TORONTO, ONTARIO--(Marketwired - Oct 25, 2013) - 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 at www.eurogasinternational.com.
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 31, 2013.
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.