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CALGARY, Aug. 18 /CNW/ - DualEx Energy International Inc. (the "Company") (DXE, TSX-V), is pleased to announce that gas production from the PEN-104 well in the Peneszlek area of NE Hungary has stabilized at 3.12 MMcf/d, or 520 BOE/d (1.17 MMcf/d, or 195 BOE/d net to the Company), up from the previously announced initial rate of 1.7 MMcf/d (net 637.5 mcf/d, or 106 BOE/d).
Garry Hides, DualEx's President and CEO, commented "Completion of facilities and commencement of production from PEN-104 is very much a milestone for the Company. This is the first step in the Peneszlek development, which will ultimately involve 3D seismic, the recompletion and tie-in of existing wells, and the drilling of new wells, and provides DualEx with a low risk development project to complement our high-impact exploration plays."
DualEx has a 37.5% interest in this project through its equity interest in PetroHungaria kft. Other partners are Ascent Resources (45.23%), Geomega (8%), Leni Gas & Oil (7.27%), and Swede Resources of (2%).
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".
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.
Glossary: "MMcf/d": million cubic feet per day. "mcf/d": thousand cubic feet per day. "BOE/d": barrels of oil equivalent per day, calculated at six thousand cubic feet to one barrel, based on energy equivalency. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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