Eurogas Corporation
TSX VENTURE : EUG

Eurogas Corporation

March 18, 2009 16:58 ET

Eurogas Announces Update on Eurogas International

TORONTO, ONTARIO--(Marketwire - March 18, 2009) - Eurogas Corporation (TSX VENTURE:EUG) announces the following update on Eurogas International Inc. ("Eurogas International").

Eurogas International announced today that it has received conditional approval from the Canadian National Stock Exchange (the "CNSX") with respect to the proposed listing of its common shares. Listing of the common shares on the CNSX is subject to compliance with all conditions of the CNSX, including receipt of all required documentation.

Further to a press release of February 24, 2009, Eurogas International filed an amended and restated preliminary non-offering prospectus with the securities commissions on March 9, 2009, a copy of which may be obtained at www.sedar.com under the profile for Eurogas International. Eurogas International anticipates filing a final non-offering prospectus with the securities commissions during the week of March 23, 2009. Concurrently with filing the final prospectus, Eurogas International intends to fulfill the remaining listing conditions of the CNSX.

Once a receipt has been issued for its final prospectus, Eurogas International will authorize the release of issued and outstanding common shares of the company from escrow for delivery to the shareholders. The common shares are currently being held in escrow with Computershare Trust Company of Canada. Eurogas International will issue a press release once the conditions for release of the common shares from escrow have been satisfied.

Eurogas Corporation is an independent oil and gas exploration company listed on the TSX Venture Exchange under the symbol EUG and is engaged directly in the development of a major underground storage facility off the east coast of Spain. For more information on Eurogas, visit the website www.eurogascorp.com.

Certain information set forth in this document, including management's assessment of each 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 them. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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