Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
UBS AG
   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)
(Last)
(First)
(Middle)
677 WASHINGTON BOULEVARD		 3. Date of Earliest Transaction (Month/Day/Year)
05/01/2007
(Street)

STAMFORD, CT 06901		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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 05/01/2007   P   9,100 A $ 2.46 4,217 D  
Common Stock 05/01/2007   S   800 D $ 2.41 3,417 D  
Common Stock 05/01/2007   S   5,825 D $ 2.41 0 D  
Common Stock 05/03/2007   P   150 A $ 2.41 0 D  
Common Stock 05/03/2007   S   2,550 D $ 2.44 0 D  
Common Stock 05/04/2007   P   4,500 A $ 2.36 0 D  
Common Stock 05/07/2007   P   2,100 A $ 2.29 1,792 D  
Common Stock 05/08/2007   P   2,200 A $ 2.31 3,992 D  
Common Stock 05/09/2007   S   11,000 D $ 2.32 0 D  
Common Stock 05/11/2007   P   50 A $ 2.31 0 D  
Common Stock 05/14/2007   P   5,000 A $ 2.3 0 D  
Common Stock 05/15/2007   P   3,500 A $ 2.29 1,542 D  
Common Stock 05/15/2007   S   2,500 D $ 2.31 0 D  
Common Stock 05/15/2007   S   1,450 D $ 2.31 0 D  
Common Stock 05/16/2007   P   500 A $ 2.28 0 D  
Common Stock 05/17/2007   P   600 A $ 2.28 0 D  
Common Stock 05/21/2007   S   1,100 D $ 2.3 0 D  
Common Stock 05/23/2007   P   400 A $ 2.26 0 D  
Common Stock 05/24/2007   P   5,600 A $ 2.24 3,592 D  
Common Stock 05/30/2007   P   8,100 A $ 2.25 11,692 D  
Common Stock 05/30/2007   S   5,000 D $ 2.28 6,692 D  
Common Stock 06/01/2007   S   1,000 D $ 2.19 5,692 D  
Common Stock 06/04/2007   S   2 D $ 2.2 5,690 D  
Common Stock 06/08/2007   S   1,500 D $ 2.24 4,190 D  
Common Stock 06/13/2007   S   2,000 D $ 2.27 2,190 D  
Common Stock 06/14/2007   S   2,000 D $ 2.28 190 D  

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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 Underlying Securities
(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 of Derivative Security: 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) 05/02/2007   P   2,070   05/15/2007   (4) Common Stock 690,000 (3) $ 1,030 20,570 D  
Senior Redeemable Convertible Preferred Stock (1) $ 3 (2) 05/02/2007   P   2,430   05/15/2007   (4) Common Stock 810,000 (3) $ 1,030 23,000 D  
Senior Redeemable Convertible Preferred Stock (1) $ 3 (2) 05/23/2007   P   10,000   05/15/2007   (4) Common Stock 3,333,333.333 (3) $ 1,005 33,000 D  
Senior Redeemable Convertible Preferred Stock (1) $ 3 (2) 05/24/2007   P   10,000   05/15/2007   (4) Common Stock 3,333,333.333 (3) $ 1,005 43,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
UBS AG
677 WASHINGTON BOULEVARD
STAMFORD, CT 06901		     X    

Signatures

 UBS AG, /s/ Bert Fuqua, Managing Director   05/23/2008
**Signature of Reporting Person Date
 UBS AG, /s/ Gordon Kiesling, Executive Director   05/23/2008
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(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.

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