Calgary, Canada / ACCESSWIRE / May 26 2014 / Transeuro Energy Corp. ("Transeuro" or the "Company") announces that it has established an ongoing dialogue with the majority of the outstanding convertible bond holders to discuss alternative arrangements for the existing convertible bonds. The Company continues to be in non-compliance with certain covenants and has failed to make the most recent 12% interest payment on May 22nd. The outstanding amount of the bond is NOK 43.5 million.
The Company will continue working with its advisors and the bond holders to develop forward plans to obtain access to additional financing, explore merger/acquisition opportunities and will provide updates as appropriate.
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, has interest in gas exploration and appraisal developments in Crimea, Ukraine and 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.