Transeuro Spuds Well in Western Crimea

Transeuro Energy Corp. announced the spudding of the Karlavskoye 101 well in Western Crimea, Ukraine.

Transeuro Energy has commenced drilling operations on the Karlavskoye 101 ("Karl 101") on January 15th, 2007 following an extended period of delays caused by the inspection and certification process for the locally supplied rig. The top hole section has been drilled to a depth of 90m and surface casing set and cemented at 88m. Drilling operations have continued and the hole is currently at 732m. Plans are to drill the well down to a depth of 5,000m and operations are estimated to continue for around 5 months. Transeuro Energy holds a 72% net interest in the Karlavskoye gas condensate field which measures thirty square kilometers.

The Karl 101 well will be the first modern appraisal well on the Karlavskoye structure that is delineated by eighteen old wells drilled from 1962 to 1987, and by 2D seismic surveys. The majority of these wells produced gas and condensate. The existing wireline log, core and well test data suggest a large structure of approximately 10 x 3 kilometers with multiple fractured carbonate reservoirs. The primary reservoir target is the upper cretaceous sequence from 3,200 to 3,700 meters. A secondary target is the lower cretaceous Albian horizon from 3,700, to 5,000 meters. Transeuro will drill the reservoir sections using modern equipment, including low invasion drilling muds to minimize formation damage.

Separately, the Vladislavovskoye 28 well in eastern Crimea was drilled last year to a depth of 755 meters to test the Middle Maykop sandstones that have produced oil for many years in the adjacent wells. The well is flowing 41 API oil during testing operations and will be opened further to increase production while controlling sand production. Transeuro is now studying the field data to estimate the remaining recoverable reserves. The Company plans to drill 2 additional development wells later in 2007 that will utilize modern drilling and production techniques.

The Vladislavovskoye oil field, which measures approximately 18 square kilometers, was discovered in 1956 and has been partially developed with 25 wells drilled. Transeuro obtained the rights to further develop the field through the purchase of the Ukrainian company Pivdenspetsbud in 2006.

Transeuro Energy Corp. 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, Papua New Guinea and Ukraine.


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