Eos Petro's Tender Offer to Acquire Dune Energy Expires

LOS ANGELES, CA--(Marketwired - Mar 10, 2015) - Eos Petro, Inc. ("Eos") (OTCQB: EOPT) has announced that, due to unforeseen contractions and instability in energy commodities markets, it has permitted its tender offer to acquire all outstanding shares of Dune Energy, Inc. ("Dune") (OTCQB: DUNR) to expire without renewal. No shares of Dune were purchased in the tender offer.

"Despite our good faith, best efforts to renegotiate the terms of the acquisition, the boards of Eos Petro and Dune Energy were unable to reach an agreement that could be properly financed after the drop in the price of oil," said Martin Oring, CEO of Eos. "Negative outside market forces beyond either companies' control rendered the original terms of the acquisition unworkable, and Eos therefore believes that it has not breached its obligations under the terms of the merger agreement."

On September 17, 2014, the day Dune and Eos entered into a formal merger agreement for the commencement of the tender offer, WTI crude oil prices were $94.33 per barrel. Today, over five months later, oil prices are approximately 40% lower and down approximately 54% from summer peak prices. The resulting reduced profit potential and weakened credit statistics directly impacted Dune's financial forecasts and valuation, to the point that the terms for the acquisition of Dune originally proposed on September 17, 2014 were rendered untenable.

About Eos
Eos Petro, Inc. is a U.S. listed company that is in the business of acquiring, exploring and developing oil and gas-related assets, both domestically and internationally. Eos' current, active properties are located in the Illinois Basin. For further information, please visit the company's website at www.eos-petro.com.

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