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CALGARY, Nov. 22 /CNW/ - DualEx Energy International Inc. (TSX-V: "DXE") today filed with Canadian securities authorities its Third Quarter Financial Statements and Management's Discussion and Analysis for the period ending September 30, 2007. 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.
In the quarter, the Company completed the acquisition of Winslow Resources Inc. September production from the Winslow assets was approximately 26 boepd. DualEx is continuing with the evaluation of these assets, including development, by either funding internally or farming out, or selling those interests which do not fit within DualEx's corporate strategy. In this regard, the Company sold certain mining properties for total consideration of $279,356 in September and has recently closed a transaction whereby it sold its working interests in the Wainwright area of Alberta for $350,000.
In Hungary, work is continuing with the various development initiatives at Peneszlek, which include pipeline integrity testing on the existing gathering system (approximately 2/3 completed); the necessary wellbore permitting and regulatory approvals for the re-entry of PEN-9 and PEN-12; and the negotiation of natural gas processing and transportation arrangements with the operator of the area infrastructure. The Company's PEN-104 discovery, together with PEN-9 and PEN-12, in aggregate tested over 7.5 MMcf/day of gas from the basal Miocene volcaniclastic section and the overlying Pannonian section. The Company has a 37.5% working interest in the Nyirseg Permits, containing approximately 614,000 gross acres (approximately 230,000 net acres).
In Syria, processing of both the 1,105 line kilometres of new 2D seismic data and the 2,338 line kilometres of legacy 2D seismic data on Block 17 is nearing completion. This dataset, once integrated with the geologic / petrophysical review and existing well data, will be used to rank prospects for drilling in 2008. DualEx has a 31.67% working interest in the 1.248 million acre Block 17.
In western Portugal, the contracted drilling rig is now enroute, and is expected to re-initiate drilling operations on the Lapaducos-2 well in December, 2007. This operation involves deepening the well to 1500 m in order to evaluate Upper Jurassic fractured Montejunto carbonate and Middle Jurassic Candieiros limestone targets. The rig is then expected to be mobilized to the Aljubarrota-4 location, which is planned to be deepened by 400 m into the lower portion of the fractured Brenha Carbonate zone and underlying Brenha carbonate grainstone zone. Surveying and permitting is ongoing on the Torres Vedras 3D seismic program, with field recording anticipated to commence prior to year-end. This 117 sq km 3D survey will be recorded to follow up on a well drilled by DualEx's predecessor on a Jurassic reef prospect utilizing older 2D seismic. The second 3D survey (130 sq km) will be located within the Aljubarrota Concession, and is planned to be shot immediately after the Torres Vedras 3D. DualEx has a 10% working interest in the Torres Vedras-3 and Aljubarrota-3 Concessions, which contain 321,000 acres and 311,000 acres respectively.
DualEx Energy International Inc. is an oil and gas exploration company with a focus on the greater Mediterranean area. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".
Forward-Looking Statements
This release may contain forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are made as of the date hereof and DualEx does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
%SEDAR: 00023802E