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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1092839	Dune Energy Inc	DNE	Oil & Gas Field Services, Nec (1389)	954737507

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1114446	Ag Ubs	Bahnofstrasse 45 Zurich V8 CH-8021		No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2010-01-06	81,506	$0.25	32,690,904	No	4	S	Direct
Common Stock	Disposition	2010-01-07	19,025	$0.25	33,450,241	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Direct
No	4	S	Direct

Footnotes

The number of Common Shares beneficially owned is reported as of January 7, 2010 and consists of 31,902,189 Common Shares underlying 10% Senior Redeemable Convertible Preferred Stock (the "Preferred Stock") and 1,548,052 Common Shares. As of January 7, 2010 each share of Preferred Stock converts into 114.29 Common Shares plus a make-whole premium as of January 7, 2010 amounting to an additional 267.67 Common Shares for 1 share of Preferred Stock.
The make whole premium is equal to the discounted net present value of future dividends (until June 2010) divided by the Volume Weighted Average Price (VWAP) of the common stock for the last 10 trading days prior to the conversion date discounted 10%. Therefore, the make whole premium fluctuates with the changes in the price of the Common Shares and the amount of future dividends.
The number of Common Shares beneficially owned is reported as of January 7, 2010 and consists of 31,902,189 Common Shares underlying 10% Senior Redeemable Convertible Preferred Stock (the "Preferred Stock") and 1,548,052 Common Shares. The increased holding is due primarily to a decrease in the VWAP of the Common Share price, which entitles the holders of the Preferred Stock to an increased amount of Common Shares as part of the future dividends, thereby increasing the reportable position.