/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Aug. 18 /CNW/ - DualEx Energy International Inc. (the "Company")
(DXE, TSX-V), is pleased to announce that gas production from the PEN-104 well
in the Peneszlek area of NE Hungary has stabilized at 3.12 MMcf/d, or
520 BOE/d (1.17 MMcf/d, or 195 BOE/d net to the Company), up from the
previously announced initial rate of 1.7 MMcf/d (net 637.5 mcf/d, or
Garry Hides, DualEx's President and CEO, commented "Completion of
facilities and commencement of production from PEN-104 is very much a
milestone for the Company. This is the first step in the Peneszlek
development, which will ultimately involve 3D seismic, the recompletion and
tie-in of existing wells, and the drilling of new wells, and provides DualEx
with a low risk development project to complement our high-impact exploration
DualEx has a 37.5% interest in this 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 of (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 believe 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, 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.
"MMcf/d": million cubic feet per day.
"mcf/d": thousand cubic feet per day.
"BOE/d": barrels of oil equivalent per day, calculated at six thousand
cubic feet to one barrel, based on energy equivalency.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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 265-8011 ext. 223