NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
CALGARY, Aug. 6 /CNW/ - DualEx Energy International Inc. (DXE, TSX-V),
through its wholly owned subsidiary, Winslow Resources Inc., ("Winslow") is
pleased to announce that it has settled and finalized its outstanding legal
claim with regard to a producing gas property in southwest Saskatchewan.
Pursuant to the Settlement Agreement, varying working interests in rights
below the base of the Milk River formation in approximately 40 sections of
contiguous land in the Leader area reverted back to Winslow. Included in the
property is an 18.75% non-operated working interest in a recently discovered
Viking natural gas pool, with three wells currently producing at a restricted
rate of 1.77 MMcf/day (55 BOE/day net to Winslow). As part of the settlement
terms, Winslow agreed to fund approximately $500,000 of infrastructure and
Martin & Brusset Associates has undertaken an independent reserve
evaluation of the property and has provided a NI 51-101 compliant reserve
report, effective June 30, 2009, outlining Company interest proved developed
producing ("PDP") reserves of 372 MMcf and Company interest proved plus
probable ("P+P") reserves of 780 MMcf, and a corresponding estimated net
present value of $2.6MM, discounted at 10% (such estimated value does not
represent fair market value).
DualEx will be reviewing this property's role in the context of its
predominantly internationally focused portfolio, which may include further
development and/or exploration drilling, or divestiture.
Garry Hides, DualEx's President and CEO, commented, "We are very pleased
with the settlement of this outstanding claim. Notwithstanding this asset is
outside our primary focus area, it is certainly accretive to our shareholders.
Acquisition metrics are very attractive at approximately $9,100 per flowing
BOE/day and $8.06 per PDP BOE reserves ($3.84 per P+P BOE reserves)."
DualEx Energy International Inc. is an 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".
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", "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.
"MMcf": million cubic feet.
"Mcf": thousand cubic feet.
"BOE": barrels of oil equivalent, calculated at six Mcf to one barrel,
based on energy equivalency. BOEs may be misleading, particularly if used
in isolation. A BOE conversion ratio of 6 Mcf:1 barrel is based on a
energy equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
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.
For further information:
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