DualEx files second quarter 2013 results

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CALGARY, Aug. 27, 2013 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (DXE, TSX-V) today filed with Canadian securities authorities its Second Quarter Financial Statements and Management's Discussion and Analysis for the period ending June 30, 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].

Tunisia

In Tunisia, the first exploration well on the Bouhajla North prospect, BHN-1, commenced drilling on June 8, 2013. After reaching a total depth (TD) of 2,745 metres, the well was cased to TD, and following the evaluation of cased-hole logs the decision was made to configure the wellbore for testing purposes as several interpreted fracture zones are observed within the 245 metre thick Abiod section. Elevated C1 - C4 mudgas levels were recorded at several intervals with evidence of micro-fractures noted in the drill cuttings.

The drilling rig was released on July 26, 2013, and the Company plans to continue the completion operation with through-tubing perforating guns and a coiled tubing unit to perforate and acidize the selected test interval(s) as soon as possible.  Currently, the drilling rig remains on location at BHN-1, as efforts to remove the rig were hampered by local residents protesting the lack of jobs in the area. The drilling contractor is working with the local and state governments to rectify the situation, and as a result rig de-mobilization operations have now resumed.

Due to several factors, including downtime and increased costs associated with wellbore deviation, sloughing shales and wireline logging, the Company estimates the drilling and completion costs for the BHN-1 well will be approximately $US 1.2 million over budget ($US 0.63 million net to DualEx).

Hungary

During the second quarter, DualEx's production averaged 704 mcfe/day, primarily from the Penészlek gas property in northeast Hungary, which, based on continued strong European natural gas prices, generated an operating netback of $7.31/mcfe. The increased production in Hungary reflects the Company's previously announced acquisition of an additional 29.56% interest in PetroHungaria kft, the Company's partially owned operating subsidiary in Hungary. DualEx's interest in PetroHungaria is now 70%.

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".

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]