TRANSEURO ENERGY
500 ` 900 West Hastings Street
Vancouver, B.C. V6C 1E5
Ukraine Well to be Sidetracked
September 11, 2008 TSX-V/ Oslo Axess: TSU Vancouver, Canada: –
Transeuro Energy Corp. (`Transeuro’, or the `Company’) 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, theCompany 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 expect 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 atthe 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
For further information contact:
David Parry – Vancouver, Canada Karen O. Jenssen ` Oslo, Norway
+1 (604) 681 3939 Phone + 47 917 29 787
[email protected]
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of the content of this
news release. 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.