Jun 1st, 2011 Copyright (c) 2011 Thenewswire.ca - All rights reserved.
(via Thenewswire.ca)
Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company") is pleased to announce the Company has completed all actions with respect to the Share Purchase Agreement with Questerre Energy Corporation ("Questerre") and the acquisition has closed. Transeuro now owns 100% of the Beaver River field including the 2 producing wells, the production equipment, gathering system and all associated infrastructure. The Company has issued 40 million common shares to Questerre as consideration for the acquisition and as settlement of outstanding operating debts of approximately CAD$5.8 million. The total number of shares outstanding in Transeuro is now 458.5 million shares.
In connection with the acquisition, Questerre has entered into an agreement with Transeuro to provide an unsecured 12 month loan of CAD $2 million at an interest rate of 3% per annum for the first 6 months and 6% per annum for the subsequent 6 months. The loan will be repaid following an anticipated future financing, into which Questerre has indicated their willingness to participate, subject to final terms.
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
For further information contact: Chris McGillivray, IR, +1 604 728 0040
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Oslo Bors 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.
Copyright (c) 2011 Thenewswire.ca - All rights reserved.
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