DUALEX COMPLETES SALE OF GH-1 WELL IN HUNGARY
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Nov. 4 /CNW/ - DualEx Energy International Inc. ("DualEx, or "the Company") (TSX-V: "DXE") announces that it's wholly owned subsidiary, DualEx Nyirség Inc., has completed a sale of its non-operated 12.5% interest in the western part of the Nyirség Szatmár permit in Hungary, known as the Panhandle, which contains the Gorbeháza-1 ("GH-1") gas well. DualEx received an initial cash consideration of US$185,947.00 and will receive additional pro rata payments of US$185,947.00 per Bcf when the cumulative production from GH-1 exceeds 1 Bcf. The other minority partners in the licence, Ascent Resources plc. and Swede Resources AB, have also divested of their interests on similar terms.
DualEx's President & CEO, Garry Hides, commented, "Given that the exploration rights for the Panhandle area have now expired and the GH-1 well will be the only producing well, it makes sense for us to divest of this minor interest now and deploy the proceeds to our other projects. Our remaining Hungarian gas production at Peneszlek, which averaged approximately 1200 Mcfe/day (net to DualEx) in the third quarter, continues to generate significant cash flow for the Company."
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".
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 of gas. 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 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.
Glossary:
"Bcf": billion cubic feet.
"Mcfe/day": 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.
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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.
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