Eurogas International Inc. Announces 2013 Third Quarter Results
TORONTO, ONTARIO -- (Marketwired) -- 10/25/13 -- Eurogas
International Inc. ("Eurogas International" or the "Corporation")
(CNSX:EI) today reported its 2013 third quarter financial results.
The Corporation's unaudited condensed interim financial statements,
along with the accompanying management's discussion and analysis have
been filed on the System for Electronic Document Analysis and
Retrieval ("SEDAR") and may be viewed by interested parties under the
Corporation's profile at www.sedar.com or the Corporation's website
During the third quarter of 2013, the Corporation incurred a net loss
of $0.5 million or $0.02 per share, consistent with a loss of $0.5
million or $0.02 per share incurred in the third quarter of the prior
year. On a year-to-date basis, the Corporation incurred a net loss of
$1.6 million or $0.05 per share.
The Corporation continues to work towards completion of a farmout
arrangement with DNO Tunisia AS (the "DNO Transaction"), a
wholly-owned subsidiary of DNO International ASA, an Oslo-listed
company with significant expertise in the oil and gas industry across
the Middle East and Africa. During the third quarter of 2013, and as
a condition precedent to completion of the DNO Transaction, the
Corporation removed the ocean-floor template previously assembled as
part of the Ras El Besh development concession within the Sfax
Permit. The DNO Transaction remains conditional on the approval of
the relevant Tunisian authorities, including the appointment of DNO
Tunisia AS as operator, and is subject to other normal conditions of
closing, including the absence of a material adverse change.
Conditions to the DNO Transaction must be completed prior to December
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 (www.cnsx.ca)
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.
Eurogas International Inc.
c/o Dundee Corporation
1 Adelaide Street East
Toronto, ON M5C 2V9
Eurogas International Inc.
President & CEO
(403) 262-8299 (FAX)
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