Eurasia Energy Limited
OTC Bulletin Board : EUENF

Eurasia Energy Limited

February 19, 2008 16:26 ET

Eurasia Energy Limited: Scottish Court of Session Decision Appealed

ABERDEENSHIRE, SCOTLAND--(Marketwire - Feb. 19, 2008) - Eurasia Energy Limited ("Eurasia") (OTCBB:EUENF) announces that an appeal has been lodged on behalf of Eurasia's C.E.O. and Director, Mr. Nicholas W. Baxter, of the Scottish Court of Session decision released December 14, 2007 which concluded that Mr. Baxter breached his fiduciary duty to Commonwealth Oil & Gas Company Limited ("Commonwealth") by securing a memorandum of understanding for Eurasia at a time when Mr. Baxter was a director of both Eurasia and Commonwealth. Commonwealth has cross appealed the decision which was rendered in favor of Eurasia on December 14, 2007 finding that Eurasia was not liable to Commonwealth for any loss which may have been suffered by Commonwealth as a result of Eurasia entering into its memorandum of understanding with the State Oil Company of the Azerbaijan Republic on December 7, 2005.

The appeal and cross appeal will be heard by the appellate court of the Scottish Court of Session in early March, 2009.

Eurasia completed its continuation from Nevada to Anguilla, B.W.I. on December 31, 2007. The period for Eurasia's shareholders to dissent to Eurasia's continuation to Anguilla, B.W.I. expired January 25, 2008 with a small number of shareholders seeking payment for their shares. Eurasia's shares now trade on the OTC-BB under the modified symbol "EUENF" which denotes Eurasia is now a foreign issuer.

BY ORDER OF THE BOARD

Gerald R. Tuskey, 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
    Gerald R. Tuskey
    (604) 681-9588