Transeuro Energy Corp.

Transeuro Energy Corp.

December 01, 2008 00:15 ET

Transeuro Energy Corp.: Debenture Holders Grant Interest Payment Date Extension

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2008) - Transeuro Energy Corp. ("Transeuro" or the "Company")(TSX VENTURE:TSU)(OSLO:TSU) announces a further update on the Company's recent negotiations with its debt holders.

The Company has now received approval of a resolution from the holders of Series B Debentures issued in June 2008 granting postponement of the interest payment that will be due on December 10, 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 now received approval from Bondholders and its Series A and Series B Debenture holders for the postponement of interest payments. All the Company's debt instrument holders have agreed to this postponement. The Company would like to thank the Bondholders and all Debenture holders for their support.

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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