Calgary, Canada / ACCESSWIRE / April 29, 2014 / Transeuro Energy Corp. ("Transeuro" or the "Company") announces that the Company will not be filing its audited annual financial statements nor its reserves statement by the filing deadline and is not able to prepare the documents until the Company can raise additional funding. As a result, the Company may be issued with a Cease Trade Order by the Canadian Securities Commissions and may be suspended for trading by the TSX Venture Exchange. The Company may also be fined by the Norwegian Financial Services Authority.
The Company is in discussions with its advisors and bondholders to restructure the convertible bond including the interest payment due in May. Discussions also include the possibility of an equity financing to secure the necessary funds to pursue the planned work programme on the A-8 well at the Beaver River field and to commence operations on the Hamza field in Jordan once the enhancement agreement is ratified by Parliament. There is no guarantee that the discussions with bondholders or the equity raise will be successfully concluded.
In Canada, the Company is continuing discussions with a third party concerning purchasing an interest in the Beaver River field. In Jordan, the Company is also in discussions with a third party interested in farming in to the Hamza field redevelopment.
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 property located in British Columbia, Canada, has interest in gas exploration and appraisal developments in Crimea, Ukraine and has an oilfield redevelopment project in Jordan.
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.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations, the use of funds drawn down under the SPA, the sale by Yorkville of the Implementation Shares after four months and the expectation of the Company to issue further shares to Yorkville on an as-needed basis pursuant to the terms of the SPA,. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including the future trading price and volume of the Company's shares . See our Annual Information Form for a description of risks and uncertainties relevant to our business, including our exploration and development activities.