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RAG Provides Notice of Withdrawal

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  • RAG Provides Notice of Withdrawal

    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.
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