Transeuro Energy Corp.

Transeuro Energy Corp.

September 11, 2008 09:30 ET

Transeuro Energy Corp.: Ukraine Well to Be Sidetracked

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2008) - Transeuro Energy Corp. ("Transeuro", or the "Company") (TSX VENTURE:TSU)(OSLO:TSU) announces an update on its drilling operations.

Further to the Company's news release of August 8, 2008 in regards to the Karlavoskoye 101 well, the Company is reporting that fishing operations have terminated. It has been determined that the most appropriate course of action is to sidetrack the well bore at a predetermined depth of 2,875 meters and continue drilling the well to a targeted depth of 3,500 meters. All of the required equipment has now been procured for the sidetrack and subsequent drilling operations. Once the operations and drilling commence, the Company will continue to update the shareholders and public as appropriate. Sidetrack operations are expected to begin the week of September 15, 2008 and are expected to take approximately eight weeks as the Company has further upgraded the drilling rig in the last month and expects new efficiencies from these improvements.

Harold Hemmerich, President of Transeuro Energy Corp., commented, "In spite of the lost time and the obvious financial costs associated with the challenges we have encountered while drilling this well, the gas flows and log results are very positive and we have seen nothing that curbs our enthusiasm for the potential of the well and the field we are targeting. We continue to work with our Ukraine partners to improve operational performance."

In addition, the Company is pleased to announce that all matters put to the Company's shareholders at the Company's Annual General Meeting held on September 9, 2008 passed with near unanimous approval. The Company's board of directors for the following year will be comprised of: Harold Hemmerich, David Parry, Mark Sarssam, Aage Thoen and Pedro Paulo.

Transeuro Energy Corp. 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, Ukraine and, through majority ownership in Eaglewood Energy Inc., in Papua New Guinea.

On behalf of the Board of Directors

Harold Hemmerich, President and CEO

This press release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States.

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.

Barrel of oil equivalent ("boe") amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel and is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead.

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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