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CALGARY, Sept. 15 /CNW/ - DualEx Energy International Inc. (TSX-V: "DXE") is pleased to announce that drilling and initial completion operations have concluded at the Pen-105 well on the Nyirseg South permit of northeastern Hungary. The well was drilled to total depth of 1,487 metres and completed in the Miocene volcaniclastics reservoir section that tested gas in the original Pen-12 well drilled in 1982 on the same structure. Nine metres of reservoir were perforated over three intervals in the target formation. All three zones flowed gas, two with condensate. Permitting of the pipeline that will be used to bring the gas to market is underway and construction is planned so that gas sales from this well can commence early in 2010.
DualEx CEO Garry Hides stated, "We're pleased with the test results to-date, and given that the reservoir section came in thicker and 20 metres higher than the original Pen-12 well we're expecting to see a reserve figure higher than our pre-drill estimates, and are looking forward to getting this well on production."
DualEx holds a 37.5% interest in the Penészlek Project through its equity interest in PetroHungaria kft. Other partners are Ascent Resources (45.23%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).
DualEx Energy International Inc. is an oil and gas exploration company with operations in the greater Mediterranean area. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".
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", "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.
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: 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