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 | August 30, 2010 Debt Repayment |
| Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company") announced today that it has repaid a total of $1,525,000 of its $2,000,000 outstanding Series A Debentures. The Series A Debentures, which mature in November 2010, are secured by 6,142,860 shares of Eaglewood Energy Inc. ("Eaglewood") (TSX-V: EWD). The holders of the remaining $475,000 of Series A Debentures have entered into an arrangement with the Company whereby they agreed to defer repayment for periods of either 30 or 60 days thereby allowing for an early release of the Eaglewood security to the Company. The Company, in consideration of the deferred repayment and the release of the 6,142,860 Eaglewood shares security, agreed to pledge 3,071,430 of these shares to the holders of the remaining $475,000 Series A Debentures until such time as they have been repaid. These 3,071.430 Eaglewood shares are subject to a separate prior escrow agreement which provides that they will be released on 11 October 2010. The repayment of the Series A Debentures is one additional step in restructuring its balance sheet. The repayment also provides the Company with more working capital flexibility as a result of the early release of the Eaglewood shares. 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 owns shares in Eaglewood Energy Corp and holds a back-in option to their exploration licenses in Papua New Guinea. On behalf of the Board of Directors Aage Thoen, Chairman For further information contact: David Parry, SVP, +1 604 681 3939 Karen Jenssen, IR, +47 91 729787 http://www.transeuroenergy.com The TSX Venture Exchange and Oslo Bors have not reviewed, and do not accept responsibility for the adequacy or accuracy of the content of this news 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. | |