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CALGARY, Aug. 28 /CNW/ - DualEx Energy International Inc. (TSX.V: "DXE") is pleased to announce that drilling operations at the Company's Gorbehaza No. 1 well ("GH-1") in the Panhandle region of the Nyirseg North Permit in northeast Hungary have concluded and that casing has been run in advance of production testing operations.
The GH-1 well was drilled to TD at 1300 metres and data indicates the well encountered gas in two of the three zones targeted. The drilling rig will be moved off location and a service rig brought in to conduct the completion and testing operations, scheduled for commencement within approximately six weeks time.
DualEx's working interest in the GH-1 well is 12.5%, with Hungarian Horizon Energy (Operator, 33.333%), JKX Oil and Gas (33.333%), Ascent Resources (20.167%) and Swede Resources (0.667%) holding the balance.
Further to the announcement of August 17th, 2009, drilling of the PEN-105 well (DualEx 37.5%) in the Peneszlek area of the Nyirseg South Permit in Hungary is ongoing. It is expected the well will reach total depth of 1500 metres within the next several days. PEN-105 is evaluating a gas prospect in the Miocene aged volcaniclastics.
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 believes 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, and 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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