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

Transeuro Energy Corp.

April 19, 2011 09:00 ET

Transeuro Energy Corp.: Ukraine Test 2 Commenced

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2011) - Transeuro Energy Corp. ("Transeuro" or the "Company") (TSX VENTURE:TSU)(OSLO:TSU) issues and update on its Ukraine operations as follows:

Operations are now underway for 'Test 2' of the four test programme to fully appraise the 400m of reservoir drilled in the Karl-101 well. This second test will assess the C14 interval, with 40 metres of perforations over the interval from 3,333 to 3,396 metres, representing around 20% of the reservoir thickness. This interval is known to contain numerous 'reservoir sections' and 'fracture zones' and is therefore expected to flow strongly after perforating, similar to Test 1. For this reason the Company is not planning to acidize during the testing phase, but will defer the acidizing until the well is put on production. The test will involve a 24 hour flow period, followed by a 48 hour shut in to record down hole pressure data. Samples of gas and condensate will be collected during the flow period for analysis.

After completing 'Test 1' extended operations were required to recover the packer and perforating guns from the wellbore, however this was finally achieved and established that all the guns fired as planned. In order to proceed with 'Test 2' the perforation intervals of 'Test 1' have been temporarily suspended below a drillable bridge plug so that the interval can be accessed later for production. Samples of gas and condensate were collected and have been sent for analysis. The down hole pressure recorders were recovered and confirm that a stable flow was achieved during 'Test 1' of 0.5 mmcf/d (14,000 m3/d) equivalent to 108 boepd with condensate. 'Test 1' represented approximately 15% of the reservoir thickness.

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
    IR
    +1 604 728 0040

    Transeuro Energy Corp.
    David Parry
    SVP
    +1 604 681 3939

    Transeuro Energy Corp.
    Karen Jenssen
    IR
    +47 91 729787
    www.transeuroenergy.com