/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Aug. 29, 2011 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (TSX-V:DXE) today filed with Canadian securities authorities its Second Quarter Financial Statements and Management's Discussion and Analysis for the three and six months ending June 30, 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.
Summary
| Three months ended | |||
|
June 30, 2011 |
March 31, 2011 |
December 31, 2010 |
|
|
Petroleum and natural gas production (mcfe/day) |
763 | 1,105 | 1,039 |
|
Sales price per mcfe Hungary North America |
$11.90 $3.45 |
$11.09 $3.85 |
$10.89 $3.94 |
| In Millions | |||
| Petroleum and natural gas sales | $0.8 | $1.1 | $1.0 |
| Net Income (Loss) | $(0.1) | $0.1 | $(0.1) |
|
As at June 30, 2011 |
As at March 31, 2011 |
As at December 31, 2010 |
|
| Cash | $1.6 | $1.5 | $1.4 |
| Working Capital | $1.6 | $1.6 | $1.3 |
| Debt | Nil | Nil | Nil |
During the second quarter, production averaged 763 mcfe/day net to the Company, generating sales of $0.8 million. The majority of this production is from the Company's gas production in Hungary, where prices for the quarter averaged $11.90 per mcfe. The production decrease from the first quarter is mainly due to natural production declines from the PEN-105 well in Hungary. Net production averaged approximately 700 mcfe/day in July, 2011. Gas prices continue to be strong in Hungary where the July 2011 price was approximately $13.00 per mcfe.
In Tunisia, the Company continues to move forward with the planning of a 3D seismic survey over its Bouhajla North prospect, one of three prospects identified to date on the Bouhajla Permit, located onshore in the Pelagian Basin.
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".
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, including the acquisition of seismic data in Tunisia. 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.
Glossary:
"Mcfe/day" thousand cubic feet of natural gas equivalent per day.
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.