/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, April 30 /CNW/ - DualEx Energy International Inc. (the "Company") (DXE, TSX-V) today filed with Canadian securities authorities its 2008 Annual Consolidated Financial Statements and Management's Discussion and Analysis. The Company has filed its Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator, and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure, under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. This information is included in DualEx's Annual Information Form dated April 27, 2009. Copies of the filed documents may be obtained through www.sedar.com, DualEx's website www.dualexen.com or by emailing DualEx at info@dualexen.com. The Company's Annual General Meeting of Shareholders is scheduled for 10:00 AM June 25, 2009 at the Metropolitan Conference Centre located at 333 - 4th Avenue SW, Calgary Alberta.
Highlights
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Three months ended Year ended
December 31 December 31
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2008 2007 2008 2007
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Petroleum and natural
gas production (mcfe/d) 1,253 180 573 85
Average price
($/mcfe) $ 18.82 $ 4.82 $ 15.75 $ 5.45
Financial
Petroleum and natural
gas sales $ 2,170,882 $ 79,968 $ 3,307,803 $ 168,573
Funds from operations 1,711,220 (283,194) 1,749,412 (1,005,094)
Net Loss (5,760,627) (377,805) (5,805,419) (1,177,385)
Working capital at
period end 3,624,310 4,180,849 3,624,310 4,180,849
- During the quarter the Company continued to produce natural gas from
its Hungary property which increased quarterly production to 1,253
mcfe/d and annual production to 573 mcfe/d. As announced on January
21, 2009, production was shut-in in January due to a compressor
failure in the regional gas supply infrastructure. The Company used
this stoppage to drill the Pen 104A sidetrack well to access
additional gas reserves in a structurally higher part of the
reservoir. The Pen 104A well was successfully drilled and was placed
on production April 29, 2009 at a restricted rate of 3 million cubic
feet per day.
- The Company generated funds from operations of $1.7M in the fourth
quarter as a result of the Hungarian production and favorable natural
gas prices during the period.
- As at December 31, 2008 the Company has $3.6M in working capital to
further explore and develop its projects.
- During the quarter ended December 31, 2008 the Company incurred a
loss of $5.8M as it recorded an accounting writedown on its property
in Portugal and on its Hungarian exploration acreage outside the
development area at Peneszlek.
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".
Where amounts are expressed on a thousand cubic feet equivalent (mcfe) basis, one barrel of oil has been converted at a ratio one barrel of oil to six thousand cubic feet. Mcfe's may be misleading, particularly if used in isolation. A mcfe conversion ratio of one barrel of oil to six thousand cubic feet is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
The Company uses the term "funds from operations" which is not a recognized measure under Canadian generally accepted accounting principles. Management uses "funds from operations" to analyze performance and considers it a key measure as it demonstrates the Company's ability to generate cash necessary to fund future capital investments. Funds from operations has been defined by the Company as "cash flow from operating activities excluding the change in non-cash working capital related to operating activities".
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.
%SEDAR: 00023802E