Transeuro Energy Corp.

Transeuro Energy Corp.

March 28, 2011 14:25 ET

Transeuro Energy Corp.: Ukraine First Test Completed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 28, 2011) - Transeuro Energy Corp. ("Transeuro" or the "Company") (TSX VENTURE:TSU)(OSLO:TSU) issues an update on its Ukraine operation as follows:

Flow testing of the first test interval of the previously announced 4 test programme on Karl-101 has been completed. The acid stimulation was performed as planned and the well opened to clean up for 8 hours when a gas leak occurred at surface that necessitated pumping drilling mud into the tubing to remove the pressure. The leak was fixed and flowing resumed for a 20 hour period, however the maximum hourly rate recorded was 2 million cubic feet (56,640 cubic metres) per day, with an average condensate yield of 45 barrels per million cubic feet, giving a maximum combined rate of 423 barrels of oil equivalent per day (boepd). The rate declined during the flow period and no stabilized flow rate was recorded.

The President & CEO, David Worrall commented; "The result of the acid stimulation was disappointing. We will retrieve the perforating guns to determine if all the explosive charges fired and then evaluate this interval."

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

When used herein, the term "boe" means barrels of oil equivalent on the basis of one boe being equal to one barrel of oil or NGLs or 6,000 cubic feet of natural gas (6 mcf: 1 bbl). Barrels of oil equivalent may be misleading, particularly if used in isolation. A conversion ratio of six mcf of natural gas to one boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. 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