Transeuro Energy Corp.

Transeuro Energy Corp.

May 04, 2009 00:15 ET

Transeuro Energy Corp.: Update on 2008 Year-End Financials

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2009) - Transeuro Energy Corp. (the "Company") (TSX:TSU)(OSLO:TSU) reported today that it is unable to meet its April 30, 2009 filing deadline for filing its audited annual report for the year ended December 31, 2008 as required by its listing with the TSX Venture Exchange and Oslo Axess.

The Company is unable to complete the above-noted filing due to the lack of cash available to pay its external auditors. Failure to file the audited annual report by the filing deadline will also result to the Company being unable to file its interim report for the period ending March 31, 2009 by the May 29, 2009 deadline.

The Company has notified the Norwegian and Canadian regulators of these matters. The Company's stock in Norway will be placed under "special observation" as set out in Section 14.4 of Continuing Obligations of Stock Exchange Listed Companies. Accordingly, a cease trade order will be issued by regulators in Canada.

The Company is currently finalizing negotiations with a number of parties including a director of the Company and a principal shareholder, among others, to secure funding to pay its external auditors and other filing requirements. The Company expects to obtain these funds within the next seven days. Once the amounts owing to the external auditors are settled, the external auditors will commence their audit immediately. The Company expects to file its audited annual report no later than May 31, 2009 and accordingly, its interim report prior to June 30, 2009.

The Company also announces the resignation of the Edward Farrauto as Chief Financial Officer effective immediately for personal reasons, and would like to thank him for all efforts and advice provided. The Company is reviewing options for a replacement from existing personnel inside the Company and from outside and will utilize existing staff to fulfill the responsibilities of CFO until a replacement is appointed.

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 and Ukraine.

On behalf of the Board of Directors

David Worrall, CEO and President

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.

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

Contact Information