Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company") announces that the Company has completed the transaction to farm out an 85% interest in East Crimea BV, the holding company that holds title to the 'Joint Activity Agreement" to develop the Povorotnoye gas field in East Crimea.
Honoratus Investments Ltd ("Honoratus"), a subsidiary of Golden State Resources Ltd (ASX:GDN) (www.goldenstate.com.au) will drill well one to a depth of around 4000m, commencing before the end of June 2012 and if a commercial discovery is declared, to put the well into production. Honoratus will then drill a second development well, commencing before May 15th 2016. Transeuro has received from Honoratus the first staged payment of $500,000 due on completing the transaction. The next payment of $500,000 is due on spudding of well one and the last payment of $500,000 on the commencement of testing operations on well one.
ABOUT THE COMPANY
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 owns 100% of a gas producing property located in British Columbia, Canada and has interest in gas exploration and appraisal developments in Crimea, 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
For further information contact: Darren Moulds, IR, +1 403 705 1919
Karen Jenssen, IR, +47 91729787
http://www.transeuroenergy.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Oslo Axess accepts responsibility for the adequacy or accuracy of this release. 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.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for a description of risks and uncertainties relevant to our business, including our exploration and development activities. Test production rates may vary from sustained production rates when developing a well or a deposit. The commerciality of any discovery can be affected by many factors including product prices, operating costs, capital costs, government take and sustained production levels and ultimate recovery of hydrocarbons. Hydrocarbon indications from drilling or wireline log data do not necessarily mean that mobile hydrocarbons are present in the formation or can be produced.
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