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

Transeuro Energy Corp.

January 24, 2011 06:01 ET

Transeuro Energy Corp.: Ukraine Drilling Ahead With Strong Gas Shows

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2011) - Transeuro Energy Corp. ("Transeuro" or the "Company") (TSX VENTURE:TSU)(OSLO:TSU) issues a weekly update on its Ukraine operations.

After entering the C12 reservoirs at 3107 metres, strong gas shows have required the mud weight to be increased from 1.15 s.g. up to 1.26 s.g. (specific gravity). The drill bit was replaced and as at 6 am local time today, the well was drilling ahead with 8.1/2" hole in the C13 interval at a depth of 3226 metres, with continuous background gas and connection gas up to 18% by volume in the drilling mud and a 'Rate of Penetration' (ROP) around 2 metres per hour.

Over the next week the Company expects to encounter the top C14 interval around 3380 metres and drill to the 'Total Depth' (TD) of around 3520 metres. Overall the company anticipates perforating and testing up to 5 separate intervals: Turonian, C12, C13, C14 and C15.

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