Transeuro Energy Corp.: Drilling Update in Ukraine and Armenia

Transeuro Energy announced updates on its drilling operations in Ukraine and Armenia, a tale of success and a tale of woe.

In Ukraine, the intermediate section of the Karlavskoye 101 well ("Karl-101") has been successfully drilled to a depth of 2934m and the rig is preparing to run casing prior to drilling the main section. Significant gas shows were identified in the intermediate section with up to 11% gas by volume in the drilling fluid. The well is expected to encounter the Turonian formation at a depth of around 3000m which has the potential to be oil bearing, followed by the 5 primary target intervals of the Cenomain formation which are expected from 3200m to the planned total well depth of around 4200m.

Also in Ukraine, the Company has commenced construction of the rigsite to drill the Povorotnoye 104 well ("Pov-104") in East Crimea on the Kerch Peninsula. The Company expects to spud the well in the first half of 2008. The well is targeting the Maykop III and Maykop IV reservoirs which are anticipated at a depth of 3900m. Two adjacent old wells #1 and #2 drilled on the Povorotnoye field reported gas test rates of 5 million cubic feet per day ("mmscf/d") and 17 mmscf/d respectively. These wells are located some 500m either side of the planned Pov-104 well location. The field is located within 3km of the main gas line in Eastern Crimea which was completed in early 2002. Licensing of the land to build a gas processing plant is underway.

In Armenia, the Company has suspended operations on the Karmir 1 well following logging operations. The logs indicated low gas saturations. No testing operations are planned at this time and the Company is running casing and suspending the well. Additional logging and evaluation will be planned for later in 2008 to reassess the gas saturations and decide if the well will be completed or abandoned.

David Worrall, Chief Operating Officer, commented, "The drilling results to date in Ukraine are encouraging as the 9 old wells in the Karlavskoye field that were drilled from the 1960's to the 1980's also encountered gas in the intermediate section and all went on to produce gas to surface from the main targets, making Karl-101 more of a development/appraisal well than a conventional exploration project. Seeing the gas at this location gives us yet more confidence that the main target reservoirs will contain commercial hydrocarbons."


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