|By Marketwired .||
|February 13, 2014 09:34 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/13/14 -- TransAmerican Energy Inc. (the "Company") (TSX VENTURE: TAE)(FRANKFURT: YQJ) (the "Company" or "TransAmerican") salutes the Quebec Government's decision regarding exploration and development of hydrocarbons on Anticosti Island. The Company is aware of the increase of its share price and volume in yesterday's TSX Venture Exchange trading session.
We can only summarize from two recent events as to the impact on the value of our Company:
1. The Quebec Government, as of February 13, 2014, has announced a $115 million Anticosti Joint Venture amongst affiliates and two public companies - Corridor Resources Inc. and Petrolia Inc., to appraise and potentially develop hydrocarbon resources on Anticosti Island, Quebec; and 2. Oil & Gas companies on Anticosti Island, Quebec received a favorable decision on February 11, 2014 from the Superior Court of Quebec invalidating a Gaspe municipal by-law that would restrict drilling locations within municipality limits.
Ron Hughes, CEO and President of the Company commented: "These announcements are encouraging for TransAmerican, as we hold claims in good standing on Anticosti Island. Together with these regulatory and financial commitments by the Quebec Government, we welcome and applaud Quebec's decision to embrace the oil & gas exploration, development and production industry, and are excited to be a part in this historical point in Quebec's diligent effort to develop its natural resources."
Mr. Hughes also commented: "The Government handled this difficult decision with courage and that the Ministers, we believe, have found a fair and balanced approach in finding benefits for both Quebecers as well as shareholders. We welcome a new era of collaboration and transparency in the way we explore for hydrocarbon resources on Anticosti Island and we are eager to work with the Quebec Government in this regard."
As a corporate update, with the recent resignation of Michael Pound as a director, we take this opportunity to thank Mr. Pound for his service on the Board. TransAmerican will now seek out an additional Director whose business experience lends itself to the Quebec business landscape and provides closer ties to our assets in Quebec.
ON BEHALF OF THE BOARD
Ronald E. Hughes, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
TransAmerican Energy Inc.
President & CEO
(604) 718-2808 (FAX)