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Transeuro Enters into Integrated Project Management Contract with High
Arctic Energy Service L.L.C., Director Resigns
VANCOUVER, BRITISH COLUMBIA, Aug 4, 2005 (CCNMatthews via COMTEX) -- Mr.
Edward Farrauto, President and CEO of
Transeuro Energy Corp. (the "Company", "Transeuro")(TSX VENTURE:TSU) is
pleased to announce Transeuro has entered into a
Integrated Project Management Contract ("IPMC") dated August 1, 2005
with High Arctic Energy Service LLC ("High Arctic") of Dubai,
United Arab Emirates, a wholly owned subsidiary of High Arctic Energy
Services Trust (TSX:HWO.UN).
High Arctic will manage operations in all areas of interest worldwide
for Transeuro through an Integrated Project Management model. This
will include asset management, management of operations, development of
work programs, development of AFE's (Authority for
expenditures), supplying services and equipment as they relate to the
work programs and general responsibilities that encapsulate all asset
development that relate to the Transeuro concessions worldwide. The term
of the contract will be for thirty-six months.
High Arctic has been allocated a $1.0 million budget for the initial
assessment of Transeuro's projects. This contract is in addition to the
Beaver River Project (the "Project") where High Arctic has been
allocated $1.5 million per well over four wells in the initial nine
months of
the Project with Mattson Holdings Ltd. ("Mattson"). Mattson has entered
into a formal agreement with Ampac Petroleum Inc. ("Ampac")
to earn Ampac's interest in the Beaver River Field further to the Beaver
River Farmout and Operating Agreement between Questerre Beaver
River Inc. and Ampac. Transeuro is currently in the process of acquiring
of all of the issued and outstanding shares of Mattson (see news
release dated June 8, 2005).
High Arctic is engaged in the global oilfield services business by
providing underbalanced drilling and production services, equipment,
design and development, and technical support and training to the
Canadian and International oil and gas industry.
High Arctic's head office is located in Red Deer, Alberta with
additional offices located in Brooks, Grande Prairie and Calgary.
International
offices are located in Dubai, United Arab Emirates and Bridgetown,
Barbados.
High Arctic has been completing a preliminary review of the Company's
projects during the past two months.
Armenia:
An initial study of Block 2 is being completed by High Arctic. The goal
is to collect information for a dataroom to prepare for drilling
exploration wells on two known plays, the Oktemberian gas and Shorakpour
oil. The information package is largely complete and work is
commencing on a new website that will host the electronic data. This
work will continue over the next two months.
Papua New Guinea:
A technical fact finding visit has been completed by High Arctic
resulting in a large amount of data being compiled. A preliminary work
program is being drawn up with the focus on achieving the obligations
requirements of the Company exploration licence.
Ukraine:
On behalf of Transeuro Energy Corp. High Arctic is currently performing
a project planning review of the Gas Treatment Plant (GTP) and
the connecting pipeline that ties in the Karlavske and Krasnopolyanske
gas condensate fields to the existing gas mainline.
The High Arctic led review focuses on how the previous construction
undertaking addressed quality, cost and time projections, and will
provide analysis and recommendations to Transeuro within 60 days.
Other news:
Mr. Carlos Munoz has resigned as a director of the Company.
For further information contact:
David Parry, Director, [email protected]
TRANSEURO ENERGY
(604) 676-7592 - Phone
(604) 608 4733-Fax
Arctic Energy Service L.L.C., Director Resigns
VANCOUVER, BRITISH COLUMBIA, Aug 4, 2005 (CCNMatthews via COMTEX) -- Mr.
Edward Farrauto, President and CEO of
Transeuro Energy Corp. (the "Company", "Transeuro")(TSX VENTURE:TSU) is
pleased to announce Transeuro has entered into a
Integrated Project Management Contract ("IPMC") dated August 1, 2005
with High Arctic Energy Service LLC ("High Arctic") of Dubai,
United Arab Emirates, a wholly owned subsidiary of High Arctic Energy
Services Trust (TSX:HWO.UN).
High Arctic will manage operations in all areas of interest worldwide
for Transeuro through an Integrated Project Management model. This
will include asset management, management of operations, development of
work programs, development of AFE's (Authority for
expenditures), supplying services and equipment as they relate to the
work programs and general responsibilities that encapsulate all asset
development that relate to the Transeuro concessions worldwide. The term
of the contract will be for thirty-six months.
High Arctic has been allocated a $1.0 million budget for the initial
assessment of Transeuro's projects. This contract is in addition to the
Beaver River Project (the "Project") where High Arctic has been
allocated $1.5 million per well over four wells in the initial nine
months of
the Project with Mattson Holdings Ltd. ("Mattson"). Mattson has entered
into a formal agreement with Ampac Petroleum Inc. ("Ampac")
to earn Ampac's interest in the Beaver River Field further to the Beaver
River Farmout and Operating Agreement between Questerre Beaver
River Inc. and Ampac. Transeuro is currently in the process of acquiring
of all of the issued and outstanding shares of Mattson (see news
release dated June 8, 2005).
High Arctic is engaged in the global oilfield services business by
providing underbalanced drilling and production services, equipment,
design and development, and technical support and training to the
Canadian and International oil and gas industry.
High Arctic's head office is located in Red Deer, Alberta with
additional offices located in Brooks, Grande Prairie and Calgary.
International
offices are located in Dubai, United Arab Emirates and Bridgetown,
Barbados.
High Arctic has been completing a preliminary review of the Company's
projects during the past two months.
Armenia:
An initial study of Block 2 is being completed by High Arctic. The goal
is to collect information for a dataroom to prepare for drilling
exploration wells on two known plays, the Oktemberian gas and Shorakpour
oil. The information package is largely complete and work is
commencing on a new website that will host the electronic data. This
work will continue over the next two months.
Papua New Guinea:
A technical fact finding visit has been completed by High Arctic
resulting in a large amount of data being compiled. A preliminary work
program is being drawn up with the focus on achieving the obligations
requirements of the Company exploration licence.
Ukraine:
On behalf of Transeuro Energy Corp. High Arctic is currently performing
a project planning review of the Gas Treatment Plant (GTP) and
the connecting pipeline that ties in the Karlavske and Krasnopolyanske
gas condensate fields to the existing gas mainline.
The High Arctic led review focuses on how the previous construction
undertaking addressed quality, cost and time projections, and will
provide analysis and recommendations to Transeuro within 60 days.
Other news:
Mr. Carlos Munoz has resigned as a director of the Company.
For further information contact:
David Parry, Director, [email protected]
TRANSEURO ENERGY
(604) 676-7592 - Phone
(604) 608 4733-Fax