Still aliveCalgary, Canada: - Transeuro Energy Corp.
("Transeuro" or the "Company") announces that it has
received notification from the Oslo Bors ASA, that
the Company's outstanding shares will be delisted on
October 15, 2014. The Company has made a request to
the Oslo Bors ASA to have the shares available for
trading on the OTC market and has also made an appeal
to the decision.
In addition, as a result of the Company's inability
to meet the Tier 2 Continued Listing Requirements on
the TSX-V, the Company's shares will be transferred
to the NEX exchange. The Company's shares will be
listed as TSU.H and will continue to be halted from
trading until listing requirements are met.
The Company also announces that it has closed a
purchase and sale agreement to dispose of certain non-
producing assets to a senior oil and gas company
based in Calgary. Total gross proceeds will be
approximately CAD$3,000,000 subject to final closing
adjustments. The sale proceeds will be received in
two tranches, with the second tranche of
approximately CAD$850,000 payable after certain
conditions are met, including receipt of regulatory
approvals for the conversion of a well bore to a
water disposal well. Use of proceeds have been
restricted by required payments for deposit with the
BC Oil and Gas Commission for abandonment liabilities
and by the Standstill Agreement between the Company
and its Bondholders signed in July 2014.
The Company continues to wait for the Jordan
Parliamentary approval relating to the Hamza Field
operation now indicated to take place during the
upcoming Parliamentary session, which is scheduled to
begin in November. The Company has also commenced
corporate and field preparations to stand ready to
quickly initiate the Enhancement Program.
The Company continues to pursue a number of
activities to enable the Company to resume normal
business and to correct its required listing
requirements. The Board apologizes for not being
able to provide more information related to specifics
on time or content on current activities due to
confidentiality clauses in the ongoing advanced
negotiations. The Company will provide periodical
updates as soon as material and concrete events
unfold.