/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, May 24, 2012 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (DXE, TSX-V) today filed with Canadian securities authorities its First Quarter Financial Statements and Management's Discussion and Analysis for the period ending March 31, 2012. Copies of the filed documents may be obtained through www.sedar.com, DualEx's website www.dualexen.com or by emailing DualEx at email@example.com.
During the first quarter, production averaged 237 mcfe/d, primarily from the Company's Penészlek gas property in northeast Hungary. In April 2012 the Company announced the successful drilling of the PEN-105A sidetrack well at Penészlek. The well is currently producing approximately 1,000 mcfe/d gross (approximately 400 mcfe/d net). The Company and its partners plan to add additional perforations and stimulate the well with an acid wash in June 2012. An acid wash on the original PEN-105 well was very effective, resulting in a doubling of the pre-stimulation production rate. Natural gas prices in Hungary continue to be robust, averaging $15.77 per mcfe in the first quarter 2012.
In Tunisia, the Company completed a 3D seismic survey over the Bouhajla North prospect on its Bouhajla Permit. The data from this 55 km2 3D survey has been processed and interpreted. A drilling location has been selected and the Company is in the midst of tendering for services and equipment. The Company anticipates drilling the first exploration well on the Bouhajla North prospect in 2012.
In April 2012 the Company announced that the Tunisian Ministry of Industry and Energy's Comite Consultatif des Hydrocarbures approved DualEx's application to expand the Bouhajla Permit. The area of the expansion (the "Ktittir Block") represents an increase of 120 km2 or 29% of the area of the original Bouhajla Permit. In consideration for the increase, the Company committed to the recording of a minimum 20 km2 of new 3D seismic. The Ktittir Block lies south of the Company's Bouhajla North prospect. The permit expansion will be formalized upon publication in the official Government Gazette.
DualEx Energy International Inc. is an oil and gas exploration and production company with operations in Hungary and Tunisia. 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 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.
"Mcfe" means thousand cubic feet equivalent.
"Mcfe/d" means 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.
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, The Equicom Group
300 - 5th Avenue SW, 10th Floor
Calgary, Alberta, Canada T2P 3C4
Tel: (403) 218-2833