Eurogas Corporation
TSX VENTURE : EUG

Eurogas Corporation

March 27, 2009 18:47 ET

Eurogas Corporation Announces Final Update on Spin Out of Common Shares of Eurogas International

TORONTO, ONTARIO--(Marketwire - March 27, 2009) - Eurogas Corporation ("Eurogas")(TSX VENTURE:EUG) announces the following update on Eurogas International Inc. ("Eurogas International").

A receipt has been issued for the final non-offering prospectus of Eurogas International filed with the securities commissions and dated March 24, 2009 (the "Receipt").

In connection with the foregoing, the conditions for the release of the common shares of Eurogas International currently being held in escrow with Computershare Trust Company of Canada have now been satisfied. Eurogas has delivered the required notice of release to Computershare Trust Company of Canada, as escrow agent, to effect the release of issued and outstanding common shares of Eurogas International for delivery to shareholders.

Eurogas International has also fulfilled the remaining listing conditions of the Canadian National Stock Exchange ("CNSX") and it is anticipated that its common shares will commence trading on the CNSX on Tuesday, March 31, 2009 under the symbol "EI".

As a result of Eurogas International obtaining the Receipt and subsequent CNSX listing, Eurogas will no longer be issuing press releases relating to the affairs of Eurogas International.

Eurogas Corporation is 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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