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CALGARY, Nov. 26 /CNW/ - DualEx Energy International Inc. (DXE, TSX-V), today filed with Canadian securities authorities its Interim Financial Statements and Management's Discussion and Analysis for the Three and Nine Months ended September 30, 2008. 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.
Highlights
Three months ended Nine months ended
September 30 September 30
------------------------- -------------------------
2008 2007 2008 2007
------------ ------------ ------------ ------------
Petroleum and
natural gas
production (mcfe/d) 816 82 345 52
Average price
($/mcfe) $ 13.09 $ 6.47 $ 12.01 $ 6.18
Financial
Petroleum and natural
gas sales $ 982,727 $ 48,598 $ 1,136,921 $ 88,605
Funds from operations 426,508 (205,536) 38,192 (721,900)
Net loss (166,521) (199,971) (44,792) (799,580)
Working capital at
period end 4,025,912 4,453,509 4,025,912 4,453,509
- During the quarter the Company reached a significant milestone as gas
production commenced in Hungary in mid-August from the PEN-104 well.
The well is currently producing approximately 4 million cubic feet
per day ("mmcf/d"), approximately 1.5 mmcf/d net to DualEx.
- Funds from operations were $426,508 for the three months ended
September 30, 2008 compared to a deficit of $205,536 in the
comparative quarter.
- Centered on the PEN-104 discovery, the Company has recently completed
field acquisition of a 90 sq. km. 3D seismic survey in the Peneszlek
area of Hungary.
- A drilling rig has recently been contracted for the Al Tayr 101 well
in Syria, which is scheduled to spud in January 2009.
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 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.
%SEDAR: 00023802E