DualEx Files 2008 Year End Results And Resumes Production in Hungary



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

    CALGARY, April 30 /CNW/ - DualEx Energy International Inc. (the
"Company") (DXE, TSX-V) today filed with Canadian securities authorities its
2008 Annual Consolidated Financial Statements and Management's Discussion and
Analysis. The Company has filed its Form 51-101F1 - Statement of Reserves Data
and Other Oil and Gas Information, Form 51-101F2 - Report on Reserves Data by
Independent Qualified Reserves Evaluator, and Form 51-101F3 - Report of
Management and Directors on Oil and Gas Disclosure, under National Instrument
51-101 Standards of Disclosure for Oil and Gas Activities. This information is
included in DualEx's Annual Information Form dated April 27, 2009. Copies of
the filed documents may be obtained through www.sedar.com, DualEx's website
www.dualexen.com or by emailing DualEx at info@dualexen.com. The Company's
Annual General Meeting of Shareholders is scheduled for 10:00 AM June 25, 2009
at the Metropolitan Conference Centre located at 333 - 4th Avenue SW, Calgary
Alberta.

    
    Highlights
    ----------

                               Three months ended           Year ended
                                  December 31               December 31
                            -----------------------   -----------------------
                               2008         2007         2008         2007
                            ----------   ----------   ----------   ----------

    Petroleum and natural
     gas production (mcfe/d)    1,253          180          573           85
    Average price
     ($/mcfe)             $     18.82  $      4.82  $     15.75  $      5.45

    Financial

    Petroleum and natural
     gas sales            $ 2,170,882  $    79,968  $ 3,307,803  $   168,573
    Funds from operations   1,711,220     (283,194)   1,749,412   (1,005,094)
    Net Loss               (5,760,627)    (377,805)  (5,805,419)  (1,177,385)
    Working capital at
     period end             3,624,310    4,180,849    3,624,310    4,180,849

    -   During the quarter the Company continued to produce natural gas from
        its Hungary property which increased quarterly production to 1,253
        mcfe/d and annual production to 573 mcfe/d. As announced on January
        21, 2009, production was shut-in in January due to a compressor
        failure in the regional gas supply infrastructure. The Company used
        this stoppage to drill the Pen 104A sidetrack well to access
        additional gas reserves in a structurally higher part of the
        reservoir. The Pen 104A well was successfully drilled and was placed
        on production April 29, 2009 at a restricted rate of 3 million cubic
        feet per day.

    -   The Company generated funds from operations of $1.7M in the fourth
        quarter as a result of the Hungarian production and favorable natural
        gas prices during the period.

    -   As at December 31, 2008 the Company has $3.6M in working capital to
        further explore and develop its projects.

    -   During the quarter ended December 31, 2008 the Company incurred a
        loss of $5.8M as it recorded an accounting writedown on its property
        in Portugal and on its Hungarian exploration acreage outside the
        development area at Peneszlek.
    

    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".

    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.
    The Company uses the term "funds from operations" which is not a
recognized measure under Canadian generally accepted accounting principles.
Management uses "funds from operations" to analyze performance and considers
it a key measure as it demonstrates the Company's ability to generate cash
necessary to fund future capital investments. Funds from operations has been
defined by the Company as "cash flow from operating activities excluding the
change in non-cash working capital related to operating activities".

    Forward-Looking Statements

    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.
    

    %SEDAR: 00023802E




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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