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DualEx Files 2008 Year End Results And Resumes Production in Hungary
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[{"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, April 30 /CNW/ - DualEx Energy International Inc. (the\n"Company") (DXE, TSX-V) today filed with Canadian securities authorities its\n2008 Annual Consolidated Financial Statements and Management's Discussion and\nAnalysis. The Company has filed its Form 51-101F1 - Statement of Reserves Data\nand Other Oil and Gas Information, Form 51-101F2 - Report on Reserves Data by\nIndependent Qualified Reserves Evaluator, and Form 51-101F3 - Report of\nManagement and Directors on Oil and Gas Disclosure, under National Instrument\n51-101 Standards of Disclosure for Oil and Gas Activities. This information is\nincluded in DualEx's Annual Information Form dated April 27, 2009. Copies of\nthe filed documents may be obtained through www.sedar.com, DualEx's website\nwww.dualexen.com or by emailing DualEx at [email protected]. The Company's\nAnnual General Meeting of Shareholders is scheduled for 10:00 AM June 25, 2009\nat the Metropolitan Conference Centre located at 333 - 4th Avenue SW, Calgary\nAlberta.\n\n\nHighlights\n----------\n\n Three months ended Year ended\n December 31 December 31\n ----------------------- -----------------------\n 2008 2007 2008 2007\n ---------- ---------- ---------- ----------\n\nPetroleum and natural\n gas production (mcfe/d) 1,253 180 573 85\nAverage price\n ($/mcfe) $ 18.82 $ 4.82 $ 15.75 $ 5.45\n\nFinancial\n\nPetroleum and natural\n gas sales $ 2,170,882 $ 79,968 $ 3,307,803 $ 168,573\nFunds from operations 1,711,220 (283,194) 1,749,412 (1,005,094)\nNet Loss (5,760,627) (377,805) (5,805,419) (1,177,385)\nWorking capital at\n period end 3,624,310 4,180,849 3,624,310 4,180,849\n\n- During the quarter the Company continued to produce natural gas from\n its Hungary property which increased quarterly production to 1,253\n mcfe/d and annual production to 573 mcfe/d. As announced on January\n 21, 2009, production was shut-in in January due to a compressor\n failure in the regional gas supply infrastructure. The Company used\n this stoppage to drill the Pen 104A sidetrack well to access\n additional gas reserves in a structurally higher part of the\n reservoir. The Pen 104A well was successfully drilled and was placed\n on production April 29, 2009 at a restricted rate of 3 million cubic\...