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In support of its exploration and evaluation activities, the Corporation has obtained a commitment from its parent company, Dundee Corporation, to provide the Corporation with the necessary financial resources to enable it to complete the Initial Well Obligation, subject to certain conditions. The Corporation is also considering alternative financing options, including farmout arrangements, possible debt or equity issuances or the monetization of certain assets in order to meet its commitments. There can be no assurance that the Corporation will be successful in any of these other alternatives.

FINANCIAL RESULTS

During 2012, the Corporation incurred a net loss of $2.1 million, or a loss of approximately $0.07 per share. This compares with a net loss of $2.0 million or a loss of approximately $0.06 per share in 2011. The Corporation continues to incur geological and geophysical costs to permit an improved understanding of the various prospective structures contained within the Sfax Permit, and in order to determine the best locations for drilling to optimize the chances of commercial production.

FORWARD-LOOKING STATEMENTS

Certain information set forth in this document, 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 risks of not being able to obtain or renew permits and licenses, the inability to access sufficient capital from internal and external sources, risks associated with foreign operations, the impact of general economic conditions, currency fluctuations, exploration and development risks, reliance on key personnel and management, risks relating to the abandonment of operations, 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 EUROGAS INTERNATIONAL

Eurogas International Inc. is an independent oil and gas exploration company listed on the Canadian National Stock Exchange under the symbol EI.

All documentation in respect of the Corporation may be viewed under the Corporation's profile on SEDAR (www.sedar.com) or under the Corporation's website at www.eurogasinternational.com. For more information about Eurogas International, please visit the Listings Disclosure Hall at www.cnsx.ca.



Contacts:
Eurogas International Inc.
Jaffar Khan
President & CEO
(403) 264-4985
(403) 262-8299 (FAX)
www.eurogasinternational.com

Eurogas International Inc.
c/o Dundee Corporation
21st Floor, Dundee Place
1 Adelaide Street East
Toronto, ON M5C 2V9