Business
DualEx announces exploration farmout in Hungary
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About this update from Spartan Delta Corp
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\nDISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Nov. 25 /CNW/ - DualEx Energy International Inc. (the "Company")\n(DXE, TSX-V), is pleased to announce that it, along with its partners, has\nentered into an agreement whereby Hungarian Horizon Energy ("HHE") and JKX Oil\nand Gas ("JKX") will farmin for a 66.67% interest to a 120 sq. km area of the\nwestern part of the Nyirseg Szatmar permit in Hungary. Under the terms of the\nagreement HHE and JKX will pay for the acquisition and processing of a 3-D\nseismic survey over the farmout area. The acquisition of this seismic\ncommenced on November 20, 2008.\n\n\nThe farmout area, known as the Pan-handle, is a few kilometres south of\nHHE and JKX's Hajdunanas-1 gas discovery (reported by JKX on August 11th,\n2008) and some 70 kilometres northwest of PetroHungaria's (DualEx 37.5%)\nPEN-104 well that commenced gas production in August 2008. This new 3-D\nseismic survey, which will cover the entire farmout area, is designed to\ndelineate new gas reserves and to identify suitable drilling locations.\n\n\nDualEx will retain a 12.50% interest in the Pan-handle project with the\nother partners being HHE (33.33% and operator), JKX (33.33%) Ascent (17.5%),\nGeomega (2.67%), and Swede Resources (0.67%).\n\n\nGarry Hides, DualEx's President and CEO, commented "this farmout sets up\na second project within the Nyirseg permits, while allowing us to continue to\ndevelop the Peneszlek area, where we have just completed field acquisition of\na 90 sq. km 3-D seismic survey around the PEN-104 well, which is currently\nproducing approximately 4 million cubic feet per day."\n\n\nDualEx Energy International Inc. is an oil and gas exploration company\nwith operations in the greater Mediterranean area. DualEx's common shares\ntrade on the TSX Venture Exchange under the symbol "DXE".\n\n\nForward-Looking Statements\n\n\nThis news release contains forward-looking statements and forward-looking\ninformation within the meaning of applicable securities laws. The use of any\nof the words "expect", "anticipate", "continue", "estimate", "objective",\n"ongoing", "may", "will", "project", "should", ...