Eurogas Corporation

Eurogas Corporation

March 30, 2005 15:51 ET

Eurogas Corporation: Drilling Update for EH-1 Well in Tunisia


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: EUROGAS CORPORATION

TSX VENTURE SYMBOL: EUG

MARCH 30, 2005 - 15:51 ET

Eurogas Corporation: Drilling Update for EH-1 Well in
Tunisia

CALGARY, ALBERTA--(CCNMatthews - March 30, 2005) - Eurogas Corporation
(TSX VENTURE:EUG): The EH-1 exploration well on the Sfax permit in
Tunisia drilled to a total depth of 3001 meters as planned and
encountered hole problems during the acquisition of electric log data.
The logging tools, which were stuck in the hole, are now free and are
being pulled out of the hole.

After the wellbore is reconditioned, log data will be obtained over the
Triassic TAGI formation for evaluation purposes. We expect drilling
operations will be completed within one week.

Eurogas' share of the cost to drill EH-1 is carried by a third party up
to a total well cost of US$5 million. The Company will retain a 20%
interest in this 1.2 million acre permit.

Julio Poscente

Chairman

This press release contains certain forward-looking statements that
reflect the current views and/or expectations of Eurogas with respect to
its performance, business and future events. Such statements are subject
to a number of risks, uncertainties and assumptions which may cause
actual results to be materially different from those expressed or
implied. Eurogas assumes no future obligation to update these
forward-looking statements.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Eurogas Corporation
    Julio Poscente
    Chairman
    (403) 264-4985
    or
    Eurogas Corporation
    Bruce Sherley
    Exec. VP & COO
    (403) 264-4985
    or
    Eurogas Corporation
    520, 333 - 5th Avenue SW
    Calgary, Alberta, Canada T2P 3B6
    (403) 264-4985
    (403) 262-8299 (FAX)
    Email: eurogas@eurogascorp.com
    Website: www.eurogascorp.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.