SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
UBS AG
(Last) (First) (Middle)
677 WASHINGTON BOULEVARD
(Street)
STAMFORD CT 06901
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
DUNE ENERGY INC [ DNE ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
10/03/2007
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 10/11/2007 P 2,000 D $2.09 6,766 D
Common Stock 10/11/2007 S 2,000 D $2.09 4,766 D
Common Stock 10/18/2007 S 800 D $2.07 3,966 D
Common Stock 10/22/2007 S 400 D $2.04 3,566 D
Common Stock 10/26/2007 P 200 D $2.16 3,766 D
Common Stock 10/26/2007 S 1,000 D $2.19 2,766 D
Common Stock 10/31/2007 S 2,600 D $2.16 166 D
Common Stock 11/05/2007 P 410 D $2.17 576 D
Common Stock 11/06/2007 P 1,001 D $2.18 1,577 D
Common Stock 11/09/2007 S 2,000 D $2.18 0 D
Common Stock 11/12/2007 S 462 D $2.19 0 D
Common Stock 11/13/2007 P 2,000 D $2.06 1,115 D
Common Stock 11/13/2007 S 3,000 D $2.06 0 D
Common Stock 11/14/2007 S 1,000 D $2.16 0 D
Common Stock 11/15/2007 P 6,866 A $2.11 3,981 D
Common Stock 11/15/2007 S 900 A $2.15 3,081 D
Common Stock 11/16/2007 P 1,600 A $2.06 4,681 D
Common Stock 11/21/2007 P 1,600 A $1.97 6,281 D
Common Stock 11/21/2007 S 1,000 A $1.95 5,281 D
Common Stock 11/26/2007 S 2,300 A $1.94 2,981 D
Common Stock 11/27/2007 S 60 A $2.02 2,921 D
Common Stock 11/29/2007 S 3,600 A $2.04 0 D
Common Stock 11/30/2007 S 1,243 A $1.96 0 D
Common Stock 12/04/2007 P 3,000 A $1.88 1,078 D
Common Stock 12/07/2007 S 1,000 A $1.93 78 D
Common Stock 12/07/2007 S 1,300 A $1.93 0 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Senior Redeemable Convertible Preferred Stock(1) $3(2) 10/03/2007 P 8,000 05/15/2007 (4) Common Stock 2,666,666.667(3) $955 68,758 D
Senior Redeemable Convertible Preferred Stock(1) $3(2) 10/23/2007 P 2,000 05/15/2007 (4) Common Stock 666,666.6667(3) $990 70,758 D
Senior Redeemable Convertible Preferred Stock(1) $3(2) 11/12/2007 P 250 05/15/2007 (4) Common Stock 83,333.3333(3) $1,000 71,008 D
Senior Redeemable Convertible Preferred Stock(1) $3(2) 12/06/2007 P 1,496 05/15/2007 (4) Common Stock 498,666.6667(3) $1,000 72,504 D
Explanation of Responses:
1. Each share of the Senior Redeemable Convertible Preferred Stock ("SRCPS") was convertible into approximately 333.33 shares of common stock, subject to adjustment, at any time after May 15, 2007 and has no expiration date. Specifically, the SRCPS converts into a number of Common Shares equal to the number of shares of SRCPS multiplied by the quotient of the Liquidation Preference of $1,000 divided by the Conversion Price. On May 1, 2008, the Conversion Price was adjusted to $1.75, which means each SRCPS now converts into approximately 571.43 shares of common stock. This does not include shares which would be deliverable as a make-whole premium for conversions prior to June 1, 2010 to make whole for dividends that would have been payable absent the conversion. As of May 9, 2008, the make-whole premium amounted to 221 common shares for each share of SRCPS.
2. As set forth in Footnotes (1) and (2), on May 1, 2008, the Conversion Price was adjusted to $1.75.
3. As set forth in Footnotes (1) and (2), based on the revised adjusted conversion ratio, the number of shares underlying the SRCPS changed as of May 1, 2008.
4. There is no expiration date.
UBS AG, /s/ Bert Fuqua, Managing Director 05/23/2008
UBS AG, /s/ Gordon Kiesling, Executive Director 05/23/2008
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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