DualEx Closes Hungary Acquisition and Provides Update on Upcoming Tunisia Drilling


CALGARY, May 16, 2013 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (TSX-V: DXE), today announced that it has closed the previously announced acquisition of an additional 29.56% interest in PetroHungaria kft, the Company's partially owned operating subsidiary in Hungary.

DualEx Nyirseg Inc. (a wholly owned subsidiary of the Company) purchased the interest from Ascent Resources plc for cash consideration of €272,500 (approximately $360,000). The purchase increases DualEx's interest in PetroHungaria to 70%. PetroHungaria operates the 43.38 km2 Penészlek II Mining Plot in northeast Hungary, which includes two producing natural gas wells. DualEx's net share of Penészlek production is currently averaging 850 mcfe per day.

In Tunisia, DualEx reports that the Hydrocarbon Committee has formally approved a one-year extension to the initial term of the Bouhajla Permit, which will now expire on April 29, 2014.  As previously announced, the Company and the Tunisian state oil company, Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), applied for a one-year extension of the first exploration period of the Permit in February 2013.

Rig move and rig-up of the CTF-6 drilling rig is ongoing at the BHN-1 well site on the Bouhajla Permit. Drilling is anticipated to start immediately after rig-up is completed, and will be announced by the Company. The BHN-1 well will be drilled on the Bouhajla North prospect to a planned total depth of 2,545 metres in order to evaluate a Cretaceous Abiod target, which is  analogous to the Sidi el Kilani field twenty-five kilometers to the east. The well is expected to take four to six weeks to reach total depth.

About DualEx Energy International Inc.

DualEx Energy International Inc. is an oil and gas exploration and production company with operations in Tunisia and Hungary. 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.

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", "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.  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:

Garry Hides, President & CEO
DualEx Energy International Inc.
200, 521 - 3rd Avenue SW
Calgary, Alberta, Canada T2P 3T3
Tel: (403) 265-8011 ext. 223

Jeremy Dietz
Investor Relations, TMX Equicom
300 - 5th Avenue SW, 10th Floor
Calgary, Alberta, Canada T2P 3C4
Tel: (403) 218-2833

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DualEx Energy International Inc.

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