Eurasia Energy Limited
OTC Bulletin Board : EUEN

Eurasia Energy Limited

December 18, 2007 16:44 ET

Scottish Court of Session Finds Eurasia Not Liable for Damages

ABERDEENSHIRE, SCOTLAND--(Marketwire - Dec. 18, 2007) - Eurasia Energy Limited ("Eurasia") (OTCBB:EUEN) announces that in a first instance decision released on December 14, 2007, the Scottish Court of Session (the "Court") has found Eurasia not liable to Commonwealth Oil & Gas Company Limited ("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 ("SOCAR") on December 7, 2005 (the "MOU"). The MOU expired on December 7, 2006. This decision of the Court clears the way for Eurasia to pursue oil and gas exploration projects in Azerbaijan.

The Court also concluded that Eurasia's C.E.O. and Director, Mr. Nicholas W. Baxter, breached his fiduciary duty to Commonwealth by securing the MOU for Eurasia at a time when Mr. Baxter was a director of both Eurasia and Commonwealth. The Court concluded that Mr. Baxter did not knowingly or dishonestly act in breach of his fiduciary duties to Commonwealth. However, it is the Court's view that Mr. Baxter should have disclosed the MOU opportunity to Commonwealth and obtained its permission to pursue the MOU opportunity on his own behalf or on behalf of Eurasia.

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
    Nicholas W. Baxter
    President, C.E.O. and Director
    +44 (0)7881 814431