Transeuro Energy Corp.

Transeuro Energy Corp.

February 28, 2005 18:00 ET

Transeuro Completes Financing, New President Appointed


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TRANSEURO ENERGY CORP.

TSX VENTURE SYMBOL: TSU

FEBRUARY 28, 2005 - 18:00 ET

Transeuro Completes Financing, New President Appointed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 28, 2005) - Transeuro
Energy Corp. (the "Company")(TSX VENTURE:TSU) is pleased to announce the
appointment of Mr. Edward Farrauto as President and Chief Executive
Officer of the Company. Mr. Farrauto is a director of Transeuro and the
Company's current Chief Financial Officer.

Mr. Carlos Munoz has resigned as President and CEO of the Company. Mr.
Munoz will continue in his capacity as Director of the Company. The
Board of Directors of Transeuro Energy Corp. wish to thank Mr. Munoz for
his contributions to the Company.

Mr. Farrauto has held the position of CFO since June of 2002. Mr.
Farrauto has several years of experience as a senior financial officer
in public companies. His experience encompasses financial and regulatory
compliance and public company management. Mr. Farrauto has been directly
responsible for overseeing private placement financings, prospectus
filings, reverse takeovers and merger and acquisition transactions. He
has extensive experience with U.S. filings including SEC clearance and
reporting issuers.

The Company has completed a non-brokered private placement of 7,690,000
units for gross cash proceeds of $5,383,000. Each unit consists of one
common share and one half of one warrant. Each whole warrant will
entitle the holder to purchase one common share at $0.76 for a period of
one year. The proceeds of the offering will be used for the development
of existing properties, the acquisition of additional properties and
general working capital. A $8,417.50 cash finder's fee will be paid on
this financing and the common shares and warrants issued will be subject
to a four month hold from the closing date.

The Company has granted Mr. Alan Peyton options to purchase up to 50,000
shares in the capital of the Company at a price of $0.77 for a period of
five years expiring on February 15, 2009. The foregoing is subject to
TSX Venture Exchange approval. Mr. Peyton will begin to evaluation of
the Company's Block 2 project in Armenia as well as the Company's
Petroleum Prospecting License #260 in Papua New Guinea.

The Company has entered into a contract with Chernomornaftagas to
complete Transeuro's Gas Treatment Plant ("GTP") in the Chernomorsk
region of the Crimean Peninsula, southern Ukraine. This contract had
been originally awarded to Servisgas. The Company has terminated this
contract with Servisgas due to Servisgas being unable to procure and
fabricate equipment to specifications outlined in the contract.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Transeuro Energy Corp.
    David Parry
    Director
    (604) 639-7878
    (604) 608-4733 (FAX)
    dparry@transeuroenergy.com
    www.TRANSEUROENERGY.COM
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.