANEC, the transactions are scheduled to close no later than July 31.

Tulsa, Oklahoma-based American Natural Energy is an independent exploration and production company with operations in St. Charles Parish, Louisiana.

Houston-based Dune Energy is an independent exploration and development company with operations focused along the Louisiana and Texas Gulf Coast. In 2007 Dune acquired Goldking Energy for $320.5 million.

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