DUNE ENERGY ANNOUNCES PRICING ON TENDER OFFER FOR DEBENTURES ISSUED BY AMERICAN
NATURAL ENERGY CORPORATION

Houston, Texas, January 29, 2007 - Dune Energy, Inc. ("Dune" or the "Company")
(AMEX: DNE) announced today the pricing for its tender offer seeking to purchase
all of the outstanding 8% Convertible Secured Debentures (the "Debentures")
issued by American Natural Energy Corp. ("ANEC") previously announced on
December 28, 2006.

      Pursuant to the Offer to Purchase, as consideration for the Debentures,
Dune offered to pay to the holders thereof, such number of shares of Dune's
common stock, equal to fifty-five percent (55%) of the principal amount
outstanding on those Debentures that are validly tendered, divided by the
average closing stock price of Dune's common stock for the ten trading days
ending January 26, 2007. Based on this formula, as more particularly set forth
in the Offer to Purchase, the purchase price to be paid for any Debenture
tendered and accepted in the offer has been fixed at 282 shares of Dune's common
stock per $1,000 principal amount of Debentures.

      THIS RELEASE IS MERELY A NOTIFICATION OF PRICING ON AN EXISTING TENDER
OFFER AND IS NOT AN OFFER FOR THE TENDER OF SUCH SECURITIES. UNDER NO
CIRCUMSTANCES SHALL THIS PRESS RELEASE CONSTITUTE AN OFFER TO BUY OR THE
SOLICITATION OF AN OFFER TO SELL THE DEBENTURES OR ANY OTHER SECURITIES OF ANEC.
THE TENDER OFFER IS BEING MADE SOLELY BY DUNE'S OFFER TO PURCHASE AND RELATED
OFFER DOCUMENTS, WHICH HAVE BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION BY DUNE, AND ARE PUBLICLY AVAILABLE ON THE COMMISSION'S WEB SITE AT
www.sec.gov.

      The Tender Offer will expire on January 31, 2007, unless extended by the
Company. Debenture holders seeking additional information on the Tender Offer
may call toll free 1-800-510-8533.

About Dune Energy

Houston-based Dune Energy is a rapidly growing E&P company with oil and gas
exploration and development concentrated along the Louisiana/Texas Gulf Coast as
well as the Fort Worth Basin Barnett Shale. Additional information is available
at www.duneenergy.com.

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 filed with the U.S. Securities and Exchange Commission.