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Transeuro Energy Corp.: Ukraine Arbitration Initiated(Marketwire Canada (English) Via Acquire Media NewsEdge) VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - Transeuro Energy Corp. ("Transeuro", or the "Company") (TSX VENTURE:TSU)(OSLO:TSU) announces that the Standstill Agreement entered into with Rohol-Aufsuchungs Aktiengesellschaft ("RAG") in connection with the Company's dispute with RAG expired on February 15th. The Company has been in discussions with RAG over the last few months to seek an amicable resolution of the dispute arising from RAG's purported rights of withdrawal from the joint venture company "Scythian Energy BV" which controls the Company's Ukraine assets. On February 16th Transeuro received a copy of the notice issued on behalf of RAG to the secretariat of the International Chamber of Commerce requesting that an arbitration panel be convened to resolve the dispute. Transeuro has acknowledged receipt of the notice and is continuing to discuss the ongoing dispute with RAG while preparing for the arbitration. Operations on the Karlavskoye 101 well remain suspended pending resolution of the dispute and the shareholding of Scythian Energy. The Ukraine authorities have been fully informed of the situation. 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 and Ukraine. On behalf of the Board of Directors David Worrall, CEO and President 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. The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the content of this news release. Contact: David ParryTranseuro Energy Corp. - Vancouver, Canada(604) 681-3939Email: [email protected] Karen O. JenssenTranseuro Energy Corp. - Oslo, Norway+ 47 917 29 787Email: [email protected]: www.transeuroenergy.com ? 2007 - Marketwire |