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

Transeuro Energy Corp.

January 31, 2011 12:19 ET

Transeuro Energy Corp.: Ubuntu-1 Sets Casing Above Target Reservoir

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2011) - Transeuro Energy Corp. ("Transeuro" or the "Company") (TSX VENTURE:TSU)(OSLO:TSU) announces the news released by Eaglewood Energy Inc. ("Eaglewood") regarding the Ubuntu-1 well in PPL-259 in Papua New Guinea. Transeuro has a back-in option to acquire 10% of all four Petroleum Prospecting Licenses held by Eaglewood in PNG after three wells have been drilled on the licenses by paying 10% of the exploration costs. The Ubuntu-1 well is the second of the three wells. The following is an extract from the Eaglewood January 28, 2011 news release:

"OPERATIONAL UPDATE ON UBUNTU-1 WELL"

"As at 21:00 hrs (GMT +10 hrs), preparations were being made to drill ahead in 6" hole, after having successfully drilled and cased 8.1/2" hole to 3235 metres.

Over the course of the next week, the anticipated operations will be to drill the 6" hole through the primary reservoir targets to the top of the Basement at the well's total depth of approximately 3,600 metres. Wireline logs will be run once the total depth has been reached."

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