Transeuro Energy Corp. : Karl-101 Testing Update
24.07.2012 | The Newswire
Calgary, Canada - Transeuro Energy Corp. (“Transeuro” or the “Company”) announces that the testing operations following the multi-stage fracking operations on Karl-101 have been temporarily delayed while the Company reviews the results to date and mobilizes additional equipment into Ukraine to eliminate water production in one interval of the well.The flow rates tested to date are not considered reliable indications of the well performance that may occur once the water is shut off and are therefore not reported. The company will make further announcements when testing operations resume and as necessary.
David Worrall, President & CEO commented, “the hydraulic fracturing was successful in that we have markedly increased the flow rates, but the unexpected water production that seems to be coming from one of the five intervals is complicating the analysis. We have been attempting to shut off the water but now need to use other methods, but we do not have these contingencies available in Ukraine. We will temporarily delay our testing operations while we review alternatives together with our Ukrainian partners and then bring the new equipment to the well site to eliminate the water and conclude on total gas flow rates”.
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
Karen Jenssen, IR, +47 91729787
http://www.transeuroenergy.com
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.
