Transeuro Energy Corp.

Transeuro Energy Corp.

November 27, 2008 12:59 ET

Transeuro Energy Corp.: Bond Holders Interest Payment Date Extension

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2008) - Transeuro Energy Corp. ("Transeuro" or the "Company") (TSX VENTURE:TSU)(OSLO:TSU) announces an update on the Company's recent negotiations with its debt holders.

At a meeting of holders on Bonds issued in November 2007 that was convened today in Oslo, Norway, the Bondholders approved the Company's request for a postponement of the interest payment due on November 13, 2008 to December 18, 2008. Thereafter, Norsk Tillitsmann, the Loan Trustee, has been given a power of attorney by the Bondholders to extend the waiver period on a weekly basis, in its own discretion and acting in the best interests of the Bondholders until January 4, 2009. Interest shall be calculated on the Bonds and the interest payment amount which was due on the November 13 at 17% per annum from November 13, 2008 until the date the interest payment is made.

Similarly, Debenture holders holding more than 66.67% of the Debentures issued in May 2008 have approved a resolution granting a postponement of the interest payment due under the Debentures on November 14, 2008 to January 13, 2009. During this postponement period, interest will be calculated on the Debentures and the interest payment amount that was due on November 14 at 17% per annum until the date the interest payment is made.

The Company has also requested that the holders of Debentures issued in June 2008 agree to postponing the interest payment that is due to them on December 9, 2008.

The Company has requested that a total of $1.7 million in interest payments be postponed.

The board of directors of the Company and its financial advisors are working intensively to explore various alternatives to address the current situations, including the Company's near term financial obligation and the future strategy of the Company, and has informed its Trustees and the Bond and Debenture holders that the Company expects to present in the near future a comprehensive, complete and long term proposal enabling the Company to meet all its obligations going forward.

Transeuro Energy Corp. is involved in the acquisition of petroleum and natural gas rights, the exploration for, and development and production of crude oil, condensate and natural gas. The Company's properties are located in Canada, Armenia, Ukraine and, through majority ownership in Eaglewood Energy Inc., in Papua New Guinea.

On behalf of the Board of Directors

Harold Hemmerich, Chairman of the Board of Directors

This press release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States.

The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the targeted results. The Company relies upon litigation protection for forward looking statements.

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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