Transeuro Energy Corp.
TSX VENTURE : TSU
OSLO STOCK EXCHANGE : TSU

Transeuro Energy Corp.

February 17, 2011 09:32 ET

Transeuro Energy Corp.: Karl-101 Drilled Successfully and Logging Operations Underway

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2011) - Transeuro Energy Corp. ("Transeuro" or the "Company") (TSX VENTURE:TSU)(OSLO:TSU) is please to announce it has successfully drilled to the logging depth of 3,507 metres in the 'C16' Cretaceous interval. Logging operations are now ongoing to acquire the standard set of wireline logs, plus a log to identify the location and orientation of natural fractures in the rock, and finally a pressure tool to confirm the reservoir pressures that will also be used to identify the thickness (vertical height) of the gas columns in the wellbore. Logging operations are expected to last less than a week.

The 51-101 compliant resources estimates for the Karlavskoye field prepared by Fekete Associates Inc. suggest nearly 0.5 Tcf (Trillion cubic feet) of gas in place (discovered resources) with additional condensate (offset well data suggests a yield in the range of 40-60 barrels per million cubic feet of gas at these depths). The report can be downloaded at http://www.transeuroenergy.com/s/ReserveReports.asp. Discovered resources are those quantities of oil and gas estimated on a given date to be remaining in, plus those quantities already produced from, known accumulations. Discovered resources are divided into economic and uneconomic categories, with the estimated future recoverable portion classified as reserves and contingent resources, respectively.

The Fekete report assumes a gas column thickness of 70 metres combined from the 6 main 'Cretaceous intervals' (the Turonian, C12, C13, C14, C15 and C16). Determining the thickness of the overall gas column is one of the key objectives of the Karl-101 well and has the possibility to significantly impact the volume of gas in place, together with the average porosity derived from the standard logs.

Based on the drilling data obtained to date, the Company has identified 4 'gas zones' with different pressures within the Cretaceous intervals, and 12 potential 'reservoir sections' within these gas zones. The wire line logs will define which of these reservoir sections will be perforated during testing operations and how many separate tests will be performed over the coming weeks. Each individual test is expected to take around 2 weeks with potentially 3 to 5 test required overall, lasting up to 2 months.

Transeuro 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, and Ukraine. In addition, the Company holds a back-in option to Eaglewood Energy Inc.'s exploration licenses in Papua New Guinea.

On behalf of the Board of Directors

Aage Thoen, Chairman 

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Oslo Bors accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Transeuro Energy Corp.
    Chris McGillivray
    IR
    +1 604 728 0040
    or
    Transeuro Energy Corp.
    David Parry
    SVP
    +1 604 681 3939
    or
    Transeuro Energy Corp.
    Karen Jenssen
    IR
    +47 91 729787
    www.transeuroenergy.com