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Ukraine Drilling Update - Karlavskoye 101 well

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  • Ukraine Drilling Update - Karlavskoye 101 well

    TRANSEURO ENERGY PRESS RELEASE

    May 26, 2008

    Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro" or the
    "Company") provides an update of operations at the Karlavskoye 101
    ("Karl 101") well in Ukraine. The well has been drilled to a depth of
    3,480m with continued gas shows, and has intersected the C15 reservoir
    interval. As per Ukraine regulations a downhole surge test is
    currently being performed to confirm fluid type. Thus far gas has been
    produced to surface from the well. Photo's are on
    www.transeuroenergy.com.

    The C15 is the fifth reservoir interval intersected by the Karl 101
    well with up to three more reservoir intervals still to be
    drilled. The top interval, the Turonian was found at 2,940m, the C12
    at 3,100m, C13 at 3,216m, C14 at 3,380m and C15 at 3,435m. The first
    downhole surge test with the well at 3,314m produced gas to surface
    from the Turonian, C12 and C13 intervals. Gas shows have been seen in
    each reservoir, and logs obtained over each interval indicate a gross
    gas bearing interval to date of 540m.

    Following completion of the surge test the Company plans to continue
    drilling to the base of the next reservoir target interval, the C16 at
    approximately 3,550m, and plans to conduct an openhole flow test in
    order to further evaluate the reservoirs and the commerciality of the
    well. Test equipment is being mobilized to site for this purpose.

    The 'discovered resources' attributed to the Karlavskoye field by
    Fekete Associates Inc. under the Canadian 51-101 reserves reporting
    standards has increased to a mean estimate of 474 billion cubic feet
    of gas (85 million barrels of oil equivalent). Under the terms of the
    Joint Activity Agreement with the local government partner
    'Crymgeologiya', Transeuro has 72% of the profits derived from the
    development of the Karlavskoye field. Upon closing of the JVA with RAG
    (www.rohoel.at) of Austria, Transeuro will hold 36% and RAG 36% of the
    profits.

    Discovered resources are defined in the Canadian Oil and Gas
    Evaluation Handbook, "Discovered resources are those quantities of oil
    and gas estimated on a given date to be remaining in, plus those
    quantities already produced from, known accumulations. Discovered
    resources are divided into economic and uneconomic categories, with
    the estimated future recoverable portion classified as reserves and
    contingent resources, respectively. There is no certainty that it will
    be commercially viable to produce any portion of the resources."

    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, Ukraine and Armenia, 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
    Phone: +1 (604) 681 3939
    [email protected]
    http://www.transeu roenergy.com

    Karen O. Jenssen - Oslo, Norway
    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.
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