11:45 AM EST - Transeuro Energy Corp. : reports that it has signed a deal to sell four oil and gas exploration licenses in Papua New Guinea to Surge Resources Inc. (NEX:SRH.H) for a 53 per cent stake in the company valued at $25.5 million. Surge will issue 30 million shares to Transeuro, at a deemed price of 85 cents each, and plans to use the deal to move up from its listing on the NEX board. The company will also raise $7 million through a financing as part of the deal, which could give Transeuro 53 per cent of Surge. Transeuro CEO Hal Hemmerich will join Surge's board of directors. Transeuro Energy Corp.
shares TSU:CA are trading up one cent at $0.50.
