Dec 04, 2012 (ACCESSWIRE-TNW via COMTEX News Network) -- Calgary, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company") announces that the Board has convened to address the challenges and position of the Company while the review of the Ukraine operations and the negotiations with the government with regards to license and JAA revisions are being finalised.
The Company faces a number of short term challenges but the overriding objective of the Board is to sustain the long term viability and eventual shareholder value. The Board is focussed on the need to grow the company either by monetizing assets or securing revenue through existing or new assets or a combination of same. The Board wishes to state the clear strategic priority is to create near term oil and gas production opportunities. A variety of projects have been reviewed over the past few months and the Company will concentrate its efforts on the following three options that satisfy these strategic requirements in which the Company also can put to use the operational experience gained during the past few years and the strengths of the Company's management.
Despite the low natural gas prices in Canada, the Board believes that significant value exists within the Beaver River asset and combined with lower industry drilling and equipment costs the company believes there is a window of opportunity to develop this asset to a significant play. The existing acreage together with nearby opportunities constitutes the immediate focus for shareholder value. The Board has received farm in interest from several parties and intends to pursue these with commitment and strong resolve.
The Ukrainian operations and future commitments are of a magnitude that requires a strong joint venture model and tight cooperation with local partners and the government. The Board wishes to proceed with the licenses at hand and possible new licenses with suitable financial partners such that the Company can capitalize on the experiences gained in drilling and stimulating tight gas reservoirs which may benefit from state of the art technology and logistics. In the context of a possible construction of the Gas Treatment Plan at the Krasnapolianskoye field as earlier announced, the near term gas production and revenue are commercially feasible and a planning committee for this project is under way. As to Povorotnoye, the Board awaits the result of the drilling program of Aleator Energy that is now forecast to start in early 2013.
The Board is also considering a concrete way forward on a number of distinct oil projects which can deliver short term oil revenues as well as low cost and relatively low risk exploration opportunities.
The Board believes that one of the above paths alone or the paths combined will provide the Company with the required sustainable short term revenues and the optimal financial alternatives in the best interest of the Company and its shareholders.
The Board is guiding the Management team with a sense of urgency and has set the target that these activities are matured and where possibly concluded within a 3 - 6 month time frame. The Company will report as appropriate but the Board emphasizes that the completion of these activities contain numerous and various risks and successful outcomes are not assured.
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