NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
CALGARY, April 18, 2012 /CNW/ - DualEx Energy International Inc. ("DualEx" or "the Company") (TSXV: "DXE") is pleased to announce that drilling of the PEN-105A sidetrack well has been successfully completed. The well, located in Eastern Hungary, is a part of the Penészlek Project in which DualEx has a 40.44% ownership interest. The well encountered approximately 20 meters of gas-bearing formation in the Miocene volcaniclastic strata and is currently being configured for production.
"We're pleased with the results of the sidetrack operation and expect that once we get beyond the cleanup period we'll be able to announce flow rates consistent with those observed at PEN-105," said DualEx President & CEO Garry Hides. "Given the robust eastern European gas market, we are looking forward to the commencement of full production at PEN-105A and the resulting revenues."
The PEN-105A well was sidetracked from the PEN-105 well to a measured depth of 1,640 meters and to a location some 460 meters northeast of the original well, with the objective of accessing a separate larger fault compartment believed to be gas-bearing on the PEN-105 structure. Preliminary testing of a 7 meter perforated section at PEN-105A produced gas at a rate of 0.928 MMscfd (26,300 m3/d) and work to reconnect the well to production facilities has already commenced. Over the coming weeks, the Company plans to add additional perforations and may stimulate the well with an acid wash. An acid wash on the original PEN-105 well was extremely effective, resulting in a doubling of the pre-stimulation production rate.
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".
"Bcf" - billion cubic feet
"MMscfd" - million standard cubic feet per day
"m3/d" - cubic metres per day
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.
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