DualEx Files 2010 Year End Results

Apr. 19, 2011 (Canada NewsWire Group) --

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, April 19 /CNW/ - DualEx Energy International Inc. (the "Company") (TSX-V: DXE) today filed with Canadian securities authorities its 2010 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 14, 2011.  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 9:00 AM June 23, 2011 at the Metropolitan Conference Centre located at 333 - 4^th Avenue SW, Calgary Alberta.

Summary

• The Company had average daily production of 809 thousand cubic feet equivalent ("mcfe") per day for the year.  The European gas markets continued to be strong, with DualEx realizing an average price of $10.89 per mcfe for 2010 in Hungary. The Company's current production is approximately 900 mcfe per day.
• During the year the Company drilled two wells in Hungary - one of which was a gas discovery. That well, along with a gas discovery drilled in late 2009, commenced production in the Spring of 2010. The Company's mining plot application for Peneszlek, Hungary was approved and issued in March 2011, and contains approximately 43 square kilometres.
• The Company's Bouhajla Production Sharing Contract ("PSC") in Tunisia was fully ratified and formalized on April 30, 2010. The PSC provides for an initial term of three years with two additional renewal periods of three years each available.  DualEx has a 100% contractor interest in the Bouhajla Permit, which encompasses 416 square kilometres (105,000 acres), and is located onshore in the Pelagian Basin of east central Tunisia. The Block lies immediately west of the Sidi el Kilani field, which has produced to date approximately 48 million barrels of light oil.
• The Company exited the year with no debt and $1.4 million in working capital.

DualEx Energy International Inc. is an oil and gas exploration and production company with operations in the greater Mediterranean area. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".

The Company uses the term "cash flow from operations" which is not a recognized measure under Canadian generally accepted accounting principles.  Management uses "cash flow 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.  Cash flow from operations is defined by the Company as "cash flow from operating activities excluding the change in non-cash working capital related to operating activities and settlement of asset retirement obligation".

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.

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", "schedule", "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. 

This press release is reproduced on DualEx's website at www.dualexen.com. For this and other information about DualEx Energy International Inc., please visit the website or contact Garry Hides (President & CEO) at 403-265-8011 ext. 223.