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

Transeuro Energy Corp.

January 06, 2011 15:27 ET

Transeuro Energy Corp.: Update on Ubuntu-1 Well in PNG

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 6, 2011) - Transeuro Energy Corp. (TSX VENTURE:TSU)(OSLO:TSU) ("Transeuro" or the "Company") announces the news released by Eaglewood Energy Inc. ("Eaglewood") regarding the Ubuntu-1 well in PPL-259 in Papua New Guinea. Transeuro has a back-in option to acquire 10% of all four Petroleum Prospecting Licenses held by Eaglewood in PNG after three wells have been drilled on the licenses by paying 10% of the exploration costs. The Ubuntu-1 well is the second of the three wells. The following is an extract from the Eaglewood January 5, 2011 news release:

"OPERATIONAL UPDATE ON UBUNTU-1 WELL

As at 16:00 hrs (GMT +10 hrs) the Ubuntu-1 well was drilling ahead in 12 1/4" hole at 1920 metres, after having successfully drilled and cased 17 1/2" hole to 1336 metres. The Ubuntu-1 well is expected to reach total depth of approximately 3600 metres in early February.

Over the course of the next week, the anticipated operations will be to drill the remainder of the 12 1/4" hole to the base of the Darai Limestone at approximately 2425 metres, and set the 9 5/8" casing.

The Ubuntu-1 well is located on Petroleum Prospecting License 259, approximately 17 kilometres east of the Ketu and Elevala gas condensate discoveries in Papua New Guinea. Eaglewood holds a 40 percent participating interest in the Ubuntu Area of Petroleum Prospecting License 259."

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 the Eaglewood 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