Transeuro Energy Corp.

Transeuro Energy Corp.

February 16, 2011 10:06 ET

Transeuro Energy Corp.: Ubuntu Discovery Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2011) - Transeuro Energy Corp. (TSX VENTURE:TSU)(OSLO:TSU) ("Transeuro" or the "Company") 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 February 11, 2011 news release:


Operational Update

Wire line logging and data acquisition programs have been completed. The final stage of this program included the recovery of downhole samples and sidewall cores. The evaluation of this data will be undertaken over the course of the next several weeks and incorporated into future field appraisal. Current operations on the rig are the running of the 5 inch liner over the reservoir section. The well will then be suspended as a future producer prior to the start of rig demobilization, schedule to commence on Monday February 14.

Forward Program

New seismic data is currently being acquired in PPL 259 over the Ubuntu, Elevala and Ketu discovery fairway. Following completion of the data acquisition program and integration of this data into the pre-existing seismic and offset well dataset, all outstanding well data, including detailed fluid and sidewall core analysis, will be integrated into the Ubuntu model over the coming months to further refine the volume estimates. In addition, the Ubuntu Joint Venture partners are currently establishing a future data acquisition program prior to submission of an Ubuntu Appraisal Plan to the Department of Petroleum Energy.

During the period May 2009 to January 2011, the Company has sold all of the Eaglewood shares (30 million shares) received from the sale of the PNG assets to Eaglewood in August 2007. Total funds received from the sales were $25,966,000.00 equating to an average price of $0.87 per share.

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
    +1 604 728 0040
    Transeuro Energy Corp.
    David Parry
    +1 604 681 3939
    Transeuro Energy Corp.
    Karen Jenssen
    +47 91 729787