DualEx Files 2012 Year End Results

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, April 29, 2013 /CNW/ - DualEx Energy International Inc. (the "Company") (DXE, TSX-V) today filed with Canadian securities authorities its 2012 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 April 25, 2013.  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]. The Company's Annual General Meeting of Shareholders is scheduled for 9:00 AM July 25, 2013 at the Metropolitan Conference Centre located at 333 - 4^th Avenue SW, Calgary Alberta.

SELECTED FINANCIAL & OPERATIONAL HIGHLIGHTS

		Year ended
		December 31
	2012		2011
Petroleum and natural
gas production (mcfe/d)	474		725
Average price ($/mcfe)	$ 14.00		$ 11.72
Financial
Petroleum and natural gas sales	$ 2,425,454		$ 3,099,883
Funds flow from operations	137,235		503,062
Net Loss	(448,604)		(119,247)
Working capital at December 31	1,304,506		1,963,283

 

The Company had annual average natural gas production of 474 thousand cubic feet equivalent ("mcfe") per day and realized an average sales price of $14.00 per mcfe. The Company's average production for the fourth quarter of 2012 was 643 mcfe per day with an average sales price of $14.43 per mcfe.

The Company generated funds flow from operations of $137,235, primarily from its production in Hungary, and exited the year with no debt and $1.3 million in working capital.

On March 22, 2013, the Company closed a short form prospectus offering, raising gross proceeds of $1,901,125.

TUNISIA

In Tunisia, the Company moved closer to the commencement of drilling operations on its onshore Bouhajla permit (the "Permit"). The CTF-6 drilling rig contracted to drill the BHN-1 exploratory well has now been released from its current location and rig-down in preparation to move to the BHN-1 location is underway. Rig move and set-up is anticipated to be completed around the third week of May, with drilling to start immediately thereafter.

In February, 2013, the Company and the Tunisian state oil company, Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), applied for a one-year extension of the first exploration period of the Permit due to the possibility that drilling operations at the BHN-1 well would not be completed by the original expiry date of April 29, 2013.  The Hydrocarbon Committee, which issues formal approval for such matters, has not met since the application was submitted.  The Company is continuing its planned operations despite the delay in receiving the formal extension. The Company expects approval to be granted shortly.

The BHN-1 well will be drilled on the Bouhajla North prospect to a planned total depth of 2545 metres to evaluate a Cretaceous Abiod target, analogous to the Sidi el Kilani field twenty-five kilometers to the east. The well is expected to take four to six weeks to reach total depth.

HUNGARY

As was announced on April 25, 2013, the Company has entered into an agreement to acquire an additional 29.56% interest in PetroHungaria kft, the Company's partially owned operating subsidiary in Hungary, for cash consideration of €272,500 (approximately $360,000). The purchase will increase DualEx's interest in PetroHungaria to 70% and is expected to close around the end of April, 2013.

PetroHungaria operates the Penészlek II Mining Plot in northeast Hungary, which currently includes two producing natural gas wells, Pen-105A and Pen-101. Field compression has now been installed at Penészlek, which is expected to extend the producing life of the field. Post closing, DualEx expects its share of production from Peneszlek to initially be between 700 - 800 mcfe per day.

About DualEx Energy International Inc.

DualEx Energy International Inc. is an oil and gas exploration and production company with operations in Tunisia and Hungary. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".

The Company uses the term "funds flow from operations" which is not a recognized measure under Canadian generally accepted accounting principles.  Management uses "funds flow 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 flow from operations is 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.  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.

Garry Hides, President & CEO
DualEx Energy International Inc.
200, 521 - 3rd Avenue SW
Calgary, Alberta, Canada T2P 3T3
Tel: [phone] ext. 223
www.dualexen.com

Jeremy Dietz
Investor Relations, TMX Equicom
300 - 5th Avenue SW, 10th Floor 
Calgary, Alberta, Canada T2P 3C4
Tel: [phone]
[email protected]