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EuroGas to Acquire 45% Interest in McCallan Oil & Gas

Source: 2/17/2011, Location: Europe

EuroGas, Inc. announced that it has entered into an agreement to purchase the remaining 45% interest in McCallan Oil & Gas (U.K.) which it did not own from Regent Ventures Ltd in exchange for the issuance of 20,000,000 restricted common shares of EuroGas and two million additional shares of EuroGas. Once the acquisition is completed, which is expected by the end of February 2011, EuroGas will own 100% of the common stock of McCallan.

McCallan's main assets are its wholly-owned subsidiaries EuroGas Polska Sp. z o.o. (EuroGas Polska), a Polish company, and Vienna, Austria-based EuroGas GmbH (EuroGas Austria) McCallan.

EuroGas Polska owns a 24% interest in a large Joint Operating Agreement (JOA) operated by Poland's national oil & gas concern Polish Oil & Gas (PGNiG), which itself owns 51% in the JOA. The balance of 25% is held by Aurelian Oil & Gas Plc, a U.K. public company listed on the London Stock Exchange. The JOA comprises approximately 3,200 square kilometers with 10 oil and gas concessions in the Polish Carpathian Mountains originally owned by EuroGas Polska and farmed out to PGNIG in the fall of 2006. PGNiG and the Polish Ministry of Environment and Natural Resources have publicly stated in the Annual Reports on Poland's hydrocarbon reserves the existence of a potential 300,000,000 Barrels of Oil in Place in the southern portion of the concession area.

EuroGas Austria owns a 33% shareholding in Rozmin s.r.o. (Rozmin), a Slovakian mining company. Together with the company's 57% shareholding in Rozmin, which was purchased by the company from Belmont Resources Ltd. on March 27, 2001, EuroGas Austria and the company together will own an undivided 90% shareholding interest in Rozmin s.r.o. subject to a final payment by the Company to Belmont. The remaining 10% interest in Rozmin is owned by Mr. Heinz Schernikau, the owner of a Berlin-based large German coal-trading company. EuroGas Austria also owns 50% of OOO EuroGas Ukraine, a Ukrainian company registered in Kiev Ukraine which explores for coal bed methane and unconventional gas (including shale gas) in Eastern Ukraine.

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