/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 firstname.lastname@example.org.
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
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