/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, March 15 /CNW/ - DualEx Energy International Inc. ("DualEx") (TSX-V: "DXE") announces that operations at the Company's PEN-101 site in northeast Hungary have been temporarily suspended following an acid stimulation of the perforated interval in the Miocene volcaniclastic section. The drilling rig has been moved off location and preparations to bring the PEN-105 well on to production in the next few days continues.
The PEN-101 well was acidized in two stages, with a short flow test after the first stage showing a significant improvement of productivity. However, during the flow back of the second stage, water began to be produced with the gas. It is believed the produced water is from a deeper, water-bearing zone, due to damaged cement isolation. Options to repair the well, including a possible short sidetrack, are being considered and once upcoming operations with the drilling rig have concluded, the rig can be moved back onto the PEN-101 site to conduct the remedial work. DualEx has a 42.826% interest in the PEN-101 well, through its subsidiary PetroHungaria kft.
Garry Hides, DualEx's CEO, stated; "although we are disappointed with the mechanical problems encountered during the PEN-101 completion operation, we are certainly encouraged to have tested significant gas rates from a previously undrilled structure, and anticipate that the 101 well will provide additional cash flow to the project once the remedial work is completed."
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".
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