VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/11 -- Transeuro Energy Corp. ('Transeuro' or the 'Company') (TSX VENTURE: TSU)(OSLO: TSU) issues a weekly update on its Ukraine operations.
The well is drilling ahead at a depth of 3,364 metres with continuous background gas and connection gas up to 20% by volume. Following the gas kick at 3,332 metres, the mud weight was increased to 1.35 sg (specific gravity) and drilling resumed. A further gas kick occurred and mud weight was again increased, up to 1.47 sg. Drilling has again resumed, but the Rate of Penetration (ROP) has now dropped to 1 metre/hour and is expected to remain low until the middle of the C14 interval.
Over the next week the Company expects to drill to the 'Total Depth' (TD) of around 3,520 metres. Further pressure step increases may be encountered based on the data from nearby wells.
The Company also announces that Bruce Colwill is stepping down as Chief Financial Officer and will be replaced by Derek Page. We thank Bruce for his valuable contributions over the last 8 months and wish him every success in the future, and we welcome Derek on to the management team.
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
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.
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.
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