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

Transeuro Energy Corp.

January 19, 2011 10:44 ET

Transeuro Energy Corp.: Update on Ukraine and Papua New Guinea Activities

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2011) - Transeuro Energy Corp. ("Transeuro" or the "Company") (TSX VENTURE:TSU)(OSLO:TSU) issues an update on activities in Ukraine and Papua New Guinea.

In Ukraine the Karl-101 well has intersected the top C12 reservoir at 3107 metres, with strong gas shows up to 28% by volume in the drilling mud and, as at 6 am local time, was drilling ahead at 3116 metres. The second potential interval within the C12 is anticipated from 3130-3145 metres and then the top C13 from around 3220 metres.

On January 17th Eaglewood Energy Inc. (TSX VENTURE:EWD) ("Eaglewood") released the following news 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 news release:

"OPERATIONAL UPDATE ON UBUNTU-1 WELL

As at 21:00 hrs (GMT +10 hrs), the Ubuntu-1 well was drilling ahead in 8 ½" hole at 2600 metres, after having successfully drilled and cased 12 ¼" hole to 2405 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 8 ½" hole to the top of the Alene Formation at approximately 3220 metres, and set the 7" liner."

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

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