Eurogas International Announces Renewal of the Sfax Offshore Exploration Permit

Eurogas International Inc. (CNSX:EI) ("Eurogas International" or the
"Corporation") is pleased to announce that, together with its joint venture
partner, Atlas Worldwide Exploration Ltd ("APEX"), it has received approval from
the Tunisian regulatory authorities for the renewal of the Sfax Offshore
Exploration Permit (the "Sfax Permit"), covering approximately one million acres
located in the shallow Mediterranean waters in the Gulf of Gabes, offshore
Tunisia and southeast of the city of Sfax. The renewal is for a period of three
years from December 9, 2012 to December 8, 2015 (the "First Renewal Period"). In
addition, the joint venture's current drilling obligation pursuant to the
initial term of the Sfax Permit is to be transferred to the First Renewal
Period. The terms and conditions of the First Renewal Period will be set out in
a convention, currently being prepared and is expected to include an option to
further extend the First Renewal Period. Additionally and as previously
established under the terms of the Sfax Permit, the First Renewal Period will
carry an additional one well drilling obligation.


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 THE CORPORATION 

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Eurogas International Inc.
Jaffar Khan
President & CEO
[phone]
[phone] (FAX)
www.eurogasinternational.com


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