EUROGAS INTERNATIONAL INC. ANNUAL GENERAL MEETING

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EUROGAS INTERNATIONAL INC.ANNUAL GENERAL
MEETING

• June 15, 2009
• CNSX EI

2
Assets of the Company

• 45 participating interest in the Sfax Permit
  comprising 1 million acres
• 45 ownership of an offshore production platform

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Eurogas International Inc.

• August 5, 2008 Eurogas International Inc. (EII)
  was launched as an independent company
• Each shareholder of Eurogas Corporation received
  one newly issued common share of EII for every
  five shares of the Eurogas Corporation shares
  held
• Eurogas Corporation holds Preferred Shares face
  value 32.5MM
• EII was funded with 10 million in treasury
• On March 31, 2009, EII began trading on the
  Canadian National Stock Exchange (CNSX) under the
  symbol EI.

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Sfax Permit Area
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Ras El Besh 3 Exploration Wells

• REB3 drilled in 2008 as commitment well for the
  Sfax Exploration Permit
• Targeted the El Garia and Reineche carbonate
  formations down to 2300 m
• Drilling costs paid by farmin partner
• Results El Garia oily but low permeability
• Reineche tested 280 API oil Drilled
  sidetrack tested oil Re-processing of
  seismic required

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Farmin by Delta Hydrocarbons

• April 2008 Delta farmed in for a 50
  participating interest in the Sfax permit area
  and the production platform
• Delta commitment spend US125 million
• EII participating interest from 45 to 22.5
• EII received US 11.2 million cash
• May 22, 2009 Delta exits after spending US 110
  million - Delta exit terms Eurogas
  participating interest returns to 45 - Delta
  responsible for 50 of abandonment costs at
  REB3 - Agreement to monetize production
  platform - Delta can recover up to 20 million
  from sale of equipment or oil - Delta retains
  50 participating interest in Seawolf arbitration

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Sfax Permit a portfolio of prospects

• Reineche structures to follow up on REB3-
  Cercina 12 MM bbl oil recovered, 2500 bopd-
  Chergui 88 bcf gas, 50 MMcf/d
• Ashtart satellites- Ashtart field 330 MM bbl
  oil produced, 8500 bopd
• Salloum prospect- flow tested 1,800 bopd
• Jawhara prospect- flow tested 1,200 bopd

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Exploration Program

• Geological studies- 3D basin modeling study-
  Reineche carbonate study- Bireno carbonate
  study
• Geophysical activity- Reprocess 2004 Sfax 3D
  survey- Reprocess 2007 Anadarko 3D survey-
  Reprocess 2007 Salloum 3D survey- Reprocess
  older 3D survey on Ashtart- Thin bed analysis
  on all seismic
• Reineche 2D seismic program depends on
  reprocessing results likely 2010

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Offshore Production Platform

• EII ownership 45 of Innovative Production
  Systems Inc.
• Sold 50 to Delta for US 16.5 MM (gross)
• Repairs / modifications paid by Delta totalling
  US 13.6 MM
• 2009 Budget of 6MM to be spent on further
  improvements and refurbishment to prepare for
  lease or sale

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2009 Budget Summary for Sfax Permit Area

• Sfax Permit Area US 5.4 MMDelta spending in
  Q1 2009 ( 1.8 MM)Net to EII US 1.7
  MM
• Production PlatformRepairs and upgrades US
  6.0 MMDelta spending in Q1 2009 ( 1.9
  MM)Net to EII US 1.8 MM
• TOTAL net to EII for 2009 US 3.5 MM