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CALGARY, Aug. 12 /CNW/ - DualEx Energy International Inc. (the "Company") (DXE, TSX-V), announces the completion of construction and installation of the gas treatment facility and start-up of gas production from the PEN-104 well in the Peneszlek area of the Nyirseg permits in Hungary. The well is currently producing 1.7 MMcf/d (million cubic feet per day) through a 6 mm choke at a wellhead pressure of 1334 psi. The Company expects flow rates to be ramped up over the next several days as well performance dictates. The PEN-104 well was drilled in late 2006 and the produced gas, after metering at the PEN-104 facility, is transported by pipeline to the MOL gas processing facility at Hajduszoboszlo.
DualEx has a 37.5% interest in the project through its equity interest in PetroHungaria kft. Other partners are Ascent Resources (45.23%), Geomega (8%), Leni Gas & Oil (7.27%), and Swede Resources of (2%).
Future plans for the Nyirseg exploration permits (614,000 gross acres) include the recording of a 3D seismic survey in the Peneszlek area with the objective of developing additional drill targets, along with the eventual tie-in of other currently suspended wells.
DualEx Energy International Inc. is an oil and gas exploration company with operations in the greater Mediterranean area. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".
Forward-Looking Statements
This 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", "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 statements and information are based on certain key expectations and assumptions made by DualEx, including expectations and assumptions concerning equipment and crew availability, and joint venture partner financial capability. Although DualEx believe that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because DualEx can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause DualEx's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to reservoir performance, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by DualEx with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. DualEx undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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