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CALGARY, June 7 /CNW/ - DualEx Energy International Inc. ("DualEx") (TSX-V: "DXE") announces that its subsidiary, PetroHungaria kft, has successfully acidized the PEN-101A well in the Penészlek area of the Nyirség exploration permits in eastern Hungary. Additionally, production is on-going from the PEN-105 well at an improved rate of 2.53 MMscfd with 37 barrels per day of condensate (459 boed) and PEN-101A will add to this production.
The PEN-101A well, which was side-tracked to bypass damaged cement, has been acidized and re-perforated. Pressure test data showed that the formation near the well bore has been damaged by the drilling process and the two stage acidization has not managed to completely restore the productivity of the well. However, the PEN-105 well productivity, which produces from a similar Miocene volcaniclastic formation, is still improving, and the PEN-101A well is expected to behave in a similar manner. So far, on test, the maximum production rate of the PEN-101A well has been 0.769 MMscfd (128 boed). Production rates through the production facility may be less than the rates measured during the test. DualEx has a 40.44% interest in PEN-105 and a 42.826% interest in PEN-101A.
DualEx Energy International Inc. is an oil and gas exploration and production 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", "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.
"MMscfd": million standard cubic feet per day.
"boed": barrels of oil equivalent per day, calculated using a ratio of six thousand cubic feet of gas equaling one barrel of oil equivalent.
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