DualEx Files 2010 Third Quarter Results

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CALGARY, Nov. 25 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (DXE, TSX-V) today filed with Canadian securities authorities its Third Quarter Financial Statements and Management's Discussion and Analysis for the period ending September 30, 2010.  Copies of the filed documents may be obtained through www.sedar.com, DualEx's website www.dualexen.com or by emailing DualEx at [email protected].

Summary

	Three months ended
	September  30, 2010	June 30, 2010	March 31, 2010
Petroleum and natural gas production (mcfe/d)	1,371	728	81
Sales price per mcfe           Hungary           North America	$10.70 $3.38	$10.75 $ 3.87	$9.96 $4.96
Petroleum and natural gas sales	$1,309,228	$667,205	$40,402
Funds from operations	$742,982	$173,489	$(500,114)
Net Loss	$158,928	$263,205	$1,798,813

During the third quarter, production averaged 1,371 mcfe/day net to the Company, generating sales of $1,309,228. The majority of this production is from the Company's gas production in Hungary, where prices for the quarter averaged $10.70 per mcfe.

In Tunisia, DualEx continues to progress its exploration program on the Bouhajla Permit. The Company will soon be preparing tender documents with regard to its planned 3D seismic program. Initial efforts are centered on the Bouhajla North Prospect which is a structural inversion with closure and intense fracturing at several target horizons. DualEx has a 100% contractor interest in the Bouhajla Permit, which encompasses 416 square kilometres (105,000 acres), and is located onshore in the Pelagian Basin of east central Tunisia. The Block lies immediately west of the Sidi el Kilani field, which has produced to date approximately 48 million barrels of light oil from the Abiod formation, which is the Company's primary target at Bouhajla North.

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".

The Company uses the term "funds from operations" which is not a recognized measure under Canadian generally accepted accounting principles.  Management uses "funds from operations" to analyze performance and considers it a key measure as it demonstrates the Company's ability to generate cash necessary to fund future capital investments.  Funds from operations has been defined by the Company as "cash flow from operating activities excluding the change in non-cash working capital related to operating activities".

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.  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:

"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. 

%SEDAR: 00023802E

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.