May 15, 2007: Shareholders sold their shares of Goldking to Dune Energy for $328.5 million, consisting of $310.5 million in cash and $18.0 million in Dune common stock. The Goldking properties were located onshore the Louisiana and Texas Gulf Coast, and consisted of interests in 23 fields and 136 producing wells. Goldking operated more than 90% of its production, and maintained a 100% working interest in many of the more significant properties. Based upon the total purchase price of $328.5 million, the implied price Dune paid to Goldking shareholders was $2.92 per Mcfe of proved reserves.

September 29, 2006: Goldking acquired oil and natural gas working interests in certain oil and natural gas properties located in Louisiana and Texas from three partnerships managed by Hilcorp Energy Company for approximately $126.0 million. The Louisiana properties consisted of ten fields located in eight South Louisiana parishes. The Texas properties include four fields in the central Gulf Coast area that are all operated with working interests. Total net proved reserves for the Hilcorp Properties were estimated as of September 1, 2006 to be 3.4 million barrels of oil and 34,474 Mmcf of natural gas, or 54.8 Bcf of natural gas equivalent after converting oil to natural gas using a ratio of 6 to 1.

October 31, 2005: Goldking acquired oil and natural gas working interests in certain South Louisiana and Texas Gulf Coast oil and natural gas properties from EnerVest Energy, L.P. for a net purchase price of approximately $89.0 million. The Bayou Properties consisted of working interests in the Bateman Lake, Broussard North, Leeville and Garden Island Bay Fields which are located in various parishes in South Louisiana, and the Chocolate Bayou Field in Brazoria County, Texas. Substantially all of the Bayou Properties were operated by Goldking since the acquisition. Total net proved reserves were estimated at the time of purchase to be 5.2 million barrels of oil and 30,240 Mmcf of natural gas, or 61.2 Bcf of natural gas equivalent after converting oil to natural gas using a ratio of 6 to 1.

December 15, 2004: Goldking acquired oil and natural gas working interests in certain oil and gas properties constituting the Live Oak Field in Vermillion Parish, Louisiana from Dunhill Exploration & Production, LLC for a net purchase price of approximately $6.0 million. The acquisition consisted of approximately 11,200 net leasehold acres and included working interests in seven operated producing wells, with total net proved reserves estimated as of the acquisition date to be 273,000 barrels of oil and 1,985 Mmcf of natural gas, or 3.6 Bcf of natural gas equivalent after converting oil to natural gas using a ratio of 6 to 1.