Eos Petro to acquire Dune Energy

Dune Energy Inc.

Dune Energy Inc. (OTCBB:DUNR) has entered into a definitive agreement with Eos Petro Inc. (OTCBB:EOPT), whereby Eos will acquire all of the outstanding shares of the company for $0.30 per share in cash pursuant to an agreement and plan of merger dated Sept. 17.

Under the terms of the agreement, Eos, through a merger subsidiary, will begin a tender offer no later than Oct. 9 for all outstanding common stock of the company for $0.30 per share in cash. The tender offer will expire on the 20th business day following and including the commencement date, unless extended in accordance with the terms of the agreement and the applicable rules and regulations of the Securities and Exchange Commission.

Following the completion of the tender offer, the parties will complete a second-step merger in which any remaining shares of the company will be converted into the right to receive the same price per share paid in the tender offer. Eos will negotiate with the management team at Dune to have them become a part of Eos' management team, and expects James Watt to become the president and CEO of Eos at the closing of the merger.

In connection with the transaction, Perella Weinberg Partners served as financial advisors to the company, and Haynes and Boone LLP served as legal counsel. Global Hunter Securities LLC served as financial advisors to Eos, and Baker Hostetler LLP served as its legal counsel.

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