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Re: News Releases - Monday, March 28, 2011
NEWS RELEASE - UKRAINE FIRST TEST COMPLETED
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Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro" or the
"Company") issues an update on its Ukraine operation as follows:
Flow testing of the first test interval of the previously announced 4
test programme on Karl-101 has been completed. The acid stimulation was
performed as planned and the well opened to clean up for 8 hours when a
gas leak occurred at surface that necessitated pumping drilling mud
into the tubing to remove the pressure. The leak was fixed and flowing
resumed for a 20 hour period, however the maximum hourly rate recorded
was 2 million cubic feet (56,640 cubic metres) per day, with an average
condensate yield of 45 barrels per million cubic feet, giving a maximum
combined rate of 423 barrels of oil equivalent per day (boepd). The
rate declined during the flow period and no stabilized flow rate was
recorded.
The President & CEO, David Worrall commented; "The result of the acid
stimulation was disappointing. We will retrieve the perforating guns to
determine if all the explosive charges fired and then evaluate this
interval."
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's properties are located
in Canada, Armenia, and 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:
Chris McGillivray, IR, +1 604 728 0040
David Parry, SVP, +1 604 681 3939
Karen Jenssen, IR, +47 91 729787
http://www.transeuroenergy.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) nor
the Oslo Bors accepts responsibility for the adequacy or accuracy of
this release. When used herein, the term "boe" means barrels of oil
equivalent on the basis of one boe being equal to one barrel of oil or
NGLs or 6,000 cubic feet of natural gas (6 mcf: 1 bbl). Barrels of oil
equivalent may be misleading, particularly if used in isolation. A
conversion ratio of six mcf of natural gas to one boe is based on an
energy equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead. 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.
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Copyright (c) 2011 TRANSEURO ENERGY CORP. (TSU) All rights reserved.
For more information visit our website at
http://www.transeuroenergy.com/ or send mailto:info@transeuroenergy.com
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Transeuro Energy Corp.
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CODE : TSU.V |
ISIN : 8936511093 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Transeuro Energy is a and oil exploration company based in Canada. Transeuro Energy holds various exploration projects in Armenia, in Canada, in Papua New Guinea and in Ukraine. Its main exploration properties are BEAVER-RIVER in Canada, CRIMEA in Ukraine and BLOCK 2 in Armenia. Transeuro Energy is listed in Canada and in United States of America. Its market capitalisation is CA$ 6.9 millions as of today (US$ 6.2 millions, € 4.9 millions). Its stock quote reached its highest recent level on August 05, 2005 at CA$ 3.20, and its lowest recent point on May 09, 2014 at CA$ 0.02. Transeuro Energy has 345 230 016 shares outstanding. |