Calgary, Canada / ACCESSWIRE / July 18 2014 / Transeuro Energy Corp. ("Transeuro" or the "Company") announces that at the bondholders meeting related to the Senior Secured Convertible Bond, 100 percent of the votes supported a standstill agreement effective until November 15th 2014. The agreement entails that the Company will pay the interest, which fell due May 22nd, 2014 plus late payment interest, as soon as specific transactions regarding the Company's assets are concluded. The proceeds of such transactions should enable the Company to complete outstanding disclosures, including year-end audit requirements, to resume trading in due course, and other payments.
The Company has recently pursued a number of activities to enable the Company to resume normal business. Priority has been given to the negotiation of the standstill agreement with bondholders ensuring that the Company is allowed time to finalize and complete its strategies and initiatives.
The Board apologizes for not being able to provide more information related to specifics on time or content on current activities due to confidentiality clauses in the ongoing advanced negotiations.
As to other significant updates, the Company has been informed that the ratification of the Hamza Development Plan in Jordan is up for parliamentary ratification following the end of Eid (Middle East Holidays) on July 29th, 2014. However no specific date for the ratification has been provided.
Furthermore, Mr. David Worrall will step down as Company President & CEO effective August 1st, 2014 and Mr. Aage Thoen will take the position as Executive Chairman and non-paid Company President & CEO until further notice.
The Board wishes to thank all stakeholders and Company employees for their support and dedication during a very challenging period as well as sharing the objectives for securing Company long term sustainability. The Board also wishes to highlight that the Company is in active merger and acquisition discussions as well as prioritizing to resume production in Beaver River as quickly as possible.
The Company will provide periodical updates as soon as material and concrete events unfold.
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.
SOURCE: Transeuro Energy Corp.