/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
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
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
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.
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
Investor Relations, TMX Equicom
300 - 5th Avenue SW, 10th Floor
Calgary, Alberta, Canada T2P 3C4
Tel: (403) 218-2833