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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2011) - Transeuro Energy Corp. ("Transeuro" or the "Company") (News - Market indicators)(OSLO:TSU) is pleased to issue an update on its Ukraine operation as follows:
Operations for the first production test of the previously announced 4 test programme on Karl-101 are continuing. The well has been flowing for 20 hours to obtain preliminary data prior to the planned acid stimulation. The maximum hourly production rate during this flow period was 4.7 million cubic feet (131,000 cubic metres) per day and an average condensate yield of 50 barrels per million cubic feet, giving a maximum combined rate of 1,018 barrels of oil equivalent per day (boepd).
The Company expects to perform the acid stimulation later this week and then conduct the main flow period of 48 hours or more. The Company will issue announcements as appropriate throughout the testing period. The testing program is subject to change depending on actual results.
A video showing gas flaring from the first test interval is available for viewing on the Company website: www.transeuroenergy.com
The President & CEO, David Worrall commented; "These preliminary results exceed our expectations for the pre-acidising flow period and we would expect the acidizing to further enhance the well performance. We perforated 43m in this first test and plan on perforating around the same length in each of the remaining 3 tests."
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
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.