DualEx Files 2011 First Quarter Results

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

CALGARY, June 27, 2011 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (TSXV: DXE) today filed with Canadian securities authorities its First Quarter Financial Statements and Management's Discussion and Analysis for the period ending March 31, 2011.  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.

Summary

  In Millions
Three months ended
March 31,
2011
December 31,
2010
September 30,
2010
Petroleum and natural gas production (mcfe/d) 1,105 1,039 1,371
Sales price per mcfe
          Hungary
          North America
$11.09
$3.85
$10.89
$3.94
$10.70
$3.38
Petroleum and natural gas sales $1.1 $1.0 $1.3
Net Income (Loss) $0.1 $(0.1) $0.2
  As at March
31, 2011
As at December
31, 2010
As at September
30, 2010
Cash $1.5 $1.4 $1.2
Working Capital $1.6 $1.3 $1.1
Debt Nil Nil Nil

During the first quarter, production averaged 1,105 mcfe/day net to the Company, generating sales of $1.1 million. The majority of this production is from the Company's gas production in Hungary, where prices for the quarter averaged $11.09 per mcfe.  Net production averaged approximately 750 mcfe/day in May, 2011.  The production decrease is mainly due to lower production from the PEN-105 well in Hungary. The PEN-105 structure is split into two pools, separated by a fault running roughly through the middle of the structure. Once PEN-105 is fully depleted, the Company is planning to drill a sidetrack to access gas reserves trapped on the un-drained side of the fault.  Drilling the PEN-105 sidetrack is anticipated to occur this year.

In Tunisia, the Company is planning a 3D seismic survey over the Bouhajla North prospect on its Bouhajla Permit.  The survey, encompassing 55 km2, will be recorded to refine the structural picture over the prospect and assist in the selection of a drill location.

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".

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 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.

Glossary:

"Mcfe/day" thousand cubic feet equivalent per day.

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:

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.

Profil de l'entreprise

DualEx Energy International Inc.

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