/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, April 25, 2013 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (TSX-V: DXE), today announced that it has entered into an agreement to acquire an additional 29.56% interest in PetroHungaria kft, the Company's partially owned operating subsidiary in Hungary.
DualEx is purchasing the interest from Ascent Resources plc for cash consideration of €272,500. The purchase will increase DualEx's interest in PetroHungaria to 70% and is expected to close around the end of April, 2013.
"While much of our attention is currently focused on our upcoming Tunisia drill, the PetroHungaria transaction represents an opportunity driven deal that allows us to increase our interest in a producing property on attractive terms," said DualEx President & CEO Garry Hides. "Upon closing, we expect our increased interest in PetroHungaria to generate immediate cash returns from a region with very robust natural gas prices."
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.
In Tunisia, DualEx reports that the CTF-6 drilling rig is expected to be released from its current location within the next week, at which time it will begin moving to the Company's BHN-1 exploration well on the Bouhajla permit. Rig move and set-up is anticipated to be completed around the middle of May, with drilling to start immediately thereafter. As previously announced, in February 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 the BHN-1 well would not be completed by the original expiry date of April 29, 2013. The Hydrocarbon Committee, which issues the formal approvals for such matters, has not met since the application was submitted. The Company is continuing its planned operations despite delays in receiving the formal extension, which is expected to be granted shortly.
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".
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.
For further information:
Garry Hides, President & CEO
DualEx Energy International Inc.
200, 521 - 3rd Avenue SW
Calgary, Alberta, Canada T2P 3T3
Tel: (403) 265-8011 ext. 223
Investor Relations, TMX Equicom
300 - 5th Avenue SW, 10th Floor
Calgary, Alberta, Canada T2P 3C4
Tel: (403) 218-2833