DualEx Files 2006 Year End Results and Provides Operations Update


    CALGARY, March 21 /CNW/ - DualEx Energy International Inc. (the
"Company") (DXE, TSX-V) today filed with Canadian securities authorities its
2006 Annual Consolidated Financial Statements and Management's Discussion and
Analysis. The Company has filed its Form 51-101F1 - Statement of Reserves Data
and Other Oil and Gas Information, Form 51-101F2 - Report on Reserves Data by
Independent Qualified Reserves Evaluator, and Form 51-101F3 - Report of
Management and Directors on Oil and Gas Disclosure, under National Instrument
51-101 Standards of Disclosure for Oil and Gas Activities. This information is
included in DualEx's Annual Information Form dated March 19, 2007. Copies of
the filed documents may be obtained through www.sedar.com, DualEx's website
www.dualexen.com or by emailing DualEx at info@dualexen.com.
    On the operations front, DualEx and its partners have initiated the next
stage in the exploration program on Block XVII in the Palmyra region of
south-central Syria, with the recent commencement of the 1,138 kilometer 2D
seismic program, an 80 percent increase over the minimum requirement. The
program is targeting large structures in the northern third of the block with
a view to selecting a suitable drill target in early 2008. The primary
objective is the Triassic Kurrachine dolomite, a reservoir hosting a number of
significant discoveries in the area, including the Ash Shaer, Cherrife and Abu
Rabah fields immediately north of Block XVII. Engineering, procurement and
construction contracts have been awarded by other operators for a number of
facilities in the Palmyra area that will allow for the production of the
estimated 2.5 - 3 tcf of natural gas reserves discovered to date, in addition
to providing take away capacity for future discoveries. DualEx has a 31.67%
working interest in this world class exploration project.
    In northeast Hungary, drilling locations are being prepared for the
upcoming two well program in the Nyirseg area. These two wells will be funded
75% by DualEx and are the option wells under the Company's farmin agreement
with PetroHungaria. The first well in this program, PEN-102, is an appraisal
well of a gas discovery made in 1983, but which was never placed on
production. PEN-102 will target lower Miocene tuffaceous reservoir rocks that
produced during the 1980's in the Penészlek gas field roughly five kilometers
to the east. In addition, the prospect includes a shallower Pannonian Sand
prospect similar to that successfully tested in the Company's PEN-104
discovery. The second well, VAM-1, will test an exploration prospect in the
Vamospercs area, roughly 18 kilometers to the southwest of the Penészlek
field. Drilling of the PEN-102 well is anticipated to commence in late April
2007, followed immediately by the VAM-1 well. Once drilling of these two wells
has been completed, DualEx will have finished earning a 37.5% working interest
in approximately 614,000 gross acres. Development plans are ongoing in the
Penészlek area, where the Company and its partners have commissioned a
detailed pipeline feasibility study which could lead to gas sales as early as
winter 2007.
    In Portugal, DualEx and its partners continue to seek suitable drilling
and seismic acquisition equipment with which to continue the exploration
program in the highly prospective Lusitanian Basin. This program includes the
shooting of two 3D seismic surveys, the deepening of two previously drilled
wells and the drilling of a potentially high impact exploration well. The
Company and its partners are committed to executing this program in a cost
effective manner, and are prepared to wait until equipment can be contracted
at reasonable rates.

    DualEx Energy International Inc. is a full cycle 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".

    Forward-Looking Statements

    This release may contain forward-looking statements. These statements are
based on management's current expectations and beliefs and are subject to a
number of risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
Forward-looking statements are not guarantees of future performance. Any
forward-looking statements are made as of the date hereof and DualEx does not
undertake any obligation, except as required under applicable law, to publicly
update or revise such statements to reflect new information, subsequent or

    This press release is reproduced on DualEx's website at www.dualexen.com.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    %SEDAR: 00023802E

For further information:

For further information: about DualEx Energy International Inc., please
visit the website or contact Garry Hides (President & CEO) at (403) 265-8011
ext. 223, or Lorne Morozoff (VP & CFO) at (403) 265-8011 ext. 222

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