TransAmerican Energy Inc.
TSX VENTURE : TAE
FRANKFURT : YQJ

TransAmerican Energy Inc.

September 08, 2008 13:53 ET

TransAmerican Reports on Status of Trading and Company Fundamentals

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2008) - TransAmerican Energy Inc., (TSX VENTURE:TAE)(FRANKFURT:YQJ) (the "Company" or "TransAmerican") issues the following report on the state of its business operations.

The recent Cease Trade Orders issued by the B.C. and Alberta Securities Commissions (the "Commissions") and the halt by the TSX Venture Exchange of the Company's publicly traded stock has not impacted daily business operations, its revenue, or ability to generate revenue.

The Cease Trade Orders were issued as the Company has been in default for failure to file NI 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information (the "F1 Reports") within the time frame allowed. The Company understands that the F1 Reports are required to be filed every year at the same time as its audited financial statements. Unfortunately, the 2006 F1 Report was filed incorrectly. The Company has subsequently amended the 2006 F1 Report and has submitted the same to the Securities Commissions for acceptance prior to SEDAR filing. A News Release will be disseminated when the 2006 F1 Report has been filed. The Company is in the process of preparing F1 Reports for the subsequent fiscal years ended April 30, 2007 and 2008, and intends to SEDAR file the same within the next few weeks.

The Company realizes that the additional time required to complete the above noted F1 Reports has affected the filing of the Company's annual audited financial statements for the year ended April 30, 2008, as its Auditor is obligated to confirm that the F1 Reports have been finalized.

Management is working diligently to cure the defaults by completing and SEDAR filing the F1 Reports and its audited financial statements. As soon as those documents have been filed, the Company will apply to the Commissions for a revocation of the Cease Trade Orders, after which it will apply to the TSX Venture Exchange for reinstatement for trading as a Tier 2 Issuer.

Management would like shareholders to know that the state of the business operations remains viable, and the Company continues to seek further opportunities to strengthen its share value.

Please visit the Company's website at www.transamericanenergy.com.

ON BEHALF OF THE BOARD

Ronald Hughes, President

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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