/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, May 27, 2013 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (DXE,
TSX-V) today filed with Canadian securities authorities its First
Quarter Financial Statements and Management's Discussion and Analysis
for the period ending March 31, 2013. 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 first quarter, production averaged 450 mcfe/d, primarily from
the Company's Penészlek gas property in northeast Hungary, which, based
on continued strong European natural gas prices, generated an operating
netback of $7.08/mcfe.
In April 2013 the Company announced it had entered into an agreement to
increase its interest in PetroHungaria kft, the Company's partially
owned operating subsidiary in Hungary. DualEx purchased the 29.56%
interest for cash consideration of $360,000. The purchase, now closed,
increases DualEx's interest in PetroHungaria to 70%. PetroHungaria
operates the 43.38 km2 Penészlek II Mining Plot in northeast Hungary, which includes two
producing natural gas wells. DualEx's net share of Penészlek production
is currently averaging 850 mcfe per day.
In Tunisia, the Company reported that its application for a one year
extension to the Bouhajla exploration permit has been approved. The
initial period is now set to expire on April 29, 2014. The Company
anticipates drilling of the first exploration well at Bouhajla, BHN-1,
to start within the next week, after some delays during rig move and
set-up. The BHN-1 well will be drilled on the Bouhajla North prospect
to a planned total depth of 2,545 metres in order to evaluate a
Cretaceous Abiod target, which is analogous to the Sidi el Kilani
oilfield twenty-five kilometers to the east. The well is expected to
take four to six weeks to reach total depth.
About DualEx Energy International Inc.
DualEx Energy International Inc. is an oil and gas exploration and
production company with operations in Tunisia and Hungary. 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. 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.
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, TMX Equicom
300 - 5th Avenue SW, 10th Floor
Calgary, Alberta, Canada T2P 3C4
Tel: (403) 218-2833