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Eurogas Corporation Announces Director and Officer Changes

May 26, 2009

TORONTO, ONTARIO--(Marketwire - May 26, 2009) - Eurogas Corporation ("Eurogas" or the "Company") (TSX VENTURE:EUG) is pleased to announce the appointment of Ms. Lucie Presot as Chief Financial Officer of the Company replacing Ms. Joanne Ferstman. Ms. Presot is currently Vice President and Controller of Dundee Corporation and DundeeWealth Inc. At its annual meeting of shareholders Messrs. Jay Poscente and James Kirker did not stand for re-election to the board of directors. The Company would like to thank Messrs. Poscente and Kirker for their contributions while serving on Eurogas' board. Following the annual meeting of shareholders, the board of directors approved the issuance of deferred share units ("DSUs") pursuant to the deferred share unit plan of the Company. Each director, the Chief Financial Officer and Corporate Secretary were issued 15,000 DSUs. 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 Company'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 Company'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 Company'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 Company will derive from them. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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