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CALGARY, April 26 /CNW/ - DualEx Energy International Inc. (the "Company") (DXE, TSX-V) today filed with Canadian securities authorities its 2009 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 20, 2010. Copies of the filed documents may be obtained through www.sedar.com, DualEx's website www.dualexen.com or by emailing DualEx at email@example.com. The Company's Annual General Meeting of Shareholders is scheduled for 10:00 AM June 24, 2010 at the Metropolitan Conference Centre located at 333 - 4th Avenue SW, Calgary Alberta.
Petroleum and natural gas production (mcf/d) 570 573
Average price ($/mcf) $ 8.26 $ 15.75
Petroleum and natural gas sales $ 1,718,526 $ 3,307,803
Funds from operations (141,288) 1,749,412
Net Loss (9,094,555) (5,832,772)
Working capital at December 31 4,641,142 3,624,310
- The Company maintained its average daily gas production at 570
thousand cubic feet ("mcf") per day during the year. Although net
production was approximately 1000 mcf per day in Hungary, production
is currently suspended for safety reasons while drilling operations
are underway at the PEN-101 site, which have commenced. This is
expected to last until mid May. The European gas markets continue to
favour producers and the price of DualEx's Hungarian gas is projected
to be a robust $10 per mcf for the remainder of 2010. The projected
cashflow in Hungary will be sufficient to fund our current
- During the year the Company drilled four wells in Hungary - three of
which were gas discoveries. Subsequent to year end the Company
drilled two more wells resulting in another gas discovery.
- The Company signed the Bouhajla Production Sharing Contract in
Tunisia during 2009 and, in addition to establishing it's country
office in Tunis, the Company has made good progress in populating its
technical information database and has completed scanning and
vectorization of the legacy 2D seismic within and immediately
adjacent to the permit boundary. Interpretation of the seismic has
begun and several structures have been identified. DualEx has a 100%
contractor interest in the Bouhajla Permit, which encompasses 416
square kilometres (105,000 acres), and is located onshore in the
Pelagian Basin of east central Tunisia. The Block lies immediately
west of the Sidi el Kilani field, which has produced to date
approximately 48 million barrels of light oil.
- The Company participated in the drilling and testing of the
exploratory Al Tayr 101 well in Syria. Unfortunately testing revealed
that gas had not remained trapped within the structure and the well
was plugged and abandoned, resulting in an $8.8 million write-down.
The Company and its partners have elected not to continue the
production sharing contract into the second exploration period.
- The Company raised $5.7 million gross proceeds in an equity financing
- The Company prevailed in a legal claim in Canada, with regard to a
producing gas property. The property reverted back to the Company,
and was subsequently sold for gross proceeds of $1.4 million.
- The Company disposed of its non-core 10% interest in two exploration
blocks in Portugal for $350,000.
- The Company exited the year with no debt and $4.6 million in working
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".
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".
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.
This press release is reproduced on DualEx's website at www.dualexen.com.
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: 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