Exhibit 99.1

Dune Energy Reports Fourth Quarter and Full Year 2011 Results

HOUSTON, March 23, 2012 /PRNewswire/ — Dune Energy, Inc. (OCTBB: DUNR) today announced results for the fourth quarter and calendar year 2011.

Revenue and Production

Revenue for the fourth quarter totaled $14.5 million and $62.9 million for the full year 2011. This compares with$15.7 million and $64.2 million for the fourth quarter and full year 2010, respectively. Production volumes in the fourth quarter were 1.3 Bcfe and 5.8 Bcfe for the full year 2011. This compares with 1.7 Bcfe for the fourth quarter of 2010, and 7.3 Bcfe for the full year 2010. In 2011, the average sales price of oil was $102.64 per barrel, and$4.58 per Mcf for natural gas, as compared with $77.62 per barrel and $4.95 per Mcf, respectively for 2010. Production declined almost 20% in 2011 as compared to 2010; however increased oil prices offset the majority of the decline in revenue. Oil prices increased 32% and gas prices decreased 7% from 2010 levels. During 2011 oil accounted for 50% of the total production volumes on an Mcfe equivalent basis, however oil revenue accounted for 79% of the total revenue.

Costs and Expenses

Total operating expenses were $26.1 million for 2011 as compared to $25.6 million for 2010 or $4.48 and $3.51 per Mcfe produced respectively. This increase on a per Mcfe basis was reflective of lower production volumes in 2011 in our older fields with high fixed expenses. DD&A expense was $5.0 million for the fourth quarter and $22.1 millionfor 2011 or $3.80 per Mcfe. G&A for 2011 was $9.6 million as compared to $11.2 million in 2010 reflecting continued stringent cost controls. Interest and financing expense was $9.4 million for the fourth quarter and $39.5 million for 2011 primarily associated with payment of interest on $300 million of Senior Secured Notes and borrowings under our $40 million term loan. As part of the restructuring on December 22, 2011 the term loan was repaid and replaced with a $200 million revolving credit facility, with a current borrowing base of $63 million, under which $39.0 million was borrowed at year-end 2011 and $2.0 million in letters of credit were outstanding. The$300 million of Senior Secured notes were reduced to $3.0 million at year-end 2011 and new notes of $49.5 millionwith a maturity of 2016 were added as part of the restructuring. We recorded an $18.1 million pre-tax non-cash impairment charge associated with oil and gas properties in 2011. This was primarily related to the decision not to drill two gas locations in our Toro Grande Field in Jackson County, Texas. In 2010, the non-cash impairment charge was $34.6 million.

Earnings

Net loss available to common shareholders totaled $32.9 million for the fourth quarter of 2011 and $80.6 million for the full year 2011. This compares with a $101.9 million loss in 2010. Preferred stock dividends were $20.2 million. The preferred stock was eliminated as part of the December 22, 2011 restructuring and converted into $4 millioncash and 1.5% of the common shares outstanding on a restructured basis. At year-end, post the restructuring there were 38.6 million shares outstanding.

2011 Capital, Year-End Reserves and 2012 Budget

Total capital in 2011 was $20.0 million including ARO. The majority of the 2011 capital expenditure program was associated with two exploratory wells in the Garden Island Bay field. Although neither of these wells were completed as producers, both were temporarily abandoned with the option to re-enter or sidetrack at a later date. In the first half of 2012, we anticipate drilling 2-3 development locations in our Garden Island Bay field and 2-3 development locations in our Leeville field. All these wells are targeting oil production. Additionally, we will conduct several workovers in our fields primarily focused on new oil production. The approximately $22 million in capital anticipated in these operations for the first half of the year should result in increased oil volumes in some of our high cost fields allowing the Company to reduce per Mcfe field expense.

We anticipate in the latter half of 2012 investing in additional development drilling in our primary fields and adding 1-2 exploratory wells in both our Leeville and Garden Island Bay fields. These exploratory

opportunities will target oil reservoirs defined by recently reprocessed and depth migrated 3-d seismic data. We are operator of the Garden Island Bay field and maintain a 100% interest in the projects within the field and are non-operator and maintain a 40% interest in the prospects at the Leeville field. Capital investment in these projects should total approximately $15 million in the second half of the year. Our working interest positions in the exploratory tests may be reduced by marketing projects to other companies.

Year-end 2011 proved reserves were 5.7 million barrels of oil and 45.5 billion cubic feet of gas or 79.5 Bcfe. This compares to 82.7 Bcfe at year-end 2010. During 2011 we produced 5.8 Bcfe, added 3.0 Bcfe in discoveries and extensions and recorded a .5 Bcfe net negative revision. Proved Developed Producing (PDP) Reserves were 29.9 Bcfe or 38% of the total, Proved Developed Non Producing (PDNP) reserves were 21.7 Bcfe or 27% of the total and Proved Undeveloped (PUD) reserves were 27.9 Bcfe or 35% of the total. Probable and possible reserves were 6.8 Bcfe and 3.6 Bcfe respectively. The PV at a 10% discount for the proved reserves was $249.9 million, $36.4 millionfor the probable reserves and $2.4 million for the possible reserves for a total of $288.7 million. This value was based on pricing guidelines established by the SEC and FASB. Oil prices were held constant at $108.17 per barrel of oil and gas prices were held constant at $4.45 per Mcf of gas.

James A. Watt, President and CEO of the company stated, “We completed our total restructuring of the company in 2011 and now, with a dramatically strengthened balance sheet, and a significant number of oil dominated drilling opportunities, we can focus on growth in reserves and production and increasing profitability of our asset base.”

Click here for more information: http://www.duneenergy.com/news.html?b=1683&1=1

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

Dune Energy, Inc.

Consolidated Balance Sheets

Dune Energy, Inc.

Consolidated Statements of Operations

Dune Energy, Inc.

Consolidated Statements of Cash Flows

Dune Energy, Inc.

Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

Years ended December 31, 2011 and 2010

SOURCE Dune Energy, Inc.

Mar 23, 2012