Eurasia Energy Limited
OTC Bulletin Board : EUEN

Eurasia Energy Limited

December 14, 2006 09:30 ET

Eurasia Energy Limited: Memorandum of Understanding Expires

ABERDEENSHIRE, SCOTLAND--(CCNMatthews - Dec. 14, 2006) - Eurasia Energy Limited ("Eurasia") (OTCBB:EUEN) announces that its memorandum of understanding ("MOU") dated December 7, 2005 with the State Oil Company of the Azerbaijan Republic ("SOCAR") has expired. The MOU provided for termination in the event that Eurasia and SOCAR did not sign an agreement on the basic commercial principals and provisions of an exploration, rehabilitation, development and production sharing agreement ("ERDPSA") on or before December 7, 2006. Management of Eurasia is continuing discussions with SOCAR with a view to extending the MOU to give more time to reach agreement on the basic commercial principals and provisions of an ERDPSA. Eurasia has completed its comprehensive study and initial development plan for the 600 square kilometer offshore oil and gas block which is the subject of the MOU.

BY ORDER OF THE BOARD

Nicholas W. Baxter, President, C.E.O. and Director

Forward-Looking Statements: This news release may include certain forward-looking statements including, but not limited to, projections of revenue, income or loss and capital expenditures, statements regarding future operations, financing needs, plans relating to products or services of the Company, assessments of materiality, predictions of future events and the effects of pending and possible litigation, as well as assumptions relating to the foregoing. In addition, when used in this discussion, the words "anticipates", "believes", "estimates", "expects", "intends", "plans", "should", and variations thereof and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including but not limited to the Company's ability to manage rapid growth as a result of internal expansion and strategic acquisitions, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, the regulatory environment, fluctuations in operating results and other risks.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.

Contact Information

  • Eurasia Energy Limited
    Nicholas W. Baxter
    +44 (0)7881 814431