{"success":true,"data":{"pressRelease":{"id":"170390","rtpr_id":"nNFCcfCFH1-20261015","ticker":"DUNE","exchange":"","all_tickers":["DUNE"],"title":"Dune Advances M47 Seismic Program, Extends Farm-In Work Commitment, and Announces Settlement Agreement and Private Placement","author":"Newsfile Corp","published_at":"2026-10-15T12:50:18.166Z","article_body":"Vancouver, British Columbia--(Newsfile Corp. - October 15, 2026) - Dune Oil\nCorp. (CSE: DUNE) (OTCQB: DUNXF) (FSE: Z621) (\"Dune\" or the \"Company\") is\npleased to announce an advance payment to commence its 2026 seismic program\nand contractor selection, payment timeline updates for its earn-in agreement\nto the M47c,d oil block (the \"M47 Block\"), a private placement, and a loan\nsettlement agreement. The M47 Block is an onshore oil block in the Cudi-Gabar\npetroleum province of southeastern Türkiye — a rapidly growing oil\nexploration and production fairway.\n\nSeismic Advancement Payment and Revised Work Program Payment Schedule\n\nThe Company recently advanced US$200,000 for seismic commencement and has\nagreed to advance another US$4.1 million for the initial 2027 post-seismic\nwork program, on or before November 15, 2026. Under the revised farm-in\nagreement, no further payments are due until November 15, 2027. Other material\nterms and conditions of the earn-in as previously announced by the Company\nremain unchanged.\n\nIn connection with the new seismic work, several bids were received and\nevaluated before final vendor selection. Acquisition will use nodal recording\ntechnology. Based on the tendered contract terms, the program budget is an\nestimated US$600,000 net to Dune, of which US$200,000 has now been advanced\nfor kick-off.\n\nThe current seismic program will set the stage for the 2027 work program and\ndevelopment activities. The program is expected to generate several additional\ndrillable exploration locations in the South Lead area and, furthermore,\ndevelopment locations in the North Lead. Following seismic interpretation, the\nCompany expects to finalize and announce new drilling locations in both areas.\n\nLoan Settlement and US$3M Net Gain\n\nDune has entered into a settlement agreement with TR1 Master Fund, allowing it\nto retire US$3,681,350 of debt from its balance sheet and record a\nUS$2,977,125 net gain on settlement, upon payment of the settlement amount by\nthe agreed-upon time. The TR1 loan dates to July 1, 2023, and the Company\nexpects to pay the settlement no later than November 30, 2026. The Company\nconditionally agreed to settle all its claims against the TR1 Master Fund in\nconnection with the settlement agreement. The settlement agreement removes a\nsignificant liability from the Company's balance sheet.\n\nScott Lower, President and Chief Executive Officer of Dune Oil Corp., stated:\n\"We are pleased to report on these positive developments towards kicking off\nwork programs on the M47 Block. Selecting the seismic contractor and\ncommencing work moves the program from tender to execution. The survey is\ndesigned to clarify subsurface faulting and traps, and provide other useful\ndata. Once interpreted, these results will be used to set out drilling\nprograms for 2027.\"\n\nPrivate Placement Closed on Upsized Amount and Debt Settlement\n\nFurther to its April 17, June 9, July 29 and September 15, 2026, news\nreleases, the Company has upsized its previously announced non-brokered\nprivate placement (the \"Offering\") to up to CAD$4,000,000, including amounts\nclosed to date and debt settlements. On the same terms, the Offering will\nissue up to 26,666,667 units (the \"Units\") at CAD$0.15 each. Each Unit\ncomprises one common share (a \"Share\") and half a share purchase warrant (each\nwhole warrant, a \"Warrant\"). Each Warrant is exercisable at CAD$0.25 per share\nfor one year from issuance. Proceeds will support ongoing work on the M47 oil\nexploration block, investor relations, expenses, working capital and general\ncorporate purposes. The private placement is expected to be fully closed on or\nbefore October 20, 2026.\n\nThe Company proposes to settle CAD$950,750 in debt owed to directors,\nofficers, management and consultants by issuing 6,338,333 common shares at\nCAD$0.15 each (the \"Debt Settlement\"). The shares will be subject to a\nfour-month-and-one-day hold period under applicable securities laws and\nCanadian Securities Exchange (CSE) policies. The Offering and Debt Settlement\nare subject to applicable CSE approval. The securities have not been\nregistered under the United States Securities Act of 1933, as amended, and may\nnot be offered or sold in the United States absent registration or an\napplicable exemption from registration requirements.\n\nAbout Dune Oil Corp.\n\nDune Oil Corp. is a Canadian oil exploration company focused on Türkiye. The\nCompany holds a 29% earn-in working interest in the M47 oil exploration block\n(C3 and C4 licences) located in the Cudi-Gabar petroleum province of\nsoutheastern Türkiye. More information may be found on www.sedarplus.ca and\non the Company's website at www.duneoil.ca.\n\nRequests for further information should be directed to:\nScott Lower, President and Chief Executive Officer\nBrian Park, VP Finance\n\nDune Oil Corp.\nSuite 700, 838 West Hastings Street\nVancouver, B.C., V6C 0A6\nPhone: 1-778-819-1585\nEmail: info@duneoil.ca\nWebsite: www.duneoil.ca\n\nCautionary Statement Regarding Forward-Looking Information\n\nThis news release contains \"forward-looking information\" within the meaning of\napplicable Canadian securities laws, including statements regarding the\nrevised payment schedule under the farm-in agreement, including the advance of\nUS$4.1 million on or before November 15, 2026; the Company's ability to meet\nthose commitments; the planned seismic program, its budget and the\nannouncement of drilling locations; the 2027 work program; the payment of the\nsettlement amount under the settlement agreement, its timing and the gain\nexpected to be recorded on settlement; and the private placement and the Debt\nSettlement. This information reflects the Company's current expectations and\nis subject to risks and uncertainties, including that the Company may be\nunable to obtain the financing required to meet its funding commitments on the\nextended timelines or at all; that the seismic program may be delayed or\nexceed its budget; exploration, drilling and operational risk; the risk that\nseismic results differ from current interpretations; that the Company may be\nunable to fund the settlement payment when due, in which case the receiver may\ntake out judgment for the full loan amount; that the private placement and the\nDebt Settlement may not close on the anticipated terms or at all; commodity\nprice volatility; and Türkiye regulatory, JOC partner, financing and currency\nrisks. Readers should not place undue reliance on forward-looking information,\nwhich is made as of the date hereof; the Company disclaims any obligation to\nupdate it except as required by applicable securities law.\n\nNeither the Canadian Securities Exchange nor its regulation services provider\naccepts responsibility for the adequacy or accuracy of this news release.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/319171","article_body_html":"","raw_payload":{"data":{"id":"nNFCcfCFH1-20261015","title":"Dune Advances M47 Seismic Program, Extends Farm-In Work Commitment, and Announces Settlement Agreement and Private Placement","author":"Newsfile Corp","ticker":"DUNE","created":"2026-10-15T12:50:18.166Z","tickers":["DUNE"],"exchange":"","article_body":"Vancouver, British Columbia--(Newsfile Corp. - October 15, 2026) - Dune Oil\nCorp. (CSE: DUNE) (OTCQB: DUNXF) (FSE: Z621) (\"Dune\" or the \"Company\") is\npleased to announce an advance payment to commence its 2026 seismic program\nand contractor selection, payment timeline updates for its earn-in agreement\nto the M47c,d oil block (the \"M47 Block\"), a private placement, and a loan\nsettlement agreement. The M47 Block is an onshore oil block in the Cudi-Gabar\npetroleum province of southeastern Türkiye — a rapidly growing oil\nexploration and production fairway.\n\nSeismic Advancement Payment and Revised Work Program Payment Schedule\n\nThe Company recently advanced US$200,000 for seismic commencement and has\nagreed to advance another US$4.1 million for the initial 2027 post-seismic\nwork program, on or before November 15, 2026. Under the revised farm-in\nagreement, no further payments are due until November 15, 2027. Other material\nterms and conditions of the earn-in as previously announced by the Company\nremain unchanged.\n\nIn connection with the new seismic work, several bids were received and\nevaluated before final vendor selection. Acquisition will use nodal recording\ntechnology. Based on the tendered contract terms, the program budget is an\nestimated US$600,000 net to Dune, of which US$200,000 has now been advanced\nfor kick-off.\n\nThe current seismic program will set the stage for the 2027 work program and\ndevelopment activities. The program is expected to generate several additional\ndrillable exploration locations in the South Lead area and, furthermore,\ndevelopment locations in the North Lead. Following seismic interpretation, the\nCompany expects to finalize and announce new drilling locations in both areas.\n\nLoan Settlement and US$3M Net Gain\n\nDune has entered into a settlement agreement with TR1 Master Fund, allowing it\nto retire US$3,681,350 of debt from its balance sheet and record a\nUS$2,977,125 net gain on settlement, upon payment of the settlement amount by\nthe agreed-upon time. The TR1 loan dates to July 1, 2023, and the Company\nexpects to pay the settlement no later than November 30, 2026. The Company\nconditionally agreed to settle all its claims against the TR1 Master Fund in\nconnection with the settlement agreement. The settlement agreement removes a\nsignificant liability from the Company's balance sheet.\n\nScott Lower, President and Chief Executive Officer of Dune Oil Corp., stated:\n\"We are pleased to report on these positive developments towards kicking off\nwork programs on the M47 Block. Selecting the seismic contractor and\ncommencing work moves the program from tender to execution. The survey is\ndesigned to clarify subsurface faulting and traps, and provide other useful\ndata. Once interpreted, these results will be used to set out drilling\nprograms for 2027.\"\n\nPrivate Placement Closed on Upsized Amount and Debt Settlement\n\nFurther to its April 17, June 9, July 29 and September 15, 2026, news\nreleases, the Company has upsized its previously announced non-brokered\nprivate placement (the \"Offering\") to up to CAD$4,000,000, including amounts\nclosed to date and debt settlements. On the same terms, the Offering will\nissue up to 26,666,667 units (the \"Units\") at CAD$0.15 each. Each Unit\ncomprises one common share (a \"Share\") and half a share purchase warrant (each\nwhole warrant, a \"Warrant\"). Each Warrant is exercisable at CAD$0.25 per share\nfor one year from issuance. Proceeds will support ongoing work on the M47 oil\nexploration block, investor relations, expenses, working capital and general\ncorporate purposes. The private placement is expected to be fully closed on or\nbefore October 20, 2026.\n\nThe Company proposes to settle CAD$950,750 in debt owed to directors,\nofficers, management and consultants by issuing 6,338,333 common shares at\nCAD$0.15 each (the \"Debt Settlement\"). The shares will be subject to a\nfour-month-and-one-day hold period under applicable securities laws and\nCanadian Securities Exchange (CSE) policies. The Offering and Debt Settlement\nare subject to applicable CSE approval. The securities have not been\nregistered under the United States Securities Act of 1933, as amended, and may\nnot be offered or sold in the United States absent registration or an\napplicable exemption from registration requirements.\n\nAbout Dune Oil Corp.\n\nDune Oil Corp. is a Canadian oil exploration company focused on Türkiye. The\nCompany holds a 29% earn-in working interest in the M47 oil exploration block\n(C3 and C4 licences) located in the Cudi-Gabar petroleum province of\nsoutheastern Türkiye. More information may be found on www.sedarplus.ca and\non the Company's website at www.duneoil.ca.\n\nRequests for further information should be directed to:\nScott Lower, President and Chief Executive Officer\nBrian Park, VP Finance\n\nDune Oil Corp.\nSuite 700, 838 West Hastings Street\nVancouver, B.C., V6C 0A6\nPhone: 1-778-819-1585\nEmail: info@duneoil.ca\nWebsite: www.duneoil.ca\n\nCautionary Statement Regarding Forward-Looking Information\n\nThis news release contains \"forward-looking information\" within the meaning of\napplicable Canadian securities laws, including statements regarding the\nrevised payment schedule under the farm-in agreement, including the advance of\nUS$4.1 million on or before November 15, 2026; the Company's ability to meet\nthose commitments; the planned seismic program, its budget and the\nannouncement of drilling locations; the 2027 work program; the payment of the\nsettlement amount under the settlement agreement, its timing and the gain\nexpected to be recorded on settlement; and the private placement and the Debt\nSettlement. This information reflects the Company's current expectations and\nis subject to risks and uncertainties, including that the Company may be\nunable to obtain the financing required to meet its funding commitments on the\nextended timelines or at all; that the seismic program may be delayed or\nexceed its budget; exploration, drilling and operational risk; the risk that\nseismic results differ from current interpretations; that the Company may be\nunable to fund the settlement payment when due, in which case the receiver may\ntake out judgment for the full loan amount; that the private placement and the\nDebt Settlement may not close on the anticipated terms or at all; commodity\nprice volatility; and Türkiye regulatory, JOC partner, financing and currency\nrisks. Readers should not place undue reliance on forward-looking information,\nwhich is made as of the date hereof; the Company disclaims any obligation to\nupdate it except as required by applicable securities law.\n\nNeither the Canadian Securities Exchange nor its regulation services provider\naccepts responsibility for the adequacy or accuracy of this news release.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/319171"},"type":"article","timestamp":"2026-10-15T12:50:18.213217164Z","server_sent_at_ms":1792068618213},"received_at":"2026-10-15T12:50:18.263Z","source_url":"https://www.newsfilecorp.com/release/319171"},"analysis":{"id":"158580","press_release_id":"170390","analysis_json":{"industry":{"label":"Oil, Gas & Consumable Fuels","sector":"Energy"},"redFlags":["US$4.1M work-program payment due Nov 15, 2026 may strain financing capacity","failure to fund the TR1 settlement could trigger judgment for the full loan amount","significant share dilution: up to 26.7M units plus 6.3M debt-settlement shares at CAD$0.15","conditional gain recognition depends on timely settlement payment"],"eventType":"operations_update","narrative":"Dune Oil advanced US$200,000 to kick off its M47 Block seismic program in southeastern Türkiye and agreed to pay another US$4.1 million for the initial 2027 work program by November 15, 2026, with no further farm-in payments due until November 15, 2027.\n\nThe company settled with TR1 Master Fund, allowing it to retire US$3,681,350 of debt and record a US$2,977,125 net gain, conditional on paying the settlement amount by November 30, 2026.\n\nDune also upsized its non-brokered private placement to CAD$4,000,000 (26,666,667 units at CAD$0.15 with half-warrants at CAD$0.25) and will settle CAD$950,750 of insider/consultant debt via 6,338,333 shares at CAD$0.15.\n\nThe combined share issuance is substantial dilution for a micro-cap explorer, though the loan settlement removes a significant balance-sheet liability.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Debt wipe-out with ~US$3M gain and seismic execution progress, but at the cost of heavy CAD$0.15 dilution."},"keyFigures":{"customDimensions":{"units_offered":26666667,"unit_price_cad":0.15,"debt_retired_usd":3681350,"working_interest":"29%","offering_size_cad":4000000,"warrant_strike_cad":0.25,"debt_settlement_cad":950750,"seismic_advance_usd":200000,"debt_settlement_shares":6338333,"work_program_payment_usd":4100000,"net_gain_on_settlement_usd":2977125,"seismic_budget_net_to_dune_usd":600000}},"quotedText":"We are pleased to report on these positive developments towards kicking off work programs on the M47 Block. Selecting the seismic contractor and commencing work moves the program from tender to execution.","namedEntities":{"people":[{"name":"Scott Lower","role":"President and CEO"},{"name":"Brian Park","role":"VP Finance"}],"products":["M47c,d oil block (M47 Block)"],"companies":[{"name":"Dune Oil Corp.","ticker":"DUNE","relationship":"filer"},{"name":"TR1 Master Fund","relationship":"lender/counterparty in loan settlement"}],"dollarAmounts":[{"amount":"US$200,000","context":"advance payment for seismic program commencement"},{"amount":"US$4.1 million","context":"advance due for 2027 post-seismic work program by Nov 15, 2026"},{"amount":"US$600,000","context":"estimated seismic program budget net to Dune"},{"amount":"US$3,681,350","context":"TR1 debt retired from balance sheet"},{"amount":"US$2,977,125","context":"net gain on loan settlement"},{"amount":"CAD$4,000,000","context":"upsized non-brokered private placement"},{"amount":"CAD$0.15","context":"unit price in private placement and debt settlement share price"},{"amount":"CAD$0.25","context":"warrant exercise price"},{"amount":"CAD$950,750","context":"debt owed to directors, officers, management and consultants settled in shares"}]},"materialImpact":{"score":3,"reasoning":"Multiple concurrent material events: US$4.1M farm-in payment acceleration, debt retirement with a ~US$3M net gain, and a CAD$4M private placement plus CAD$950,750 debt-for-shares settlement that meaningfully dilute a micro-cap. Positive operational de-risking offset by financing/dilution."},"tickerRelevance":{"others":[],"primary":"DUNE"},"globalImportance":22,"audienceRelevance":12,"eventTypeSecondary":["offering","dilution"],"importanceComponents":{"tickerTier":"micro-cap","eventGravity":"multi-event corporate update with dilution and debt settlement","householdBrandBoost":0,"eventGravityPositive":"US$3M net gain on debt retirement"}},"event_type":"operations_update","event_type_secondary":["offering","dilution"],"sentiment":"mixed","material_impact_score":3,"narrative":"Dune Oil advanced US$200,000 to kick off its M47 Block seismic program in southeastern Türkiye and agreed to pay another US$4.1 million for the initial 2027 work program by November 15, 2026, with no further farm-in payments due until November 15, 2027.\n\nThe company settled with TR1 Master Fund, allowing it to retire US$3,681,350 of debt and record a US$2,977,125 net gain, conditional on paying the settlement amount by November 30, 2026.\n\nDune also upsized its non-brokered private placement to CAD$4,000,000 (26,666,667 units at CAD$0.15 with half-warrants at CAD$0.25) and will settle CAD$950,750 of insider/consultant debt via 6,338,333 shares at CAD$0.15.\n\nThe combined share issuance is substantial dilution for a micro-cap explorer, though the loan settlement removes a significant balance-sheet liability.","key_figures":{"customDimensions":{"units_offered":26666667,"unit_price_cad":0.15,"debt_retired_usd":3681350,"working_interest":"29%","offering_size_cad":4000000,"warrant_strike_cad":0.25,"debt_settlement_cad":950750,"seismic_advance_usd":200000,"debt_settlement_shares":6338333,"work_program_payment_usd":4100000,"net_gain_on_settlement_usd":2977125,"seismic_budget_net_to_dune_usd":600000}},"named_entities":{"people":[{"name":"Scott Lower","role":"President and CEO"},{"name":"Brian Park","role":"VP Finance"}],"products":["M47c,d oil block (M47 Block)"],"companies":[{"name":"Dune Oil Corp.","ticker":"DUNE","relationship":"filer"},{"name":"TR1 Master Fund","relationship":"lender/counterparty in loan settlement"}],"dollarAmounts":[{"amount":"US$200,000","context":"advance payment for seismic program commencement"},{"amount":"US$4.1 million","context":"advance due for 2027 post-seismic work program by Nov 15, 2026"},{"amount":"US$600,000","context":"estimated seismic program budget net to Dune"},{"amount":"US$3,681,350","context":"TR1 debt retired from balance sheet"},{"amount":"US$2,977,125","context":"net gain on loan settlement"},{"amount":"CAD$4,000,000","context":"upsized non-brokered private placement"},{"amount":"CAD$0.15","context":"unit price in private placement and debt settlement share price"},{"amount":"CAD$0.25","context":"warrant exercise price"},{"amount":"CAD$950,750","context":"debt owed to directors, officers, management and consultants settled in shares"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-15T12:50:27.352Z","global_importance":22,"audience_relevance":12,"importance_components":{"tickerTier":"micro-cap","eventGravity":"multi-event corporate update with dilution and debt settlement","householdBrandBoost":0,"eventGravityPositive":"US$3M net gain on debt retirement"}},"durationMs":9078,"modelName":"glm-5.3-flashx"}}