2009-08-17-2008-06-01

To acquire 45% interest in privately held company, gaining interest in CBM project.

EuroGas Inc., New York, (Pink Sheets: EUGS) plans to acquire 45% interest in privately held, U.K-based McCallan Oil & Gas (UK) Ltd. from Regent Ventures Ltd., Calgary, (CDNX: REV) for C$3 million in cash and approximately US$2.8 million in stock in a total deal valued at US$5.8 million. McCallan's s main assets are its subsidiaries EuroGas Polska and EuroGas (Austria) GmbH. The remaining 55% interest in McCallan is held by private investors. EuroGas Polska is a Polish private E&P with coalbed-methane interest in the Upper Silesian coal basin in Poland. EuroGas Polska also owns a 24% interest in a joint-operating agreement (JOA) with Poland's national oil and gas company Polish Oil and Gas Co., which owns a 51% interest in the agreement and is the operator. The balance of 25% is held by U.K-based Aurelian Oil & Gas Plc (London: AUL). The sole asset of the agreement is a block of 10 oil and gas concessions in the Carpathian Mountains. EuroGas Austria is a private Austrian company, and its main asset is a 33% shareholding interest in private Slovakian mining company Rozmin SRO which holds a mining concession to develop the huge Gemerska Poloma talc ore body. Spencer Clarke LLC is financial advisor to EuroGas.