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DUALEX COMPLETES SALE OF GH-1 WELL IN HUNGARY
DUALEX COMPLETES SALE OF GH-1 WELL IN HUNGARY
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[{"type":"text","content":"\n\n\n\n Nov. 4, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Nov. 4 /CNW/ - DualEx Energy International Inc. ("DualEx, or\n "the Company") (TSX-V: "DXE") announces that it's wholly owned\n subsidiary, DualEx Nyirség Inc., has completed a sale of its\n non-operated 12.5% interest in the western part of the Nyirség Szatmár\n permit in Hungary, known as the Panhandle, which contains the\n Gorbeháza-1 ("GH-1") gas well. DualEx received an initial cash\n consideration of US$185,947.00 and will receive additional pro rata\n payments of US$185,947.00 per Bcf when the cumulative production from\n GH-1 exceeds 1 Bcf. The other minority partners in the licence, Ascent\n Resources plc. and Swede Resources AB, have also divested of their\n interests on similar terms.\n\n\nDualEx's President & CEO, Garry Hides, commented, "Given that the\n exploration rights for the Panhandle area have now expired and the GH-1\n well will be the only producing well, it makes sense for us to divest\n of this minor interest now and deploy the proceeds to our other\n projects. Our remaining Hungarian gas production at Peneszlek, which\n averaged approximately 1200 Mcfe/day (net to DualEx) in the third\n quarter, continues to generate significant cash flow for the Company."\n\n\nDualEx Energy International Inc. is an oil and gas ...