Calgary, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company") announces the news released today by Aleator Energy Ltd, "Aleator" (ASX:AWD) that the drawdown process for the US$20 million loan has commenced. The following is an extract from the Aleator announcement on 27th May 2013 and the full text can be viewed at: http://www.asx.com.au/asxpdf/20130527/pdf/42g406ctgvqdjn.pdf
Aleator Energy Limited is pleased to advise that the finance and security agreements between Aleator's subsidiary and Gres Holdings Limited ("Gres") has been signed, thereby completing the final condition precedent for the loan facility.....
Aleator has provided Gres with notice to draw down the first tranche of US$10 million and this proess is underway.......Funds from the first draw down will allow Aleator to secure one of the available drilling rigs, commence mobilization and acquire the outstanding items required to drill the Pov 105 well............for a Q3 spud timeframe. The anticipated drilling time of the well is 55-70 days. .
ABOUT THE COMPANY
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 owns 100% of a gas producing property located in British Columbia, Canada and has interest in gas exploration and appraisal developments in Crimea, Ukraine.
On behalf of the Board of Directors
Aage Thoen, Chairman
For further information contact: Darren Moulds, IR, +1 403 705 1919
in the policies of the TSX Venture Exchange) nor the Oslo Axess accepts responsibility for the adequacy or accuracy of this 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.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for a description of risks and uncertainties relevant to our business, including our exploration and development activities. Test production rates may vary from sustained production rates when developing a well or a deposit. The commerciality of any discovery can be affected by many factors including product prices, operating costs, capital costs, government take and sustained production levels and ultimate recovery of hydrocarbons. Hydrocarbon indications from drilling or wireline log data do not necessarily mean that mobile hydrocarbons are present in the formation or can be produced.