OSE Ose Corp.

Transeuro Energy Corp. ("Transeuro" or the "Company") (TSX
VENTURE:TSU)(OSLO:TSU) announces that the Company has completed the final steps
of its restructuring with the approval by the Oslo Stock Exchange ("OSE") of a
full prospectus that will then trigger on the following day the Norwegian
trading in the new shares issued as part of the debt retirement. Trading of the
new shares in Canada will not commence until January 3rd 2010 when all the
shares will merge into the Companies regular ISIN CA8936511093.


159.7 million shares and 33.6 million warrants have been issued in September
2009 as a result of the debt retirement. Of these, 108.9 million shares and 30.8
million warrants were issued to the Bondholder in September and have been issued
in Canada and transferred by the Company to Norway for distribution to the
holders. In addition the Company has also distributed to the bondholders the
shares and warrants issued in February 2009 and transferred to Norway for the
November 2008 interest payments, which include 10.8 million shares and 5.4
million warrants. These shares are validly and legally issued, fully paid-up and
properly registered with the VPS (Norwegian Central Securities Depository) under
the following ISIN's at Oslo Axess. Shares with ISIN CA 8936515052 trade under
ticker TSU R:




Number of Shares:     ISIN               Comment                     
10 800 000            CA 893 6511093     Nov 08 Interest             
21 600 000            CA 893 6515052     May, Nov 09 Interest        
87 352 500            CA 893 6515052     Bond Principal              



In addition to the above shares that are tradable on Oslo Axess, a further 56.2
million shares were issued in Canada/Toronto Venture Exchange to cover:




Number of Shares:     ISIN               Comment                     
10 000 000            CA 893 6515052     HAES                        
34 872 559            CA 893 6515052     Creditors                   
5 400 000             CA 893 6511093     Debenture Feb 08 Interest   
5 923 290             CA 893 6515052     Debenture Interest          



The total number distributed over the last 12 months and described in the
prospectus is therefore 175.9 million shares and 41.7 million warrants. Full
details of the different debt settlements and the resultant shares and warrant
details can be found in the Prospectus that will be made available on the
Company website (www.transeuroenergy.com) and the Pareto Securities website
(www.pareto.no). The Company now has 383,846,590 shares and 86,137,565 warrants
outstanding.


David Worrall, President and CEO of Transeuro commented, "With the restructuring
completed management attention is focused once again on driving ahead with
developments on our two main assets in Canada and Ukraine. We now need to secure
the necessary funding for each asset and to create a climate for success in
Ukraine on the back of recent positive negotiations with the government."


As of the date of this prospectus, the Company is of the opinion that its
working capital is insufficient to support its present operational requirements.
The existing payables currently exceed the Company's cash balance. At October
21, 2009, the Company had a working capital deficit of approximately CDN$10
million. The Company's existing cash resources are less than $300,000 and thus
will deplete in less than 30 days without additional cash being raised either
through asset sales, warrant exercise or asset sales. A number of activities are
underway to secure the necessary cash in a timely manner and these are listed
below.


The current working capital deficit of CDN$10,000,000 when combined with the
anticipated cash outflow from operations of CDN$175,000 per month and
anticipated gas sales revenue from Canada and Ukraine of CDN$2,000,000 over the
next 12 months, creates a projected 12 month cash shortfall of CDN$10 million.
To manage this requirement the Company proposes the following:


1. The Companies preferred method of raising additional working capital is to
farm out a working interest in its Canadian and Ukraine assets, to generate
funds to further advance development of each asset and to provide general funds
for the company. 


2. The Company currently holds 13,642,860 common shares of Eaglewood which have
a fair market value of CDN17.2M based on the closing market price of CDN$1.26 on
October 21, 2009. A total of 6,142,860 of these shares are held in escrow and
will be released in March 2010 (4,500,000 shares) and October 2010 (1,642,860
shares). Furthermore, these shares are all held as security for the Series A and
Series B debentures. The Company, subject to Exchange and Series A debenture
holder approval, is proposing to have approximately 2.6M of the Eaglewood shares
released for sale by the Company to raise additional working capital. All of the
shares will be released as security once the Series A and Series B Debentures
mature in November and December 2009, respectively. In addition the Company
holds a back-in option to 10% of the licenses held by Eaglewood that has been
valued by a third party at between US$5M and US$20M and the Company is presently
evaluating various options to monetize the option within the next 12 months. The
value of the Eaglewood shares and back-in right more than exceeds the
anticipated cash shortfall of CDN$10M as described above. Should the farm out
efforts described above not be successful in providing the Company with
sufficient working capital over the next 12 months, then the Company is prepared
to dispose of the back-in right and/or additional shares of Eaglewood as needed
to meet its operational requirements. 


3. The Company is prepared to pursue an equity financing to raise additional
cash, and has a mandate agreement in place with Pareto Securities to assist in
this endeavor. Also the Company currently has 86,137,565 share purchase warrants
outstanding with a weighted average exercise price of CDN$0.13. While a specific
amount cannot be estimated, it is anticipated that the Company will receive
funds from the exercise of some of these warrants. 


4. In addition, the Company has proposed to the Series A debenture holders for a
one year extension of the CDN$2M payment due in November 2009 and is likely to
extend a similar offer to the debenture expiring in December. 


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. In addition, the Company owns shares in Eaglewood Energy
Inc. and holds a back-in option to their exploration licenses.


On behalf of the Board of Directors

Aage Thoen, Chairman

CAUTION REGARDING FORWARD LOOKING STATEMENTS

This announcement contains certain forward-looking information and
forward-looking statements, as defined in applicable securities laws
(collectively referred to as "forward-looking statements"). Often, but not
always, forward-looking statements can be identified by the use of words such as
"plans", "expects" or "does not expect", "is expected", "planned", "budget",
"scheduled", "estimates", "continues", "forecasts", "projects", "predicts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases, or statements that certain actions, events or results
"may", "could", "would", "should", "might" or "will" be taken, occur or be
achieved.


Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance or achievements to
be materially different from any of our future results, performance or
achievements expressed or implied by the forward-looking statements;
consequently, undue reliance should not be placed on forward-looking statements.


These risks, uncertainties and other factors include, but are not limited to:
changes in Norwegian, Canadian and US dollar exchange rates; our strategies and
objectives; our tax position and the tax and royalty rates applicable to us; our
ability to acquire necessary permits and other authorizations in connection with
our projects; risks associated with environmental compliance, including without
limitation changes in legislation and regulation, and estimates of reclamation
and other costs; our cost reduction and other financial and operating
objectives; our environmental, health and safety initiatives; the availability
of qualified employees and labour for our operations; risks that may affect our
operating or capital plans; risks created through competition for oil and gas
properties; risks associated with exploration projects, and reserve estimates,
including the risk of errors in assumptions and methodologies; risks associated
with our dependence on third parties for the provision of critical services;
risks associated with non-performance by contractual counterparties; risks
associated with title; and general business and economic conditions.


Forward-looking statements are based on a number of assumptions that may prove
to be incorrect, including, but not limited to, assumptions about: general
business and economic conditions; the timing of the receipt of required
approvals for our operations; the availability of equity and other financing on
reasonable terms; power prices; our ability to procure equipment and operating
supplies in sufficient quantities and on a timely basis; our ability to attract
and retain skilled labour and staff; the impact of changes in Canadian/US dollar
and other foreign exchange rates on our costs and results; market competition;
and our ongoing relations with our employees and with our business partners and
joint venturers.


We caution you that the foregoing list of important factors and assumptions is
not exhaustive. Events or circumstances could cause our actual results to differ
materially from those estimated or projected and expressed in, or implied by,
these forward-looking statements. We undertake no obligation to update publicly
or otherwise revise any forward-looking statements or the foregoing list of
factors, whether as a result of new information or future events or otherwise,
except as may be required under applicable laws.

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