DualEx announces filing of preliminary prospectus

    
    NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES
    

CALGARY, Oct. 20 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Corporation") (TSX-V : DXE), is pleased to announce that it has filed a preliminary short form prospectus in connection with a marketed public offering of units of the Corporation ("Units") for minimum gross proceeds of $3,000,000 and maximum gross proceeds of $7,000,000 (the "Offering"). The Offering is co-lead by Clarus Securities Inc. and Jennings Capital Inc. (together, the "Agents").

Each Unit will be comprised of one common share of the Corporation ("Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof, subject to an acceleration clause, to purchase one Common Share at any time on or before the date that is two years from the closing of the Offering.

The Units, including the exercise price of the Warrants during each of the first and second year of their term, will be priced in the context of the market.

In addition, the Corporation has granted the Agents an over-allotment option equal to 15% of the number of Units sold by the Corporation to cover over-allotments and for market stabilization purposes, exercisable at any time up to 30 days after the closing of the Offering.

The Corporation intends to use the net proceeds of the Offering for the drilling, completion and tie-in of wells in Hungary, the completion and testing of the Al Tayr-101 well in Syria, and general corporate purposes. If the maximum gross proceeds are raised under the Offering, the net proceeds will also be used to acquire 3D seismic on the Bouhajla exploration block in Tunisia.

Closing of the Offering is subject to certain conditions, including final due diligence and regulatory approval, including approval of the TSX Venture Exchange.

A preliminary prospectus containing important information relating to the Offering has been filed with the securities commissions or similar authorities in certain jurisdictions of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from Mr. Lorne Morozoff, the Vice-President, Finance of the Corporation, at Suite 200, 521 - 3rd Avenue S.W., Calgary, Alberta T2P 3T3, telephone (403) 265-8011 ext. 222, and it is anticipated that the preliminary prospectus will be available electronically at www.sedar.com shortly. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the (final) prospectus has been issued.

This news release does not constitute an offer to sell, or the solicitation of an offer to buy, the securities in any jurisdiction, including the United States, or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption therefrom, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The securities being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person, absent U.S. registration or an applicable exemption therefrom.

DualEx Energy International Inc. is an oil and gas exploration and production company with operations primarily in the greater Mediterranean area. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".

Forward-Looking Statements

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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.

%SEDAR: 00023802E

SOURCE DualEx Energy International Inc.

For further information: For further information: This press release is reproduced on DualEx's website at www.dualexen.com. For this and other information about DualEx Energy International Inc., please visit the website or contact Garry Hides (President & CEO) at (403) 265-8011 ext. 223

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DualEx Energy International Inc.

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