Business
Dualex files third quarter results
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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\n\n\nDISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Nov. 26 /CNW/ - DualEx Energy International Inc. (DXE, TSX-V),\ntoday filed with Canadian securities authorities its Interim Financial\nStatements and Management's Discussion and Analysis for the Three and Nine\nMonths ended September 30, 2008. Copies of the filed documents may be obtained\nthrough www.sedar.com, DualEx's website www.dualexen.com, or by emailing\nDualEx at [email protected].\n\n\nHighlights\n Three months ended Nine months ended\n September 30 September 30\n ------------------------- -------------------------\n 2008 2007 2008 2007\n ------------ ------------ ------------ ------------\nPetroleum and\n natural gas\n production (mcfe/d) 816 82 345 52\nAverage price\n ($/mcfe) $ 13.09 $ 6.47 $ 12.01 $ 6.18\n\nFinancial\n\nPetroleum and natural\n gas sales $ 982,727 $ 48,598 $ 1,136,921 $ 88,605\nFunds from operations 426,508 (205,536) 38,192 (721,900)\nNet loss (166,521) (199,971) (44,792) (799,580)\nWorking capital at\n period end 4,025,912 4,453,509 4,025,912 4,453,509\n\n\n- During the quarter the Company reached a significant milestone as gas\n production commenced in Hungary in mid-August from the PEN-104 well.\n The well is currently producing approximately 4 million cubic feet\n per day ("mmcf/d"), approximately 1.5 mmcf/d net to DualEx.\n- Funds from operations were $426,508 for the three months ended\n September 30, 2008 compared to a deficit of $205,536 in the\n comparative quarter.\n- Centered on the PEN-104 discovery, the Company has recently completed\n field acquisition of a 90 sq. km. 3D seismic survey in the Peneszlek\n area of Hungary.\n- A drilling rig has recently been contracted for the Al Tayr 101 well\n in Syria, which is scheduled to spud in January 2009.\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\nWhere amounts are expressed on a thousand cubic feet equivalent (mcfe)\nbasis, one barrel of oil has been converted at a ratio one barrel of oil to\nsix thousand cubic feet. Mcfe's may be misleading, particularly if used in\nisolation. A mcfe conversion ratio of one barrel of oil to six ...