/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Nov. 27 /CNW/ - DualEx Energy International Inc. (the "Company") (DXE, TSX-V) is pleased to announce that, effective November 25, 2009, it has sold its entire 10% working interest in the Torres Vedras - 3 and Aljubarrota - 3 Concessions in Portugal, for net cash proceeds of $US 350,000.
On the operations front, on Block XVII in Syria (DualEx 31.67%), the Al Tayr 101 well, which spudded on October 7, 2009, is currently drilling ahead in 12 1/4" hole, is expected to encounter the primary Kurrachine Dolomite target in late December and reach TD at ~3,000 metres in early January 2010.
At Peneszlek in NE Hungary, the testing of the PEN-104AA well (DualEx 37.5%) is now scheduled to commence in early December. The operation had been delayed due to equipment and materials availability.
DualEx President and CEO, Garry Hides, commented "our recent financing and the sale of the Portugal assets allows us to focus on our core projects in Hungary, Syria and Tunisia. With no debt and a strong balance sheet we are well positioned to execute our corporate plan."
Also, the Company today filed with Canadian securities authorities its Third Quarter Financial Statements and Management's Discussion and Analysis for the period ending September 30, 2009. 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.
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.
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