DualEx Announces Third Quarter 2012 Results
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Nov. 27, 2012 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (DXE, TSX-V) today filed with Canadian securities authorities its Third Quarter Financial Statements and Management's Discussion and Analysis for the period ending September 30, 2012. Copies of the filed documents may be obtained through www.sedar.com, DualEx's website www.dualexen.com or by emailing DualEx at email@example.com.
During the third quarter, production averaged 550 mcfe/d, primarily from the Company's Penészlek gas property in northeast Hungary. Production is lower than the October 2012 daily average of approximately 700 mcfe/d due to routine plant maintenance downtime at the third party owned gas processing facility in Hungary. Natural gas prices in Hungary averaged $15.21 per mcfe in the third quarter 2012, which generated an operating netback of $9.76 per mcfe.
Also, the Company announced in November that it has awarded a drilling contract to Compagnie Tunisienne de Forage for the land drilling rig CTF-06 to drill the BHN-1 exploration well on the Bouhajla North prospect within the Bouhajla Permit in central Tunisia. The rig is currently finishing operations on a well prior to moving to a new location for another operator, after which it is expected to be mobilized to the BHN-1 location, anticipated to be in the first quarter of 2013.
The BHN-1 well is planned to be drilled to a total depth of 2500 metres to test a Cretaceous Abiod target, which is analogous to the Sidi el Kilani oil field located 25 kilometers east of the Bouhajla North prospect. Long-lead items are now in-country, and location construction is expected to commence shortly. DualEx retains 52.5% contractor interest and operatorship of the BHN-1 well.
DualEx Energy International Inc. is an oil and gas exploration and production company with operations in Hungary and Tunisia. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".
Where amounts are expressed on a thousand cubic feet equivalent (mcfe) basis, one barrel of oil has been converted at a ratio one barrel of oil to six thousand cubic feet. Mcfe's may be misleading, particularly if used in isolation. A mcfe conversion ratio of one barrel of oil to six thousand cubic feet is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "schedule", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning DualEx's future operations and prospects. The forward-looking statements and information are based on certain key expectations and assumptions made by DualEx, including expectations and assumptions concerning equipment and crew availability, and joint venture partner financial capability. Although DualEx believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because DualEx can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause DualEx's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by DualEx with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. DualEx undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
"Mcfe" means thousand cubic feet equivalent.
"Mcfe/d" means thousand cubic feet equivalent per day.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: DualEx Energy International Inc.For further information:
Garry Hides, President & CEO
DualEx Energy International Inc.
200, 521 - 3rd Avenue SW
Calgary, Alberta, Canada T2P 3T3
Tel: (403) 265-8011 ext. 223
Investor Relations, The Equicom Group
300 - 5th Avenue SW, 10th Floor
Calgary, Alberta, Canada T2P 3C4
Tel: (403) 218-2833