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August 12, 2008
Transeuro Provides Ukraine Update
Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro", or the
"Company") provides an update on its activities in Ukraine.
On the Karlavskoye 101 well the Company has drilled to the section TD
at 3,553.5m, with a number of gas kicks being successfully controlled
over the final 50 metres. Based on the available data a potential
total gross gas column in the well of approximately 600m is
interpreted. While drilling out of the bottom of the reservoir a high
pressure water zone was encountered that has resulted in the drillpipe
becoming stuck in the well. Operations are continuing to recover the
drillpipe. Subject to successful operations it is then planned to run
casing and conduct flow testing of the primary target.
The exploration and pilot production license for the Povorotnoye field
has been extended for a further year, to June 2009. Drilling
operations are planned to commence during Q3 2008. The well is
expected to take six to nine months to drill. The drilling contractor
will be the Ukrainian company 'Mirgorod', who have been working for
some of the other foreign companies in Ukraine (such as Cadogan and
JKX). Mirgorod were chosen following an audit of available Ukrainian
contractors.
Transeuro and Rohöl-Aufsuchungs Aktiengesellschaft ("RAG") have
appointed Neil Stewart as the Managing Director of Scythian Energy
BV. ("Scythian"). The two companies will carry out operations in the
Ukraine through Scythian. Mr. Stewart has managed operations in
Ukraine for Transeuro over the last two years and will continue in the
same capacity for Scythian. The parties have also appointed David
Worrall as Chairman of the Scythian Supervisory Board.
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
+1 (604) 681 3939 Phone
http://www.transeuroenergy.com
Karen O. Jenssen -- Oslo, Norway
+ 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.
Transeuro Provides Ukraine Update
Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro", or the
"Company") provides an update on its activities in Ukraine.
On the Karlavskoye 101 well the Company has drilled to the section TD
at 3,553.5m, with a number of gas kicks being successfully controlled
over the final 50 metres. Based on the available data a potential
total gross gas column in the well of approximately 600m is
interpreted. While drilling out of the bottom of the reservoir a high
pressure water zone was encountered that has resulted in the drillpipe
becoming stuck in the well. Operations are continuing to recover the
drillpipe. Subject to successful operations it is then planned to run
casing and conduct flow testing of the primary target.
The exploration and pilot production license for the Povorotnoye field
has been extended for a further year, to June 2009. Drilling
operations are planned to commence during Q3 2008. The well is
expected to take six to nine months to drill. The drilling contractor
will be the Ukrainian company 'Mirgorod', who have been working for
some of the other foreign companies in Ukraine (such as Cadogan and
JKX). Mirgorod were chosen following an audit of available Ukrainian
contractors.
Transeuro and Rohöl-Aufsuchungs Aktiengesellschaft ("RAG") have
appointed Neil Stewart as the Managing Director of Scythian Energy
BV. ("Scythian"). The two companies will carry out operations in the
Ukraine through Scythian. Mr. Stewart has managed operations in
Ukraine for Transeuro over the last two years and will continue in the
same capacity for Scythian. The parties have also appointed David
Worrall as Chairman of the Scythian Supervisory Board.
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
+1 (604) 681 3939 Phone
http://www.transeuroenergy.com
Karen O. Jenssen -- Oslo, Norway
+ 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.