Transeuro Energy Corp.

Transeuro Energy Corp.

January 17, 2011 06:00 ET

Transeuro Energy Corp.: Ukraine Drilling Ahead at 3009m

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 2011) - Transeuro Energy Corp. ("Transeuro" or the "Company") (TSX VENTURE:TSU)(OSLO:TSU) issues a weekly update on its Ukraine operations.

Directional drilling operations for the sidetrack have been completed successfully and the directional equipment has been removed. Conventional drilling operations are proceeding in 8.1/2" hole, at a depth of 3009m, with Rate of Penetration (ROP) around 3m/hr. Over the next week the company expects to drill ahead, encountering the C12 reservoir at around 3100m, aiming for a total depth around 3520m.

In addition, the Company is pleased to announce that it has closed its non-brokered private placement announced on December 23, 2010 consisting of 25,294,000 units at a price of CAD $0.085 per unit for gross proceeds of $2,149,990. All directors and officers of Transeuro participated. The units each consist of one common share and one non-transferable share purchase warrant, exercisable for an additional common share at a price of $0.10 for 15 months from the date of issue. In connection with the closing of this placement, Transeuro has agreed to pay a total of $19,451 in finder's fees. All securities issued with respect to this placement are subject to a four month hold period expiring on May 14, 2011, in accordance with the policies of the TSX Venture Exchange and the provisions of the Securities Act (British Columbia). The proceeds of the private placement will be used primarily for Ukraine drilling operations.

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