Transeuro Energy Corp. announces that it has suspended the interest payments due under the US$15million bond offering that closed in November 2007 and the CDN$4million debenture offering that closed in May 2008. The interest payments under the bond offering were due yesterday and the interest payments under the debenture offering are due today. The Company has contacted the Trustee for the bondholders and has requested that a meeting of bondholders be convened to approve a four week extension to the due date for the interest payment. The Company has also contacted the Trustee for the debenture holders and expects to convene a meeting of debenture holders to request a similar extension. The Company is currently reviewing its options and expects to be able to present a proposal to its debt holders within the next few weeks.
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.