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DISSEMINATION IN THE UNITED STATES/
CALGARY, Aug. 18 /CNW/ - DualEx Energy International Inc. (TSX-V: "DXE")
is pleased to announce that drilling has commenced at the Gorbehaza No. 1
("Gh-1") well in the "Panhandle" region of the Company's Nyirseg North permit
in northeast Hungary. DualEx is participating as to its 12.5% working interest
after having farmed out to Hungarian Horizon Energy Ltd. ("HHE") and JKX Oil
and Gas Plc. ("JKX"). HHE and JKX farmed in on the Panhandle area earning 66
2/3 of DualEx's 37.5% interest with the recording of a 120 square kilometre 3D
seismic survey late last year.
Gorbehaza No. 1 will be drilled to a total depth of approximately 1300
metres, targeting Pannonian clastic and Miocene volcaniclastic reservoirs
found to be gas-bearing at the HHE/JKX Hajdunanas discovery 2.2 kilometres to
the north. The discovery well, Hajdunanas-1, and the follow up appraisal well,
Hajdunanas-2, were drilled on a four-way dip closure identified on 3D seismic
recorded by HHE/JKX in 2007. Production testing of the wells resulted in an
aggregate flow rate of approximately thirty million cubic feet of natural gas
per day (30 MMcf/d). Overlap of the Panhandle 3D survey with the Hajdunanas 3D
survey provides an excellent tie with the Hajdunanas feature serving as a
template for the Gorbehaza prospect, also a four-way dip closure.
Drilling is expected to take roughly 10 days with testing to follow.
Partnership interests in the Gorbehaza No. 1 well are DualEx (12.5%), HHE
(Operator, 33.333%), JKX (33.333%), Ascent Resources (20.167%) and Swede
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 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.
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 (403) 265-8011 ext. 223.