Eurogas Corporation
TSX VENTURE : EUG

Eurogas Corporation

March 25, 2008 13:47 ET

Eurogas Corporation News Release

CALGARY, ALBERTA--(Marketwire - March 25, 2008) - Eurogas Corporation ("Eurogas" or the "Corporation") (TSX VENTURE:EUG) today announced its financial results for the year ending December 31, 2007. In Spain, the Corporation continued to advance the Castor UGS Project and invested $17.8 million for the year. In Tunisia, the Corporation prepared for drilling at its Ras el Besh prospect and invested $5.0 million for the year. As the Corporation is in the development stage, it incurred a net loss of $1.9 million for the year.

As previously announced, on March 14, 2008, the Corporation issued a Rights Offering Circular for a maximum issue of 31,143,690 common shares to shareholders of record on March 27, 2008. Each shareholder is entitled to receive one transferable right for each common share held. Four rights entitle the holder to subscribe for and purchase one common share at a price of $0.97 per share on or before April 24, 2008. Additional subscription privileges exist for each shareholder exercising all of its basic rights to subscribe for additional common shares, if any, not taken up on the expiry date.

Eurogas has filed its consolidated financial statements and related Management Discussion and Analysis for the period ended December 31, 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