/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Nov. 2 /CNW/ - DualEx Energy International Inc. (TSX-V: "DXE") announces that, through its Hungarian subsidiary, PetroHungaria Kft, it has completed the deepening of the PEN-104A sidetracked gas well to a new bottom-hole location ("PEN-104AA") in the Nyirség permits of northeastern Hungary. PEN-104AA required highly deviated drilling with inclinations of up to 66 degrees. The well penetrated a 34 metre (true thickness) section of Miocene volcaniclastic reservoir, and drilling was stopped at 1,872 metres MD (1,322 metres TVD), close to the anticipated depth of the gas-water contact determined from offset wells. Based on good mudlog formation gas shows and open-hole well log evaluation, the well was completed with a slotted liner and external casing packers, and will be tested after the drilling rig has left the wellsite. The rig is now being demobilized.
DualEx holds a 37.5% interest in the Penészlek 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 (2%).
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".
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.
"MD": measured depth.
"TVD": total vertical depth.
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: 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