DualEx Energy International Inc. - Penészlek area operations update


CALGARY, March 10 /CNW/ - DualEx Energy International Inc. ("DualEx") (TSX-V: "DXE"), is pleased to announce that its subsidiary PetroHungaria kft, has successfully tested and completed the PEN-101 well in the Penészlek area of the Nyirség exploration permits in eastern Hungary.

The PEN-101 well has been completed in a Miocene gas bearing reservoir within a structure defined on the 3-D seismic acquired in 2008. Initial production rates achieved during preliminary testing exceeded 1.0 MMscfd (28,300 m(3)/day), and productivity is expected to be improved in the coming days, by the use of a small scale acid stimulation, similar to that used with good results on the PEN-105 well.

The PEN-101 well is located at the site of the production facilities that will be used to produce both it and the PEN-105 gas discovery. The PEN-105 well is expected to commence production during the week of March 15th 2010, following the removal of the rig from the location and the granting of operating approval for the facilities by the Mining Authority.

The rig will then move to the PEN-104 location to continue the testing of the PEN-104AA well and, subsequently, will move to and continue drilling at the PEN-106 well. The PEN-106 well targets a structure that is similar to that proven by the PEN-105 well.

The Penészlek project is proving to be a successful investment for DualEx, which has been further enhanced by the relinquishment of Leni Gas & Oil's ('LGO') interest in the project (announced by LGO on 5 March 2010), resulting in the current project partners having gained a further interest at no cost.

Garry Hides, DualEx's President and CEO, commented, "We are pleased with the PEN-101 well results and the resumption of production in the coming days. With our increased interest in this project, we look forward to the upcoming drilling of PEN-106, which shares prospect attributes with both PEN-105 and 101."

Following the reallocation of LGO's interest and the conversion of Geomega's interest in the PEN-101 and PEN-106 wells from a working to a carried interest, the partners' interests in the project are now:

                                                   PEN-101 & PEN-106
                              Project    ------------------------------------
                             Interest      Revenue Interest     Cost Share
    Ascent Resources plc      48.776%           51.654%          53.381%
    DualEx                    40.440%           42.826%          44.258%
    Swede Resources            2.157%            2.285%           2.361%
    Geomega kft                8.627%            3.235%

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".

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", "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.


"MMscfd": million standard cubic feet per day.

"m(3)": cubic metres.

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.

%SEDAR: 00023802E

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.

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