DualEx announces first quarter 2013 results and provides operational update

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CALGARY, May 27, 2013 /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, 2013.  Copies of the filed documents may be obtained through www.sedar.com, DualEx's website www.dualexen.com or by emailing DualEx at [email protected].

During the first quarter, production averaged 450 mcfe/d, primarily from the Company's Penészlek gas property in northeast Hungary, which, based on continued strong European natural gas prices, generated an operating netback of $7.08/mcfe.

In April 2013 the Company announced it had entered into an agreement to increase its interest in PetroHungaria kft, the Company's partially owned operating subsidiary in Hungary. DualEx purchased the 29.56% interest for cash consideration of $360,000. The purchase, now closed, 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, the Company reported that its application for a one year extension to the Bouhajla exploration permit has been approved. The initial period is now set to expire on April 29, 2014. The Company anticipates drilling of the first exploration well at Bouhajla, BHN-1, to start within the next week, after some delays during rig move and set-up. 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 oilfield 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.

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.  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.

Garry Hides, President & CEO
DualEx Energy International Inc.
200, 521 - 3rd Avenue SW
Calgary, Alberta, Canada T2P 3T3
Tel: [phone] ext. 223
www.dualexen.com

Jeremy Dietz
Investor Relations, TMX Equicom
300 - 5th Avenue SW, 10th Floor 
Calgary, Alberta, Canada T2P 3C4
Tel: [phone]
[email protected]