Business
DualEx Energy International Inc. - Penészlek area operations update
DualEx Energy International Inc. - Penészlek area operations update
About this update from Spartan Delta Corp
[{"type":"text","content":"\n\n\n\n Jun. 7, 2010 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n DualEx Energy International Inc. ("DualEx") (TSX-V: "DXE") announces that its subsidiary, PetroHungaria kft, has successfully acidized the PEN-101A well in the Penészlek area of the Nyirség exploration permits in eastern Hungary. Additionally, production is on-going from the PEN-105 well at an improved rate of 2.53 MMscfd with 37 barrels per day of condensate (459 boed) and PEN-101A will add to this production.\nThe PEN-101A well, which was side-tracked to bypass damaged cement, has been acidized and re-perforated. Pressure test data showed that the formation near the well bore has been damaged by the drilling process and the two stage acidization has not managed to completely restore the productivity of the well. However, the PEN-105 well productivity, which produces from a similar Miocene volcaniclastic formation, is still improving, and the PEN-101A well is expected to behave in a similar manner. So far, on test, the maximum production rate of the PEN-101A well has been 0.769 MMscfd (128 boed). Production rates through the production facility may be less than the rates measured during the test. DualEx has a 40.44% interest in PEN-105 and a 42.826% interest in PEN-101A.\n\nDualEx Energy International Inc. is an oil and gas exploration and production company with operations in the greater Mediterranean area. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".\n\nForward-Looking Statements\n\nThis 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 and prospects. The forward-looking s...