Eurogas Corporation

Eurogas Corporation

March 15, 2005 20:24 ET

The Board of Directors of Eurogas Corporation Announce Management Appointments


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: EUROGAS CORPORATION

TSX VENTURE SYMBOL: EUG

MARCH 15, 2005 - 20:24 ET

The Board of Directors of Eurogas Corporation Announce
Management Appointments

CALGARY, ALBERTA--(CCNMatthews - March 15, 2005) - The Board of
Directors of Eurogas Corporation ("Eurogas")(TSX VENTURE:EUG) is pleased
to announce the following management appointments, effective immediately:

Mr. Julio Poscente has been appointed Chairman of the Board of Eurogas
Corporation. Mr. Poscente, founder of the Corporation, served as
Chairman and Chief Executive Officer since 1995.

Mr. M. Jaffar Khan will become President and C.E.O. of Eurogas. Jaffar
Khan brings to the company extensive and diverse experience in
international energy business gained over thirty-five years. Until 1991
he was Senior Vice-President and C.F.O. of Canada Northwest Energy
Limited. He spent five years with Sherritt Inc. involved in business
development, mainly in relation to Cuba and Mexico. In 1996 he became
the C.E.O. of a US$600 million independent power project in Pakistan,
overseeing all facets of development, to the point of commencement of
operations. Since 2002 he has been involved in business and financial
advisory work. He joined the Board of Directors of Eurogas in 2002.

Mr. Bruce W. Sherley, P.Eng., will become Executive Vice President and
Chief Operating Officer of Eurogas. Mr. Sherley spent 25 years with Home
Oil Company Ltd. in domestic and international operations and
exploration. Since joining the company in 1999, Mr. Sherley has worked
in all areas of operations for the Corporation. Mr. Sherley will also
become President of Eurogas International Inc., a wholly-owned Barbados
subsidiary of Eurogas.

Mr. Andrew Constantinidis, a Vice President of Eurogas becomes its Chief
Financial Officer. Mr. Constantinidis has extensive international
experience with financial institutions including Citibank in Hong Kong
and Deutsche Bank in Singapore, and has downstream oil and gas
experience working for Mobil Oil in Hong Kong and China.

Ms. Lynda Paananen has joined the company as its Controller. She is a
chartered accountant who has held various positions in the oil and gas
industry, most recently as Manager, Corporate Accounting for a gas trust.

The Board is also pleased to announce that Mr. Recaredo del Potro of
Madrid has been appointed President of Escal UGS S.L., the Spanish
operating company developing the Amposta gas storage facility offshore
the east coast of Spain. Mr. del Potro brings over 30 years of
experience in the oil and gas industry including the environmental
regulatory field in both South America and Spain.

These appointments reflect the increasing commitment of Eurogas to the
development of the Amposta offshore oil field and the creation of a
major natural gas storage facility to serve the highly industrialized
east coast of Spain.

Eurogas is currently participating in the drilling of a well on the El
Hamra permit onshore southern Tunisia. Eurogas is carried for a 20%
interest in the well which will be drilled to a planned depth of 3,000
meters.

Eurogas holds a 45% interest in the Sfax permit covering over 1 million
acres in the Gulf of Gabes. During 2004, Eurogas and its partner
completed a 350-square kilometer 3-D seismic program designed to
delineate two known oil accumulations and to identify optimum drilling
location for a well planned for early 2006.

Eurogas is putting into place the team necessary to bring the projects
in Spain and Tunisia to fruition.

The Board of Directors also approved the issue of 600,000 shares options
to the newly appointed President and C.E.O. of Eurogas, Mr. M. Jaffar
Khan, at an exercise price of the current market value of the shares.

Julio Poscente

Chairman, on behalf of the Board of Directors

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
    (403) 262-8299 (FAX)
    or
    Eurogas Corporation
    Bruce Sherley
    Executive VP & COO
    (403) 264-4985
    (403) 262-8299 (FAX)
    eurogas@eurogascorp.com
    www.eurogascorp.com
    or
    Eurogas Corporation
    520, 333 - 5th Avenue SW
    Calgary, Alberta, Canada
    T2P 3B6
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.