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Eurogas Corporation: Appointment of New Director and Officer Changes

October 24, 2008

CALGARY, ALBERTA--(Marketwire - Oct. 24, 2008) - Eurogas Corporation ("Eurogas" or the "Corporation") (TSX VENTURE:EUG) is pleased to announce the appointment of Mr. Michael R. Smith, BA, LL.B, to the board of directors of the Corporation. Mr. Smith obtained his law degree from Osgoode Hall Law School in 1967 and is a founding member of Smith & Zoldhelyi, a legal firm which specializes in franchising, leasing and corporate work. Mr. Smith has been a member of the board of several large public companies. Mr. Smith has also been legal counsel with the Ontario Securities Commission. "Mr. Smith brings a wealth of business and legal experience and we are very pleased to have him join the Board of Eurogas." said Jaffar Khan, President and Chief Executive Officer. The Board is also pleased to announce the appointment of Ms. Joanne Ferstman as Executive Vice President and Chief Financial Officer replacing Mr. Andrew Constantinidis. Ms. Ferstman is currently Executive Vice President and Chief Financial Officer of Dundee Corporation and DundeeWealth Inc. The Board thanks Mr. Constantinidis for his contributions and has arranged for him to remain as a consultant to the Corporation for a period of time. The Board has accepted the resignation of Bruce Sherley, Executive Vice President and Chief Operating Officer of the Corporation. Mr. Sherley and his team will become full-time employees of Dundee Resources Limited, a wholly-owned subsidiary of Dundee Corporation and will assist Dundee in their resource merchant banking activities. Eurogas Corporation is listed on the TSX Venture Exchange under the symbol EUG. The Corporation indirectly owns a 24.6% interest in the Castor Underground Gas Storage project located close to Barcelona, off the east coast of Spain. This world class gas storage project has been awarded a Development Concession, and the operation is currently in the process of obtaining additional permits. On July 25, 2008, the Corporation declared a dividend in kind to its shareholders comprising of 100% of the common shares of its subsidiary, Eurogas International, which is engaged in the exploration and development of oil and gas prospects in Tunisia's Gulf of Gabes. More information is available on the company website www.eurogascorp.com. Jaffar Khan, President & CEO Certain information set forth in this document, including management's assessment 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 there. 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.
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