Calgary, Canada: - Transeuro Energy Corp.
("Transeuro" or the "Company") announces that it has
established an ongoing dialogue with the majority of
the outstanding convertible bond holders to discuss
alternative arrangements for the existing convertible
bonds. The Company continues to be in non-compliance
with certain covenants and has failed to make the
most recent 12% interest payment on May 22nd. The
outstanding amount of the bond is NOK 43.5 million.
The Company will continue working with its advisors
and the bond holders to develop forward plans to
obtain access to additional financing, explore
merger/acquisition opportunities and will provide
updates as appropriate.
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
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.