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EUROGAS INC. ANNOUNCES COMPLETION OF EUROPEAN OFFERING

30, 1995. ($3.50 (U.S.) per share). Payment for the sale was inthe form of $1,000,000 (U.S.) in cash and conversion of a companydebenture with accrued principal and interest due to of $1,702,908(U.S.). Net proceeds after deduction of commission and expenses wereapproximately $2,600,000 (U.S.). The initial offer was preliminary in nature and requires additional detail and study. The convertible debentures, if issued, would be for a five year term, bearing interest at 7.5% and convertible at $5.00 per share (U.S.). Reinhard Rauball, a director of the company.

SALT LAKE CITY, Aug. At the end of July, the company expects to have its nominee take over management of all of the company’s other joint venture in Poland.

CO: EuroGas Inc. The company is continuing negotiations with that major oil company and several other foreign gas companies with respect to the possibility of combined operations in Poland.

KL-SS — LA079 — 0789 08/01/95 17:31 EDT

The company announced that it had withdrawn its application to Nasdaq and would reapply for listing at such time as the company receives the audit of its now wholly owned subsidiary McKenzie Methane Poland, B.V. and has raised sufficient capital to ensure the company meets the net worth requirement for a Nasdaq listing. 1 /PRNewswire/ — EuroGas Inc., an explorationstage Utah corporation (the “company”) announced today that ithad completed the sale of 772,259 shares of its common stock for grossproceeds of $2,702,908 (U.S.) to foreign investors through Union CapitalMarkets U.K. ST: Utah IN: OIL SU: OFR . The company can make no assurance that these negotiations, discussions, or granting of options will lead to any contractual or financing agreement and all investors should proceed with extreme caution and without relying on the possibility that any arrangement or agreement will be consummated.

In the pursuit of various financing arrangements, the company has granted to Winzer and Maurer, a European entity, an option to purchase up to 3,430,000 shares of EuroGas common stock at $3.50 per share and the option to purchase up to $10,000,000 of convertible debentures on or before Sept. Those companies are in the process of developing coal bed methane gas reserves in the Upper Silesian coal fields of Poland.

(EGAS)

The company also recently announced that it had received a written offer to combine its Polish concession with properties held by a major oil company. Most of the cash proceeds will be usedto pay field expenses.

The company, through its now wholly-owned subsidiary, holds an 85% interest in two companies formed by the Ministry of Environmental Protection of Natural Resources and Forestry of Poland. Ltd. The company expects to reapply by September of 1995.

The company’s common stock is traded on the Bulletin Board under the symbol “EGAS.”

-0- 8/1/95

/CONTACT: Merlin V. Winzer and Maurer is a client of Dr. Fish of EuroGas, 801-255-0862/

At the annual shareholders’ meeting of Poltex Methane, the largest of the company’s joint venture, Michael McKenzie was officially replaced as president of the management committee and replaced by the company’s nominee

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