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Dune Energy Hires Rick Mourglia as Sr. Vice President Land and General Counsel

2008-08-04 13:47:00

Dune Energy Hires Rick Mourglia as Sr. Vice President Land and General Counsel

    HOUSTON, Aug. 4 /EMWNews/ -- Dune Energy, Inc. (Amex: DNE)

announced it has hired Richard H. Mourglia as Sr. Vice President Land and

Corporate General Counsel effective August 1, 2008. Mr. Mourglia began his

career as a landman including heading his own company from 1984 to 1990. He

received his law degree in 1990 from South Texas College of Law. From 1990

to the present he has worked with major legal firms on oil and gas

transactional matters. Mr. Mourglia received his BBA in Finance from the

University of Texas at Austin.

    In addition, Mr. Rick Castagno has been promoted to Vice President,

Reservoir Engineering and Development Geology. Mr. Castagno will report to

Hal Bettis, Executive Vice President and Chief Operating Officer. Mr. James

Gagliardi, Sr. Vice President Exploration will now focus his full attention

on developing deeper pool tests and subsalt wells around several of the

company's major salt dome fields. Mr. Bettis, Mourglia and Gagliardi will

all report to Mr. Watt, President and CEO of the company.

    As part of the company's shareholder approved 2007 stock incentive

program, grants totaling almost 3 million shares were provided to all

employees and directors. These grants are designed to align employees'

financial interests with those of the shareholders. The grant shares vest

over 3 years. As detailed in the 8-K of this same date, as part of this

program, Mr. Gaines and Mr. Watt received a grant of 314,000 shares each,

Mr. Bettis and Mr. Smith received a grant of 149,000 shares each, and Mr.

Mourglia received 129,000 shares. Each non-management board member received


    James A. Watt commented, "We are excited to have Rick join the Dune

team. Mr. Bettis and his team will focus on our major exploitative and

development opportunities within our existing fields. Mr. Gagliardi will

refine the technical details of several deep drilling opportunities along

with developing new prospects. Mr. Mourglia will create the partnership

structures to implement our planned drilling programs. Our technical team

is highly experienced in all areas of exploration, exploitation, production

and drilling within the Gulf Coast and work together using these talents to

create shareholder value."

    FORWARD-LOOKING STATEMENTS: This document includes forward-looking

statements. Forward-looking statements include, but are not limited to,

statements concerning estimates of expected drilling and development wells

and associated costs, statements relating to estimates of, and increases

in, production, cash flows and values, statements relating to the continued

advancement of Dune Energy, Inc.'s projects and other statements which are

not historical facts. When used in this document, the words such as

"could," "plan," "estimate," "expect," "intend," "may," "potential,"

"should," and similar expressions are forward-looking statements. Although

Dune Energy, Inc. believes that its expectations reflected in these

forward-looking statements are reasonable, such statements involve risks

and uncertainties and no assurance can be given that actual results will be

consistent with these forward-looking statements. Important factors that

could cause actual results to differ from these forward-looking statements

include the potential that the Company's projects will experience

technological and mechanical problems, geological conditions in the

reservoir may not result in commercial levels of oil and gas production,

changes in product prices and other risks disclosed in Dune's Annual report

on Form 10-KSB/A filed with the U.S. Securities and Exchange Commission.

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Blake Masterson

Freelance Writer, Journalist and Father of 5

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