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DualEx Energy closes Hungary acquisition


Published May 20, 2013
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DualEx Energy - Penészlek area

DualEx Energy International Inc. has closed the previously announced acquisition of an additional 29.56% interest in PetroHungaria kft, the Company's partially owned operating subsidiary in Hungary.

DualEx Nyirseg Inc. (a wholly owned subsidiary of the Company) purchased the interest from Ascent Resources plc for cash consideration of €272,500 (approximately $360,000). The purchase increases DualEx's interest in PetroHungaria to 70%. PetroHungaria operates the 43.38 km2 Penészlek II Mining Plot in northeast Hungary, which includes two producing natural gas wells. DualEx's net share of Penészlek production is currently averaging 850 mcfe per day.

Tags: DualEx Energy International



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