Transeuro to sidetrack Karlavoskoye 101 well



2008-09-11 09:49 ET - News Release
Mr. Harold Hemmerich reports
TRANSEURO ENERGY CORP.: UKRAINE WELL TO BE SIDETRACKED
Transeuro Energy Corp. has released an update on its drilling operations.
Further to the company's news release issued in Stockwatch dated Aug. 8, 2008, in regard 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 wellbore at a predetermined depth of 2,875 metres and continue drilling the well to a targeted depth of 3,500 metres. 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 Sept. 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, 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 Sept. 9, 2008, passed with near unanimous approval. The company's board of directors for the following year will comprise: Harold Hemmerich, David Parry, Mark Sarssam, Aage Thoen and Pedro Paulo.

Transeuro Energy begins Liard basin deep shale gas test



2008-08-27 10:28 ET - News Release
Mr. Harold Hemmerich reports
TRANSEURO AND QUESTERRE COMMENCE LIARD SHALE GAS TEST
Transeuro Energy Corp. and Questerre Energy Corp. have begun joint operations to test the deeper shales in the Liard basin, northeast British Columbia, Canada. These shales are Mississippian in age and are located approximately 100 kilometres to the east of the Horn River shale play.
There are two existing producing tight gas/shale wells (A2 and A7) which Transeuro and Questerre both have 50-per-cent ownerships and that Questerre has operated for over two years with relatively low decline rates. Compression was recently added to A2 with very promising initial results. Production from the A2 increased to over four million cubic feet per day which is near its original peak production rate of 4.5 million cubic feet per day. The continued good production performance of these shallower wells together with recent work by Questerre and Transeuro indicate that there is also strong potential for the deeper Devonian shales. Gas in place numbers for this area for the Mississippian siltstone/shale sequence are confirmed at over one trillion cubic feet per section (discovered resource) based on independent work by Nederland, Sewel & Associates Inc. Transeuro has a 50-per-cent interest in 35 sections with take-away capacity in place.

Transeuro Energy closes $4-million debenture financing



2008-06-10 06:58 ET - News Release
Mr. Hal Hemmerich reports
TRANSEURO CLOSES DEBENTURE FINANCING
Transeuro Energy Corp. has completed a non-brokered private placement of 4,000 units for gross proceeds of $4-million (previously announced in Stockwatch on May 21, 2008). Each unit consisted of a secured 18-month convertible debenture with a principal amount of $1,000 and 4,000 warrants.
The debentures will carry an interest rate of 12 per cent per year, payable semi-annually in arrears. The principal amount of each debenture, plus accrued interest, will be convertible into common shares at the purchaser's election at any time following the date that is six months from the closing date up until the maturity date at a conversion price equal to 25 cents. The company will have the right to repay the principal amount of each debenture, plus accrued interest, at any time without penalty or charge.
The debentures were issued pursuant to an indenture entered into between the company and Computershare Trust Company of Canada. As security, the trustee on behalf of the debentureholders has been granted a first-priority security interest in 10 million common shares of Eaglewood Energy Inc. held by Transeuro.
Each warrant is exercisable for a period of 18 months into a common share of Transeuro at an exercise price equal to 25 cents. The company has issued a total of 16 million warrants in connection with the private placement. Neither the warrants nor the debentures will be listed for trading on the TSX Venture Exchange or the Oslo Axess. All securities issued are subject to a hold period expiring on Oct. 10, 2008. The net proceeds of the offering will be used for general corporate purposes.

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