Vancouver, British Columbia–(Newsfile Corp. – July 28, 2017) – TransAmerican Energy Inc. (TSXV: TAE.H) (FSE: YQJ) (the “Company”) announces that it is currently in negotiations with the Government of Quebec regarding the subtraction of the Territory of Anticosti Island from oil and gas exploration.
The Company is a holder of rights in the area.
When the Company determined its primary focus on exploration in Quebec, it holdings included multiple claims in the Saint Lawrence area, in addition to the Anticosti rights, which were subsequently suspended due to the imposition of a moratorium on exploration in the area. Through agreement with the government at the time, the Company surrendered some of its rights on the Saint Lawrence area to be eligible to maintain its rights on Anticosti Island.
As these activities have had a fundamental impact impeding the Company’s business progress in Quebec it is currently reviewing its approach to negotiations moving forward.
At this time, there is no agreement for settlement in place and negotiations are ongoing.
ON BEHALF OF THE BOARD
SIGNED: “Richard Barnett”
Richard Barnett, Director
Contact Richard Barnett: (604) 336-8617 ext 308
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