Transeuro Energy Corp.

Transeuro Energy Corp.

December 31, 2010 03:04 ET

Transeuro Energy Corp.: Private Placement Fully Subscribed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 31, 2010) - Transeuro Energy Corp. (TSX VENTURE:TSU)(OSLO STOCK EXCHANGE:TSU) ("Transeuro" or the "Company") is pleased to announce that the company has received equity subscription agreements in excess of CAD $2 million for the non brokered private placement announced on December 23, 2010. 

Each unit will consist of a common share and a full warrant and the Company anticipates issuing 23,529,412 units ("the Units") at a price of CAD $0.085. Each warrant is exercisable for a period of 15 months into a common share of the Company at an exercise price equal to CAD $0.10. The proceeds will be used primarily for the Karl-101 well in Crimea, Ukraine. This placement has received conditional approval from the TSX Venture Exchange. There will be no debt component for this offering.

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 owns shares in Eaglewood and holds a back-in option to their 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
    +1 604 728 0040
    Transeuro Energy Corp.
    David Parry
    +1 604 681 3939
    Transeuro Energy Corp.
    Karen Jenssen
    +47 91 729787