Mar 20th, 2012 Copyright (c) 2012 Thenewswire.ca - All rights reserved.
(via Thenewswire.ca)
--------------------------------------- |20th March 2012|TSX-V/Oslo Axess: TSU| ---------------------------------------
Calgary, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company") announces that it has closed a transaction with Eaglewood Energy Inc. ("Eaglewood"), to release the Company's back-in option for 10% of Eaglewood's licenses in Papua New Guinea, in exchange for a cash settlement from Eaglewood of USD 800,000.
The Company's CEO David Worrall commented "We believe that the potential of our existing core assets in Canada and Ukraine outweighs the benefit of the back-in option when we consider the option exercise price to access the 10% is estimated to be around $18 million. We are pleased to have concluded the sale of the back-in option, as it allows Transeuro to focus on its Ukraine and Canadian properties with nearer term potential".
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.
Copyright (c) 2012 Thenewswire.ca - All rights reserved.
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