October 31, 2008
RAG Provides Notice of Withdrawal

Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro", or the
"Company") announces that it has today received notice from
Rohol-Aufsuchungs Aktiengesellschaft ("RAG"), its joint venture
partner in the Ukraine, that RAG is withdrawing from the parties Dutch
joint venture company, Scythian Energy. Scythian Energy indirectly
controls all of the joint venture projects in the Ukraine. Transeuro
is currently considering its options, including a review of whether
RAG's withdrawal is compliant with the terms of the joint venture
agreement and the conduct of the parties. Transeuro will continue to
pursue its strategy in the Ukraine, however, may commence discussions
with other potential partners to acquire RAG's interest.

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, Ukraine and, through
majority ownership in Eaglewood Energy Inc, in Papua New Guinea.

On behalf of the Board of Directors

"Harold Hemmerich" President and CEO

For further information contact:

Harold Hemmerich
+ (604) 307 7099 Phone
[email protected]

The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of the content of this
news release. This press release does not constitute an offer to sell
or solicitation of an offer to sell any of the securities in the
United States.

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.