Calgary, Canada / Transeuro Energy Corp. ("Transeuro" or the "Company") announces that discussions related to the previously announced non-binding Heads of Agreement ("HoA") to acquire an oil and gas company have been terminated for the time being. The companies remain in contact and may resume discussions at a later date. The Company has previously been in constructive negotiations with a number of companies with production and exploration assets and merger discussions with one company in particular have resumed.
In Canada, although gas prices remain attractive, the absence of working capital from the intended acquisition restricts the Company's ability to develop the asset without farming out an interest in the field. The Company has been in discussions with a third party concerning purchasing an interest in the field that were suspended for the HoA process and these discussions have now been renewed.
In Jordan the Enhancement Production Agreement (EPA) has been approved by the Council of Ministers and has been referred to the Opinion and Legislation Bureau to draft the Special Law that will subsequently be ratified by Parliament. The NRA and the Company are working to try and complete the ratification process in this session of Parliament which is expected to continue into May.
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 property located in British Columbia, Canada, has interest in gas exploration and appraisal developments in Crimea, Ukraine and has 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
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.
SOURCE: Transeuro Energy Corp.
Release ID: 38242