EI Eurogas International Inc

Eurogas International Inc. ("Eurogas International" or the "Corporation")
(CNSX:EI) today announced its financial results for the year ended December 31,
2011. The Corporation's annual audited financial statements, along with
management's discussion and analysis have been filed on the System for
Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed by
interested parties under the Company's profile at www.sedar.com or the
Corporation's website at www.eurogasinternational.com.


Since December 31, 2011, the Corporation's joint venture partners have
substantially completed the plug and abandonment of the REB-3 well located
within the Ras El Besh development concession in Tunisia. The REB-3 well was
originally drilled in 2008, and was subsequently suspended pending further
evaluation of geological and geophysical data. 


The costs of plugging and abandoning the well were approximately US$5.5 million,
of which the Corporation's share was US$1.3 million. In order to secure the
resources necessary to complete these activities, on January 31, 2012, the
Corporation arranged for a $2.5 million revolving term credit facility with its
principal shareholder, Dundee Corporation. Borrowings under the facility will
bear interest at prime plus 1.25%. The terms of the facility provide that Dundee
Corporation may, at its discretion, require Eurogas International to convert all
of the amounts outstanding pursuant to the credit facility into common shares of
Eurogas International, at a conversion price that is based on the fair value of
the common shares at the time of the conversion, subject to a minimum conversion
price of $0.05 per share. Any issuance of common shares by the Corporation will
be subject to regulatory and other approvals.


FORWARD LOOKING STATEMENTS

Certain information set forth in these documents, including management's
assessment of the Corporation's future plans and operations, contains
forward-looking statements. Forward-looking statements are statements that are
predictive in nature, depend upon or refer to future events or conditions or
include words such as "expects", "anticipates", "intends", "plans", "believes",
"estimates" or similar expressions. 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,
risks associated with foreign operations, currency fluctuations, exploration and
development risks, reliance on key personnel and management, the ability to
access sufficient capital from internal and external sources, risks of not being
able to obtain or renew permits and licenses, environmental risks and
competition from other industry participants. 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, except as
required by law. 


ABOUT THE CORPORATION

Eurogas International Inc. is an independent oil and gas exploration company
listed on the Canadian National Stock Exchange under the symbol EI. For more
information about Eurogas International, please visit the Listings Disclosure
Hall at www.cnsx.ca.

Eurogas (CSE:EI)
Historical Stock Chart
From Apr 2024 to May 2024

Eurogas (CSE:EI)
Historical Stock Chart
From May 2023 to May 2024