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Attention Business Editors
DualEx Energy International Inc. - Penészlek area operations update
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, March 10 /CNW/ - DualEx Energy International Inc. ("DualEx")
(TSX-V: "DXE"), is pleased to announce that its subsidiary PetroHungaria kft,
has successfully tested and completed the PEN-101 well in the Penészlek area
of the Nyirség exploration permits in eastern Hungary.
The PEN-101 well has been completed in a Miocene gas bearing reservoir
within a structure defined on the 3-D seismic acquired in 2008. Initial
production rates achieved during preliminary testing exceeded 1.0 MMscfd
(28,300 m(3)/day), and productivity is expected to be improved in the coming
days, by the use of a small scale acid stimulation, similar to that used with
good results on the PEN-105 well.
The PEN-101 well is located at the site of the production facilities that
will be used to produce both it and the PEN-105 gas discovery. The PEN-105
well is expected to commence production during the week of March 15th 2010,
following the removal of the rig from the location and the granting of
operating approval for the facilities by the Mining Authority.
The rig will then move to the PEN-104 location to continue the testing of
the PEN-104AA well and, subsequently, will move to and continue drilling at
the PEN-106 well. The PEN-106 well targets a structure that is similar to that
proven by the PEN-105 well.
The Penészlek project is proving to be a successful investment for
DualEx, which has been further enhanced by the relinquishment of Leni Gas &
Oil's ('LGO') interest in the project (announced by LGO on 5 March 2010),
resulting in the current project partners having gained a further interest at
no cost.
Garry Hides, DualEx's President and CEO, commented, "We are pleased with
the PEN-101 well results and the resumption of production in the coming days.
With our increased interest in this project, we look forward to the upcoming
drilling of PEN-106, which shares prospect attributes with both PEN-105 and
101."
Following the reallocation of LGO's interest and the conversion of
Geomega's interest in the PEN-101 and PEN-106 wells from a working to a
carried interest, the partners' interests in the project are now:
<<
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PEN-101 & PEN-106
Project ------------------------------------
Interest Revenue Interest Cost Share
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Ascent Resources plc 48.776% 51.654% 53.381%
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DualEx 40.440% 42.826% 44.258%
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Swede Resources 2.157% 2.285% 2.361%
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Geomega kft 8.627% 3.235%
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>>
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".
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 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:
"MMscfd": million standard cubic feet per day.
"m(3)": cubic metres.
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.
-30-
/For further information: 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./
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