Eurogas Corporation: Press Release

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES.


Eurogas Corporation (TSX VENTURE:EUG) ("Eurogas" or the "Corporation") today
announced that Escal UGS S.L. ("Escal"), the owner of the Castor Underground Gas
Storage Project ("Castor UGS"), has entered into conditional financing
agreements for the construction and commissioning of the Castor UGS facilities.
Eurogas, through the Castor UGS Limited Partnership ("CLP"), indirectly owns an
approximate 24% interest in Escal.


A syndicate of 19 banks will provide financing in excess of EUR1.2 billion to
meet the project costs. To provide security for the financing, CLP and the other
shareholder of Escal have pledged their respective shares in Escal to the
lending banks.


The financing is conditional upon the approval and publication of an amendment
to the remuneration of gas underground storage facilities that is expected to
take place during July 2010.


Eurogas Corporation is listed on the TSX Venture Exchange under the symbol EUG
and is engaged directly in the development of a major underground storage
facility off the east coast of Spain. For more information on Eurogas, visit the
website www.eurogascorp.com.


Advisory Regarding Forward-Looking Statements

Certain information set forth in this document, including management's
assessment of each of the Corporation's future plans and operations, contains
forward-looking statements. By their nature, forward-looking statements are
subject to numerous risks and uncertainties, some of which are beyond the
Corporation's control, including the impact of general economic conditions,
industry conditions, volatility of commodity prices, currency fluctuations,
imprecision of reserve estimates, environmental risks, competition from other
industry participants, the lack of availability of qualified personnel or
management, stock market volatility and ability to access sufficient capital
from internal and external sources. 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.