Eurogas Corporation
TSX VENTURE : EUG

Eurogas Corporation

November 09, 2007 17:38 ET

Eurogas Corporation: News Release

CALGARY, ALBERTA--(Marketwire - Nov. 9, 2007) - Eurogas Corporation ("Eurogas" or the "Corporation") (TSX VENTURE:EUG) today announced its financial results for the three and nine months ended September 30, 2007. In Spain, the Corporation continued to advance the Castor UGS Project and invested $2.9 million during the quarter and $10.2 million year-to-date. In Tunisia, the Corporation prepared for drilling at its Ras el Besh prospect and invested $1.6 million during the quarter and $3.9 million year-to-date. As the Corporation is in the development stage, it incurred a net loss of $48 thousand during the quarter and $1.6 million year-to-date.

In order to further develop the Corporation's projects, the Board of Directors has approved an equity financing by way of a rights offering. The subscription price and other details of the offering will be announced after regulatory approvals are obtained. In concert with a commitment by the major shareholder to provide financing to Escal and the Corporation, the major shareholder has agreed to a standby commitment for the rights offering.

Eurogas has filed its consolidated financial statements and related Management Discussion and Analysis for the period ended September 30, 2007 with Canadian securities regulatory authorities on the System for Electronic Document Analysis and Retrieval ("SEDAR").

Eurogas Corporation is an independent oil and gas exploration company listed on the TSX Venture Exchange under the symbol EUG. The company is engaged in the development of a major underground storage facility off the east coast of Spain and the exploration and development of oil and gas in Tunisia's Gulf of Gabes. More information is available on the company website www.eurogascorp.com.

Jaffar Khan

President & CEO

Certain information set forth in this document, including management's assessment of the Corporation's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive from there. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Eurogas Corporation
    Jaffar Khan
    President & CEO
    (403) 264-4985
    (403) 262-8299 (FAX)
    or
    Eurogas Corporation
    Andrew Constantinidis
    Vice President & CFO
    (403) 264-4985
    (403) 262-8299 (FAX)
    or
    Eurogas Corporation
    250, 435 - 4 Avenue S.W.
    Calgary, Alberta, Canada
    T2P 3A8
    Email: eurogas@eurogascorp.com
    Website: www.eurogascorp.com