Calgary, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company") announces that it has entered into negotiations with the government partner and the Ukraine Government to ratify and amend the Company's Joint Activity Agreement (JAA) related to the Karlavskoye and Krasnapolianskoye Licenses. The Krasnapolianskoye License expired on November 21, 2012 and the government partner is in the process of renewing the license.
The current negotiations include discussions over the construction of a Gas Treatment Plant (GTP) and tie-in of wells on the Krasnapolianskoye license, the objectives and well design for a well 'Karl-102' on the Karlavskoye License and other commercial and business terms. The parties have agreed to abandon the Karl-101 well.
ABOUT THE COMPANY
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 owns 100% of a gas producing property located in British Columbia, Canada and has interest in gas exploration and appraisal developments in Crimea, Ukraine.
On behalf of the Board of Directors
Aage Thoen, Chairman
For further information contact: Darren Moulds, IR, +1 403 705 1919
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Oslo Axess accepts responsibility for the adequacy or accuracy of this release. 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.