Business
DualEx settles legal dispute regarding producing gas property
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About this update from Spartan Delta Corp
[{"type":"text","content":"\n\n\n\nNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\nDISSEMINATION IN THE UNITED STATES\n\n\nCALGARY, Aug. 6 /CNW/ - DualEx Energy International Inc. (DXE, TSX-V),\nthrough its wholly owned subsidiary, Winslow Resources Inc., ("Winslow") is\npleased to announce that it has settled and finalized its outstanding legal\nclaim with regard to a producing gas property in southwest Saskatchewan.\n\n\nPursuant to the Settlement Agreement, varying working interests in rights\nbelow the base of the Milk River formation in approximately 40 sections of\ncontiguous land in the Leader area reverted back to Winslow. Included in the\nproperty is an 18.75% non-operated working interest in a recently discovered\nViking natural gas pool, with three wells currently producing at a restricted\nrate of 1.77 MMcf/day (55 BOE/day net to Winslow). As part of the settlement\nterms, Winslow agreed to fund approximately $500,000 of infrastructure and\nfacility costs.\n\n\nMartin & Brusset Associates has undertaken an independent reserve\nevaluation of the property and has provided a NI 51-101 compliant reserve\nreport, effective June 30, 2009, outlining Company interest proved developed\nproducing ("PDP") reserves of 372 MMcf and Company interest proved plus\nprobable ("P+P") reserves of 780 MMcf, and a corresponding estimated net\npresent value of $2.6MM, discounted at 10% (such estimated value does not\nrepresent fair market value).\n\n\nDualEx will be reviewing this property's role in the context of its\npredominantly internationally focused portfolio, which may include further\ndevelopment and/or exploration drilling, or divestiture.\n\n\nGarry Hides, DualEx's President and CEO, commented, "We are very pleased\nwith the settlement of this outstanding claim. Notwithstanding this asset is\noutside our primary focus area, it is certainly accretive to our shareholders.\nAcquisition metrics are very attractive at approximately $9,100 per flowing\nBOE/day and $8.06 per PDP BOE reserves ($3.84 per P+P BOE reserves)."\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 fo...