RAG Rage Energy Ltd. (Tier2)

Transeuro Energy Corp. ("Transeuro", or the "Company") (TSX
VENTURE:TSU)(OSLO:TSU) announces an update on its drilling operations in Ukraine
on the Karlavskoye 101 well and provides details on the related financial
conditions of the Joint Venture Agreement recently entered into with RAG
Rohol-Aufsuchungs Aktiengesellschaft ("RAG") (www.rohoel.at).


On well Karlavskoye 101, casing has been set above the main reservoir target at
2,923m. Drilling has continued and has currently reached the middle of the
target reservoirs at 3,311m, with repeated gas kicks and oil shows seen in the
upper reservoirs. Intermediate logs were run at 3,174m over the top two target
reservoirs and indicated a presence of hydrocarbons. The Company now anticipates
drilling down through the deeper four targets to a depth of 3,550m and expects
to reach total depth during the second quarter.


Under the terms of the Joint Venture Agreement, RAG will pay a 75% share of all
past drilling cost of the Karlavskoye 101 well, up to a maximum of $US11
million. For drilling costs in excess of US$11 million RAG shall only pay its
50% share. With these payments for Karlavskoye 101, plus contributions for
inventory and past seismic RAG will pay approximately US$9.5 million on closing.
Then following success at Karlavskoye 101, the parties envisage drilling a
second appraisal well, Karlavskoye 102.


'Karlavskoye' is a large gas condensate field located in the western area of
Crimea, discovered in 1961. It contains eighteen wells drilled from the 1960's
to 1990's that have tested gas to surface from most of the wells. As a result of
the 2D seismic acquired in 2007, the 'discovered resources' attributed to the
Karlavskoye field by Fekete Associates Inc. under the Canadian 51-101 reporting
standards has increased to a mean estimate of 474 billion cubic feet of gas.
Under the terms of the Joint Activity Agreement with the local government
partner 'Crymgeologiya', Transeuro has 72% of the profits derived from the
development of the Karlavskoye field. Upon closing of the JVA, Transeuro will
hold 36% and RAG 36% of the profits.


Discovered resources are defined in the Canadian Oil and Gas Evaluation
Handbook, "Discovered resources are those quantities of oil and gas estimated on
a given date to be remaining in, plus those quantities already produced from,
known accumulations. Discovered resources are divided into economic and
uneconomic categories, with the estimated future recoverable portion classified
as reserves and contingent resources, respectively. There is no certainty that
it will be commercially viable to produce any portion of the resources."


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,
Ukraine, Armenia and in Papua New Guinea through majority ownership in Eaglewood
Energy Inc.


On behalf of the Board of Directors

Harold Hemmerich, President and CEO

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.


Barrel of oil equivalent ("boe") amounts may be misleading, particularly if used
in isolation. A boe conversion ratio has been calculated using a conversion rate
of six thousand cubic feet of natural gas to one barrel and is based on an
energy equivalent conversion method application at the burner tip and does not
necessarily represent an economic value equivalent at the wellhead.

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