UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2009 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________to _______________ EUROGAS, INC. (Exact name of registrant as specified in its charter)

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2009

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________to _______________

EUROGAS, INC.(Exact name of registrant as specified in its charter)

Utah	000-24781
(State or other jurisdiction	(Commission File No.)
of incorporation or organization)

14 Wall Street 22nd Floor ~~New~~ New York, ~~NY10005~~NY 10005 (Address of principal executive offices, Zip Code)

(212) 618-1274 (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ ] No [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] (Do not check if a smaller reporting ~~company)~~ Smaller reporting company [X] company)

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

As of ~~March~~September 3130, 2009, the registrant had ~~303~~322,220,436 shares of of common stock outstanding.

EUROGAS, INC.

TABLE OF CONTENTS

	Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2009 and December 31, 2008	3
Condensed Consolidated Statements of Operations (Unaudited) as of March 31, 2009 and March 31, 2008	4
Condensed Consolidated Statements of Cash Flows (Unaudited) as of March 31, 2009 and March 31, 2008	5
Notes to Condensed Consolidated Financial Statements (Unaudited)	6
Item 2. Managements Discussion and Analysis of Financial Condition Results of Operations	15
Item 3. Quantitative and Qualitative Disclosures about Market Risk	18
Item 4. Controls and Procedures	18
PART II - OTHER INFORMATION	18
Item 1. Legal Proceedings	18
Item 2. Other Information	19
Item 3. Exhibits and Reports on Form 8-K	21
Signatures	27

Page

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2009 and December 31, 2008	3

Condensed Consolidated Statements of Operations (Unaudited) as of September 30, 2009 and September 30, 2008	4

Condensed Consolidated Statements of Cash Flows (Unaudited) as of September 30, 2009	5

Notes to Condensed Consolidated Financial Statements (Unaudited)	6

Item 2. Managements Discussion and Analysis of Financial Condition Results of Operations	13

Item 3. Quantitative and Qualitative Disclosures about Market Risk	16

Item 4. Controls and Procedures	16

PART II - OTHER INFORMATION	16

Item 1. Legal Proceedings	16

Item 2. Other Information	16

Item 3. Exhibits and Reports on Form 8-K	19

Signatures	25

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

EUROGAS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (The following statements have only been reviewed by EuroGas, Inc. management)

		March			December
		September			December
		31,			31,
		30,			31,
		2009			2008
ASSETS
Current Assets
Cash	$	~~513~~1235		$	1010
Total Current Assets		~~513~~1235			1010
Property and Equipment - full cost method
Talc mineral properties and mining equipment		-			-
Oil and gas properties not subject to amortization		-			-
Furniture and office equipment		3,983			4,267
Total Property and Equipment
Less: Accumulated depletion, depreciation and amortization		(71213	)		(284	)
Net Property and Equipment		3,~~912~~770			3,983
Investment in Securities		~~259~~523,~~003~~875			217,880
					217,880
Other Receivables		1,603,756			1,324,388
Other receivables		1,750,076
Investment, at cost		16,656,078			9,650,000
					1,324,388
Total Assets	$	18,788,714		$	11,197,261
Investment, at cost
		9,650,000			9,650,000
Total Assets	$	11,663,504		$	11,197,261
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities
Accrued liabilities	$	49,~~852~~635,~~683~~824		$	4,935,600
Notes payable to related parties		949,972			882,684
		904,751			882,684
Shareholders Loan		1,753,250			-
Shareholders Loan		763,000			-
Total Current Liablities		12,339,046			5,818,284
Total Current Liablities		6,520,434			5,818,284
Stockholders' Capital/Deficiency
Preferred stock, $0.001 par value; 3,661,968 shares authorized;
Preferred stock, $0.001 par value; 3,661,968 shares authorized; 260 shares outstanding; liquidation preference:$ 260,000		350,479			350,479
260 shares outstanding; liquidation preference:$ 260,000		350,479			350,479
Common stock, $0.001 par value; 325,000,000 shares authorized; 322,220,436 303,220,436 shares issued, respectively		322,220			303,220
Common stock, $0.001 par value; 325,000,000 shares authorized;
Additional paid-in capital		158,051,186			156,341,186
303,220,436 303,220,436 shares issued, respectively		303,220			303,220
Accumulated deficit		(152,272,855	)		(151,614,546	)
Additional paid-in capital		156,341,186			156,341,186
Accumulated deficit		(151,850,453	)		(151,614,546	)
Treasury stock, at cost; 5,028 shares		(1,362	)		(1,362	)
Total Stockholders' Capital/Deficiency		56,~~143~~449,~~070~~668			5,378,977
Total Liabilities and Stockholders' Capital/Deficiency	$	1118,~~663~~788,~~504~~714		$	11,197,261

The accompanying notes are an integral part of these condensed consolidated financial statements.

EUROGAS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(The following statements have only been reviewed by EuroGas, Inc. management)

		For The Three Months						For the Three Months
		For the Three Months						For the Nine Months
		Ended						Ended
		March 31,						March 31,
		September 30,						September 30,
		2009			2008			2009			2008
Oil and Gas Sales	$	-		$	-		$	-		$	-
Costs and Operating Expenses
Depreciation		71			71			71213			71213
Impairment of mineral interests and		-			-			-			-
Impairment of mineral interests and equipment		-			-			-			-
equipment
General and administrative		354,765			524,845			877,053			1,405508
General and administrative		254,892			245,796			254,892			245,796
Total Costs and Operating Expenses		(354,836	)		(524,916	)		(877,266	)		(1,405721	)
Total Costs and Operating Expenses		(254,963	)		(245,867	)		(254,963	)		(245,867	)
Other Income (Expenses)
Interest expense		(2223,~~067~~154	)		(2521,~~648~~004	)		(22 87,~~067~~038	)		(~~25648~~66,962	)
Income from reduction of accrued		-			7,766,517			-			7,766,517
Income from reduction of accrued liabilities/settlement obligations		-						-			7,428,282
liabilities/settlement obligations
Unrealized Gain ( Loss) on sale of securities		(16764	)		(1,022,604	)		305,995			456,819
Unrealized Gain ( Loss) on sale of securities		41,123			293,370			41,123			293,370
Net Other Income ( Expenses)		(39,918	)		(1,043,608	)		218,957			7,818,139
Net Other Income ( Expenses)		19,056			8,034,140			19,056			8,034,140
Profit / Loss Before Accounting Change		(394,754	)		(1,568,524	)		(658,309	)		6,412,418
Profit / Loss Before Accounting Change		(235,907	)		7,788,273			(235,907	)
Preferred Dividends		(3,900	)		(3,900	)		(11,700	)		(11,700	)
											7,788,273
Profit/Loss Applicable to Common Shares	$	(398,654	)	$	(1,572,424	)	$	(670,009	)	$	6,400,718
Preferred Dividends		(3,900	)		(3,900	)		(3,900	)		(3,900	)
Profit/Loss Applicable to Common Shares	$	(239,807	)	$	7,784,373		$	(239,807	)	$	7,784,373
Basic and Diluted Profit/Loss Per
Common Share
Net Profit/Loss	$	(~~239~~398,~~807~~654	)		7(1,~~784~~572,~~373~~424	)	$	(~~239~~670,~~807~~009	)	$	76,~~784~~400,~~373~~718
Basic and Diluted Weighted-Average
Common		(0,~~0008~~001	)		( 0.~~035~~005	)		(0,~~0008~~002	)		0,~~035~~021
Shares Outstanding		~~301~~322,~~555~~220,~~494~~436			~~219~~301,~~355~~555,494			~~301~~322,~~555~~220,~~494~~436			~~219~~301,~~355~~555,494

The accompanying notes are an integral part of these condensed consolidated financial statements.

EUROGAS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(The following statements have only been reviewed by EuroGas, Inc. management)

		For the Three Months
		For the Nine Months
		Ended
		March 31, 2009
		September 30, 2009
Cash Flows From Operating Activities
Net Profit /(Loss)	$	(~~235~~658,~~907~~309	)
Adjustments to reconcile net loss to cash used by operating activities:
Depreciation		213
		71
Gain on sale of property and equipment		-
Foreign exchange net (gain) loss		-
Cumulative effect of accounting change		-
Impairment of mineral interests and equipment		-
Unrealized Gain on sale of securities		(41305,~~123~~995	)
Warrants issued for settlement cost		-
Changes in operating assets and liabilities:
Other receivables / investment		(~~425~~5,~~688~~556,446	)
Accrued liabilities /taxes/asset retirement		(82917	)
Current liabilities		6,520,762
Accrued liabilities payable to related parties		22,067
Net Cash Used in Operating Activities		225
Net Cash Used in Operating Activities		(763,497	)
Cash Flows From Investing Activities		-
Purchases of mineral interests, property and equipment		-
Proceeds from sale of interest in gas property and equipment		-
Proceeds from sale of investment in fixed-maturity securities		-
Proceeds from sale of securities available for sale		-
Purchase of securities available for sale		-
Net Cash Provided by (Used in) Investing Activities		-
Cash Flows From Financing Activities
Proceeds from issuance of common stock
Shareholders Loan
		763,000
Proceeds from sale of treasury stock
Acquisition of treasury stock		-
Net Cash Provided by (Used in) Financing Activities
		763,000
Effect of Exchange Rate Changes on Cash		-
Net Increase (Decrease) in Cash		~~(497~~225	)
Cash at Beginning of Period		1010
Cash at End of Period	$	~~513~~1235

The accompanying notes are an integral part of these condensed consolidated financial statements.

EUROGAS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Condensed Interim Financial Statements - The accompanying unaudited condensed consolidated financial statements include the accounts of EuroGas, Inc. and its subsidiaries ("EuroGas" or the "Company"). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. In particular, EuroGas' significant accounting principles were presented as Note 1 to the Consolidated Financial Statements in that Report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the full year ending December 31, 2009.

Business Condition - EuroGas has accumulated a deficit of ($ ~~151~~152,~~850~~272,~~453~~855) through ~~March~~September 3130, 2009. At ~~March~~September 3130, 2009, ~~the~~ the Company had a working capital of $(612,~~519~~337,~~921~~811) and a capital of $ 56,~~143~~449,~~070~~668. ~~The~~ ~~Company has impaired most of its oil and gas properties and was forced to sell the rest during the Chapter 7 bankruptcy proceedings in March 2006.~~ These conditions raise substantial doubt regarding the Company's ability to ~~continue~~ continue as a going concern. Realization of the investment in properties and equipment is dependent upon management obtaining financing for exploration, development and production of its properties. In addition, if exploration or evaluation of property and equipment is unsuccessful, all or a portion of the ~~remaining~~ remaining recorded amount of those properties will be recognized as impairment losses. Payment of current liabilities will require substantial additional financing. Management of the Company plans to finance operations, explore and develop its properties and pay its liabilities through borrowing, through sale of interests in its properties, through advances received against future talc sales and through the issuance of additional equity securities. Although realization of any of these planned transactions is not assured, management of the Company still was able to raise new capital and acquire new assets through a ~~combination~~ combination of cash and the issuance of additional equity securities after the Chapter 7 bankruptcy proceedings were formally terminated by the Bankruptcy Court of Utah in February 2007. At the time of the formal termination of the Chapter 7 bankruptcy proceedings the Company had appr. 200.000.000 shares ~~outstanding~~ outstanding without any assets, while until ~~March~~September 3130, 2009 the Company was able to accumulate new assets by issuing appr. ~~100~~120.000.000 new shares bringing the total number of outstanding shares to ~~303~~322,220.436.

Principles of Consolidation - The accompanying consolidated financial statements include the accounts of EuroGas, Inc. and EuroGas' share of properties held through joint ventures.

Stock-Based Compensation - At ~~March~~September 3130, 2009, ~~the~~ the Company had no options outstanding that had been previously granted to ~~employees~~ employees and consultants in connection with employment contracts.

Reclassifications - Certain reclassifications have been made to the accompanying December 31, 2008 and ~~March~~September 3130, 2008 financial statements to conform to the current period presentation.

Cumulative Effect of Accounting Change – The Company adopted SFAS No. 143, Accounting for Asset Retirement Obligations, effectively on January 1, 2003. In accordance with the transition provisions of SFAS No. 143, the Company recorded asset retirement obligation liabilities of $ 0.

EUROGAS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

~~Recent~~NOTE ~~Accounting~~2 ~~Pronouncements~~ - ~~The~~INVESTMENT ~~Company adopted~~IN ~~SFAS~~SECURITIES No. 145, Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections as of January 1, 2003. Among other provisions, this statement modifies the criteria for classification of gains or losses on debt extinguishment such that they are not required to be classified as extraordinary items if they do not meet the criteria for classification as extraordinary items in APB Opinion No. 30, Reporting the Results of Operations – Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions. The adoption of this standard did not have any effect on the Company's financial position or results of operations.

The Company's ~~also~~primary ~~adopted~~investment ~~SFAS~~in ~~No.~~securities ~~146~~consists of 419,100 ~~Accounting~~shares ~~for~~of ~~Costs Associated~~Enterra ~~with~~Energy ~~Exit~~Ltd. orThe ~~Disposal~~Enterra ~~Activities~~shares were held as ofcollateral by ~~January~~Oxbridge 1Limited under a claim, ~~2003.~~as ~~SFAS~~discussed Noin Note 3. On March 12, 2008 the ~~146~~Company ~~requires~~and ~~that~~Oxbridge ahave ~~liability~~entered ~~for~~into a ~~cost~~settlement ~~associated~~agreement ~~with~~and anunder ~~exit~~the terms orand ~~disposal~~conditions of the settlement agreement Oxbridge has agreed to release ~~activity~~the beEnterra ~~recognized~~Shares atwhich ~~fair~~were ~~value~~held ~~when~~as collateral by Oxbridge under a claim against the ~~liability~~Company. isFor ~~incurred~~further details of the settlement with Oxbridge see the Company’s 2008 Q1. ~~The~~At June 30, 2003, the Company changed its expectation of ~~provisions~~realizing proceeds from sale of ~~this~~the ~~statement~~Enterra ~~did~~shares ~~not~~to ~~have~~more ~~any~~than ~~effect~~one onyear and reclassified the investment in the Enterra shares as a long-term asset. The Company's ~~financial~~investments in equity securities, including the Enterra shares, are ~~position~~accounted orfor ~~results~~as available for sale, as defined by SFAS No. 115, as they have readily determinable fair values and are not restricted other than in connection with being pledged as collateral. Accordingly, the investments in securities available for sale are carried at market value with unrealized gains and losses included in accumulated other comprehensive income (loss). The cost of securities ~~operations~~sold is determined by the average-cost method.

NOTE 2 - INVESTMENT IN SECURITIES

		September		December
		30, 2009		31, 2008
Cost	$	412,968	$	412,968
Gross unrealized gain		110,907		(195,088	)


Estimated Fair Value	$	523,875	$	217,880
Presented in the accompanying balance sheets as follows:
Investment in securities	$	523,875		217,880

~~The~~During Company's primary investment in securities consists of 419,100 shares of Enterra Energy Ltd. The Enterra shares were held as collateral by Oxbridge Limited under a claim, as discussed in Note 3. On March 12, 2008 the ~~Company~~ ~~and~~three ~~Oxbridge~~months ~~have~~ended ~~entered~~September into a settlement agreement and under the terms and conditions of the settlement agreement Oxbridge has agreed to release the Enterra Shares which were held as collateral by Oxbridge under a claim against the Company. For further details of the settlement with Oxbridge see the Company’s 2008 Q1. At June 30, ~~2003~~2009, the Company ~~changed its expectation of~~ ~~realizing~~made ~~proceeds~~no ~~from~~sales ~~sale~~or purchases of ~~the Enterra shares to more than one year and reclassified the~~ investment ~~in the Enterra shares as a long-term asset. The Company's investments in equity~~ securities~~, including the Enterra shares, are accounted for as available for sale, as defined by SFAS No~~. 115, as they have readily determinable fair values and are not restricted other than in connection with being pledged as collateral. Accordingly, the investments in securities available for sale are carried at market value with unrealized gains and losses included in accumulated other comprehensive income (loss). The cost of securities sold is determined by the average-cost method.

		March		December,
		31, 2009		31, 2008
Cost	$	412,968	$	412,968
Gross unrealized losses		153,965		195,088
Estimated Fair Value	$	259,003	$	217,880
Presented in the accompanying balance sheets as follows:
Investment in securities	$	259,003	$	217,880

Note 3 Other Receivables

~~During~~Other ~~the~~Receivables ~~three~~reflect ~~months~~a ~~ended~~short ~~March~~term ~~31,~~loan ~~2009~~by EuroGas,Inc. ~~the~~to Mc ~~Company~~Callan ~~made~~OIL & GAS (UK) Limited for working capital and advances to EuroGas noPolska ~~sales~~Sp.z.o.o. orand ~~purchases~~EuroGas GmbH with a balance of ~~investment~~US ~~securities.~~$ 1,603,756 as at September 30, 2009.

~~EUROGAS,~~Note ~~INC.~~4 ~~NOTES~~Investment TOat ~~CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)~~cost

~~NOTE~~For 3the -participations ~~ACCRUED~~in ~~SETTLEMENT~~Mc ~~OBLIGATIONS~~Callan OIL & GAS (UK) LIMITED, Rio Plata Properties , Tombstone Exploration Corporation, EuroGas, Inc. has invested by cash and by issuance of common shares of EuroGas, Inc. a total balnce of US $ 16,656,078 as at September 30, 2009.

Settlement of McKenzie Claims — On November 4, 2003, EuroGas signed a settlement agreement with the Bankruptcy Trustee, Kukui, and other parties. The settlement agreement called EuroGas to make payments totaling $2~~,800,000,~~ toMillion beShares ~~paid in installments, with an initial payment~~ of ~~$250,000~~Tombstone ~~paid~~Exploration ~~November~~Corporation ~~5, 2003 and $250,000 to be~~are ~~paid~~pledged ~~by December 6, 2003. Upon completion of the payments all the cases relating to the McKenzie bankruptcy claim, including the Kukui, claim, and the Holbrook claim,~~ as described below, will be dismissed. Under this settlement EuroGas, its subsidiaries, Wolfgang Rauball and Reinhard Rauball will be released from any further claim by Kukui and the Bankruptcy Trustee. Since the initial payments were made EuroGas has not been able to make further payments and is in default of the settlement agreement. Subsequently EuroGas management has met with the Bankruptcy Trustee, on March 27, 2004 in Houston, Texas. The discussion centered on revival of the settlement agreement, this discussion is ongoing. Continued discussions are ongoing to revive the settlement agreement. A third party investor has indicated that he is prepared to place the required settlement amount in a ~~trust~~security fund in the very near future to obtain a settlement. In the meantime the Bankruptcy Trustee has filed a petition in US Bankruptcy court in Salt Lake City, Utah to have EuroGas, Inc. forced into involuntary bankruptcy. EuroGas has retained local council and has responded to the claim. Because Eurogas was unable to finance the settlement agreement the Bankruptcy court in Houston Texas has added a monetary amount of $113 million to the default judgment, against EuroGas, Inc. and certain parties, that was obtained by the Trustee for ~~the~~outstanding ~~McKenzie~~salaries ~~matter. On October 20, an Order~~ for ~~Relief was signed by~~ the USformer ~~Bankruptcy~~CFO Court in Salt Lake City, Utah. This has put the Company into receivership at this point. There are ongoing negotiations by the third party to purchase the judgment against EuroGas presently held by the Bankruptcy Trustee in the McKenzie matter, who forced EuroGas into involuntary Bankruptcy. The plan is to purchase the judgment held by the McKenzie trustee by a friendly third party and then request the US Bankruptcy Court in Salt Lake City, Utah to convert the present chapter 7 bankruptcy to a voluntary chapter 11 reorganization. . In October of ~~2005,~~ the ~~Bankruptcy Trustee was asked to sell~~ ~~the Polish assets, GlobeGas B~~Company.V., Pol-Tex Methane, Sp. z.o.o., McKenzie Methane Jastrzebie Sp. z.o.o., to a third party. The Trustee eventually put the group of Polish companies up for an auction which was held on March 28, 2006, after a certain amount of legal wrangling by some of the creditors. The assets were sold at the auction and the Bankruptcy Trustee received approximately $ 800,000 for the assets, which he distributed after costs to certain creditors of the company in November 2006. On or about February 20th 2007 a final report was issued by the Bankruptcy Trustee stating that the Eurogas Bankruptcy case had been formally closed by order of the Bankruptcy Judge, The

EUROGAS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

~~honorable Judge Thurman, and that the Trustee was no longer~~ ~~involved~~ NOTE in5 ~~the~~– ~~case.~~Accrued The following order was issued by the Court in Salt Lake City “Upon consideration of the foregoing report and motion for discharge of the Trustee, The Court concluded that the Trustee has completed the administration of the estate (of EuroGas, Inc.) it is ORDERED: 1. That the Trustee be and is hereby discharged, and the surety on the bond are relieved of further liability in this case: 2. .That the case be and is hereby closed.” This information was posted on “Pacer” the official document organization for the US Court system The Company has recently received a revived settlement negotiation with the Bankruptcy Trustee for the McKenzie claim in Houston Texas. The Company will report to the shareholders of the Company as to the progress of these negotiations regarding the settlement. On August 22, 2007 the Judge in the Bankruptcy case in Texas, The Honorable Judge Brown, signed an order allowing sale of Judgment against EuroGas, Inc. and others. On September 24, the Trustee, Mr. Steve Smith, of the Bankruptcy court for the Mckenzie claim in Houston Texas The Honorable Judge Brown presiding, transferred and assigned and conveyed the Judgment held by him to a friendly third party, to settle the Judgment and it was sold as per instructions of the Bankruptcy Court in Texas,Liabilities

Because Eurogas was unable to finance the settlement agreement the Bankruptcy court in HoustonTexas has added a monetary amount of $113 million to the default judgment, against EuroGas, Inc. ~~has~~and ~~been~~certain ~~notified~~ parties, that was obtained by ~~Texas~~the ~~Euro~~Trustee for ~~Gas~~the ~~Corp~~McKenzie matter., aOn ~~Houston~~October 20, ~~Texas~~an ~~based~~Order ~~private~~for ~~company~~Relief ~~(The “independent~~was ~~party”)~~signed by the US Bankruptcy Court in Salt Lake City, ~~that~~Utah. itThis has ~~purchased~~put the ~~Judgment~~Company into receivership at this point. There are ongoing negotiations by the third party to purchase the judgment against EuroGas presently held by the Bankruptcy Trustee in the McKenzie matter, ~~Inc~~who forced EuroGas into involuntary Bankruptcy. The plan is to purchase the judgment held by the McKenzie trustee by a friendly third party and ~~others~~then request the US Bankruptcy Court in Salt Lake City, Utah to convert the ~~original~~present ~~amount~~chapter 7 bankruptcy to a voluntary chapter 11 reorganization. . In October of ~~$113~~2005, ~~Million~~the Bankruptcy Trustee was asked to sell the Polish assets, ~~plus~~GlobeGas ~~accrued~~B.V., ~~interest~~Pol-Tex Methane, ~~thereon~~Sp. ~~The~~z.o.o., ~~Judgement~~McKenzie ~~against~~Methane ~~the~~Jastrzebie ~~Company~~Sp. etz.o.o., alto a third party. ~~was~~The ~~originally~~Trustee ~~obtained~~eventually in put the ~~South~~group ~~Texas~~of ~~Bankruptcy~~Polish ~~Court~~companies up for an auction which was held on March 28, 2006, after a certain amount of legal wrangling by some of the creditors. The assets were sold at the auction and the Bankruptcy Trustee received approximately $ 800,000 for the assets, which he distributed after costs to certain creditors of the ~~McKenzie~~company in November 2006. On or about February 20th 2007 a final report ~~estate,~~was issued by the Bankruptcy Trustee ~~Steve~~stating ~~Smith~~that the Eurogas Bankruptcy case had been formally closed by order of ~~Houston~~the Bankruptcy Judge, ~~Texas~~The honorable Judge Thurman, and that the Trustee was no longer involved in ~~2004~~the case. The ~~independent~~following ~~party~~order ~~has~~was ~~now~~issued ~~received~~by anthe ~~assignment~~Court in Salt Lake City “Upon consideration of the ~~Judgment~~foregoing ~~from~~report ~~Trustee~~and ~~Smith~~motion onfor ~~September~~discharge 24of the Trustee, ~~2007~~ ~~after~~The Court concluded that the ~~Honorable~~Trustee ~~Judge~~has ~~Brown~~completed the administration of the ~~South~~estate ~~Texas~~(of ~~Bankruptcy~~EuroGas, ~~Court~~Inc.) it is ORDERED: 1. ~~approved~~That the ~~sale~~Trustee be and is hereby discharged, and the surety on the bond are relieved of further liability in this case: 2. .That the ~~Judgment~~case be and is hereby closed.” This information was posted on ~~August~~“Pacer” ~~22,~~the ~~2007~~official bydocument organization for the US Court ~~Order.~~system The Company has recently received a revived settlement negotiation with the Bankruptcy Trustee ~~Smith~~ ~~had~~for ~~forced~~the ~~EuroGas,~~McKenzie ~~Inc~~claim in Houston Texas. ~~into~~The ~~involuntary~~Company ~~bankruptcy~~will ~~(Chapter~~report 7)to inthe shareholders of the Company as to the ~~fall~~progress of ~~2004~~these ~~and~~negotiations ~~EuroGas,~~regarding ~~Inc~~the settlement.’s ~~remaining~~On ~~assets~~August ~~were~~22, ~~sold~~2007 atthe ~~public~~Judge ~~auction~~ in ~~March~~ ~~2006~~the Bankruptcy case in ~~Salt~~Texas, ~~Lake~~The ~~City~~Honorable Judge Brown, ~~Utah.~~signed ~~The~~an ~~involuntary~~order ~~bankruptcy~~allowing sale of Judgment against EuroGas, Inc. and others. On September 24, the ~~was~~Trustee, ~~closed~~Mr. Steve Smith, of the Bankruptcy court for the Mckenzie claim in Houston Texas The Honorable Judge Brown presiding, transferred and ~~terminated~~assigned and conveyed the Judgment held by ~~Court~~him ~~Order~~to ofa friendly third party, to settle the ~~Utah~~Judgment and it was sold as per instructions of the Bankruptcy Court in ~~February~~ ~~2007.~~Texas,

~~The~~ EuroGas, ~~independent~~Inc. ~~party~~has ~~paid~~been $1notified by Texas Euro Gas Corp.6, ~~million~~a USHouston, ~~cash~~Texas tobased ~~the~~private ~~McKenzie Bankruptcy~~company ~~Trustee~~(The as“independent ~~specified~~party”), ~~and~~that ~~approved~~it byhas purchased the ~~August~~Judgment 22against EuroGas, ~~2007~~Inc. ~~Court~~and ~~Order~~others in the original amount of ~~the~~$113 ~~South~~Million, ~~Texas~~plus ~~Bankruptcy~~accrued ~~Court~~interest thereon. The ~~independent~~Judgement ~~party~~against ~~has~~the ~~committed~~Company ~~to further~~et. ~~discussion~~al. towas ~~provide~~originally ~~working~~obtained ~~capital~~in ~~and~~the ~~assets~~South ~~for~~Texas ~~EuroGas,~~Bankruptcy ~~Inc.~~Court ~~in exchange~~by ~~for~~the ~~equity~~Bankruptcy inTrustee of the ~~Company~~McKenzie estate, Trustee Steve Smith of Houston, Texas in 2004. The independent party has ~~also~~now ~~informed~~received an assignment of the ~~Company~~ ~~that~~Judgment itfrom ~~will~~Trustee ~~not~~Smith ~~seek~~on ~~legal~~September ~~redress~~24, ~~towards~~2007 after the ~~Company~~Honorable ~~and~~Judge ~~others~~Brown ~~after having~~of ~~obtained~~ the ~~Judgment~~South ~~and~~Texas isBankruptcy ~~prepared~~Court toapproved ~~negotiate~~the ~~with~~sale of the ~~Company~~Judgment ~~and others~~on toAugust ~~redeem~~22, ~~the~~2007 ~~Judgment~~by Court Order. ~~The~~Trustee ~~Company~~Smith ~~and~~had ~~the~~forced ~~independent~~EuroGas, ~~party~~Inc. ~~intend~~into ~~to enter~~involuntary ~~into~~bankruptcy a(Chapter ~~Non-Execution~~7) ~~Agreement~~in the fall of 2004 and toEuroGas, ~~combine~~Inc.’s ~~its~~remaining ~~efforts~~assets towere ~~start~~sold ~~legal proceedings~~at ~~against~~public ~~the~~auction ~~Government~~in ofMarch ~~the~~2006 ~~Slovak~~in ~~Republic~~Salt ~~and~~Lake ~~certain~~City, ~~Slovak~~Utah. The involuntary bankruptcy of ~~individuals~~EuroGas, ~~and~~Inc. ~~enterprises~~was inclosed ~~connection~~and ~~with~~terminated ~~the~~by ~~illegal~~Court ~~termination~~Order of the ~~Company’s~~ ~~mining~~Utah ~~interest~~Bankruptcy Court in ~~the~~February ~~Slovak Republic~~2007.

~~NOTE~~ 4The —independent ~~NOTES~~party ~~PAYABLE~~paid TO$1.6 ~~RELATED~~million ~~PARTIES~~US cash to the McKenzie Bankruptcy Trustee as specified and approved by the August 22, 2007 Court Order of the South Texas Bankruptcy Court. The independent party has committed to further discussion to provide working capital and assets for EuroGas, Inc. in exchange for equity in the Company. The independent party has also informed the Company that it will not seek legal redress towards the Company and others after having obtained the Judgment and is prepared to negotiate with the Company and others to redeem the Judgment. The Company and the independent party intend to enter into a final settlement and to combine its efforts to start legal proceedings against the Government of the SlovakRepublic and certain Slovak individuals and enterprises in connection with the illegal termination of the Company’s mining interest in the SlovakRepublic.

~~Notes~~ Texas ~~payable~~EuroGas toCorporation, ~~related~~a ~~parties~~Texas ~~are~~corporation, ~~considered~~was ~~current~~established ~~and consist~~in 2007 by Mr. David Sacks, a Houston solicitor, acting as Trustee on behalf of: Mr Hans D. Dietmann, a non-affiliated shareholder of the Company.

		March 31,		Dec 31,
		2009		2008
Loans from a key employee, due in 2007, with
Interest at 10%, unsecured	$	882,684	$	861,157
Interest at 10%, unsecured.		22,067		21,527
Total Notes Payable to Related Parties		904,751		882,684

The entire financing of the purchase of the Judgement by Texas EuroGas Corp. from the Bankruptcy Trustee Steve Smith, as well as all the costs involved related to the purchase of the judgement by Texas EuroGas Corporation, was entirely financed by Mr. Dietmann, who provided appr. $ 800.000 cash, and by the CEO of EuroGas Inc., Mr. Wolfgang Rauball, who provided appr. $ 1.125.000 cash.

~~EUROGAS~~Although Mr. Dietmann had indicated in writing to settle the judgement issue with the Company, ~~INC~~the Trustee for Mr. ~~NOTES~~Dietmann, TOMr ~~CONDENSED~~David ~~CONSOLIDATED~~Sacks, still ~~FINANCIAL~~has ~~STATEMENTS~~not ~~(UNAUDITED)~~transferred ownership of Texas EuroGas Corp. into Mr. Dietmann’s name, although agreed to in writing by Mr. Sacks in summer 2008. Therefore the judgement could not have been settled with EuroGas Inc. yet.

~~NOTE~~In 5order —to ~~Shareholders~~solve ~~Loan~~this problem Mr. Dietmann and Mr. Wolfgang Rauball have entered into an agreement with EuroGas Inc. and have transferred all their respective rights of ownership and their respective receivables in connection with their financing of Texas EuroGas Corporation and the purchase of the judgment from Trustee Smith, incl. accrued interest thereon, to the Company.

AIn ~~principal~~addition ~~shareholder~~to the financing of ~~EuroGas,~~the ~~has~~purchase ~~paid~~of ~~miscellaneous~~the $ 113 ~~business~~ million ~~expenses~~judgment onfrom ~~behalf~~Trustee ofSmith ~~EuroGas,~~in ~~The~~September ~~resulting~~2007 ~~payable~~by isthe ~~presented~~Company’s CEO Mr. Wolfgang Rauball and Mr. Dietmann, Trustee Smith in early 2009 had obtained a second judgement against the ~~accompanying~~Company ~~financial~~in ~~statements~~a asdifferent ~~Shareholders~~case ~~Loan~~in the amount of appr. $ ~~763,~~125.000 asand ofhad threatened to start again legal procedures to reopen ~~March~~ Bankruptcy 31proceedings under Chapter 7 against the Company. On April 30, 2009 Mr. Dietmann bought this judgement from Trustee Smith and has also assigned his receivable for this second judgement to the Company.

NOTE 6 — ~~PREFERRED~~NOTES ~~AND~~PAYABLE ~~COMMON~~TO ~~STOCK~~RELATED PARTIES

There are 260 shares of 1997 Series Preferred Stock (the “1997 Series preferred stock”). The 1997 Series preferred stock is non- voting and accrues dividends at $ 60.00 per share, or 6 % annually. The 1997 Series preferred stock has a liquidation preference of $ 1000.00 per share, plus unpaid dividends before liquidation payments applicable to common shares. The 1997 Series preferred stock, along with unpaid dividends thereon, is convertible in common shares at the rate of $ 1.000.00 divided by the lesser of 125 % of the average closing bid price for five trading days prior to issuance or 82% of the closing bid price for five trading days prior to conversion. Annual dividend requirements of the 1995 Series preferred stock are $ 15,600.

Notes payable to related parties are considered current and consist of:		September		December
		30,		31,
		2009		2008
Loans from a key employee, due in 2007, with
	$	882,684	$	861,157
Interest at 10%, unsecured.		44,134		21,527
Total Notes Payable to Related Parties		926,818		882,684

~~The~~NOTE ~~following~~7 is— aShareholders ~~summary of the preferred stock outstanding at March 31, 2009:~~Loan

			Liquidation Preference				Annual Dividend
							Requirement
	Shares
	Outstanding		Per Share		Total		Per Share		Total
Designation
1997 Series	260	$	1000.00	$	260,000	$	60,00	$	15,600
Total	260	$			260,000	$			15,600

A principal non- affiliated shareholder of EuroGas, has paid miscellaneous business expenses on behalf of EuroGas. The resulting payable is presented in the accompanying financial statements as Shareholders Loan of $ 1,753,250 as at September 30, 2009. The loan has to be repaid by June 30, 2010. On October 7, 2009 the shareholder gave notice to EuroGas Inc. to convert the entire loan into common stock of EuroGas at the average price traded on the US Pink Sheet for 90 Days prior to the conversion request.

~~Aggregate~~NOTE ~~accrued~~8— ~~dividends~~PREFERRED onAND ~~preferred~~COMMON ~~stock were $ 175,500 and $171,600 at March 31, 2009 and December 31, 2008, respectively.~~STOCK

~~EUROGAS,~~There ~~INC.~~are ~~NOTES~~260 TOshares ~~CONDENSED~~of ~~CONSOLIDATED~~1997 ~~FINANCIAL~~Series ~~STATEMENTS~~Preferred Stock (~~UNAUDITED~~the “1997 Series preferred stock”). The 1997 Series preferred stock is non- voting and accrues dividends at $ 60.00 per share, or 6 % annually. The 1997 Series preferred stock has a liquidation preference of $ 1000.00 per share, plus unpaid dividends before liquidation payments applicable to common shares. The 1997 Series preferred stock, along with unpaid dividends thereon, is convertible in common shares at the rate of $ 1.000.00 divided by the lesser of 125 % of the average closing bid price for five trading days prior to issuance or 82% of the closing bid price for five trading days prior to conversion. Annual dividend requirements of the 1995 Series preferred stock are $ 15,600.

~~NOTE~~The 7following —is ~~CONTINGENCIES~~a ~~AND~~summary ~~COMMITMENTS~~of the preferred stock outstanding at September 30, 2009:

Purchase of Rozmin – EuroGas acquired a direct 43% interest in Rozmin s.r.o. through a series of transactions from 1998 through April 2002. Rozmin s.r.o. holds a talc deposit in Eastern Slovakia. On April 17, 2001, EuroGas entered into an agreement to purchase an additional 57% interest in Rozmin s.r.o. from Belmont Resources, Inc. ("Belmont"), in exchange for EuroGas issuing 12,000,000 common shares, paying Belmont $100,000 in advance royalties, and modifying the exercise price of existing stock options.

			Liquidation Preference			Annual Dividend
						Requirement
	Shares
	Outstanding		Per Share	Total		Per Share	Total
Designation
1997 Series	260	$	1000.00 $	260,000	$	60,00 $	15,600
Total	260	$		260,000	$		15,600

~~EuroGas~~ ~~further~~Aggregate ~~agreed~~accrued todividends ~~issue~~on anpreferred ~~additional~~stock ~~1,000,000~~were ~~common shares for each~~ $~~0.05~~ ~~decrease~~183,300 inand ~~the ten-day average OTC Bulletin Board quoted trading price of the Company's common shares below~~ $~~0.30~~171,600 ~~per~~at ~~share~~September ~~through April 17~~30, ~~2002.~~2009 ~~During 2002~~and ~~EuroGas~~December ~~issued 3~~31,~~830,000~~ ~~common shares to Belmont under the stock price guarantee. In connection with the purchase by EuroGas~~2008, ~~Rozmin s~~respectively.~~r.o.~~ ~~granted an overriding royalty to Belmont of two percent of gross revenues from any talc sold.~~

~~Additionally,~~ NOTE ~~EuroGas~~9 ~~agreed~~— toCONTINGENCIES ~~issue~~AND additional common shares to Belmont if Belmont did not realize approximately $1,218,000 from the resale of the original 12,000,000 common shares by April 17, 2002, and provide notice of such deficiency to EuroGas, to compensate Belmont for the shortfall based on the ten-day average trading price on the date of the notice of shortfall from Belmont. Because Belmont has not provided notice of the sale of the shares and the resulting deficiency, EuroGas is not able to calculate the shares that may be issuable, but estimates it may be obligated to issue additional common shares to Belmont based on recent market prices for the Company’s common stock.COMMITMENTS

In Purchase ~~early~~of ~~2004~~Rozmin an– ~~independent~~EuroGas ~~third~~acquired ~~party provided~~ a $direct ~~500.000 as down-payment for an option to purchase up to 49~~43% ofinterest in Rozmin s.r.o. ~~from~~through ~~Eurogas,~~a ~~Inc..~~series ~~The~~of ~~third~~transactions ~~party,~~from ~~however,~~1998 ~~failed~~through toApril ~~pay~~2002. ~~the~~Rozmin ~~agreed-upon annual installments~~s.r.o. ~~The~~holds ~~option therefore~~a ~~has~~talc ~~lapsed~~deposit ~~and~~in ~~the~~Eastern ~~Company~~Slovakia. isOn ~~under~~April no17, ~~obligation~~2001, ~~towards~~EuroGas ~~the~~entered into ~~third~~an ~~party~~agreement ~~anymore.~~to ~~Exercising~~purchase ofan ~~this~~additional ~~option~~57% tointerest ~~purchase~~in Rozmin s.r.o. ~~stock~~from ~~would~~Belmont ~~not have been closed anyway until EuroGas~~Resources, Inc. ~~has finalized the Share Purchase Agreement dated March 27~~("Belmont"), ~~2001~~in ~~between~~exchange ~~EuroGas,~~for ~~Inc. and Belmont Resources Ltd.. To date~~ EuroGas, ~~Inc.~~issuing ~~owes approximately $1~~12,~~200~~000,000 ascommon ~~well~~shares, aspaying ~~approximately~~Belmont $~~250~~100,000 in advance royalties, inand ~~order~~modifying ~~to complete~~ the exercise ~~purchase~~price of ~~57%~~existing ofstock ~~Rozmin s~~options.~~r.o.~~

EuroGas ~~also~~further agreed to ~~arrange~~issue ~~the~~an ~~necessary~~additional ~~financing~~1,000,000 tocommon ~~place~~shares ~~the~~for ~~talc~~each ~~deposit~~$0.05 ~~into~~decrease ~~commercial~~in ~~production~~the byten-day ~~April~~average ~~17,~~OTC ~~2002~~Bulletin ~~and~~Board ~~agreed~~quoted ~~that~~trading ifprice of the ~~talc~~Company's ~~deposit~~common ~~was~~shares ~~not~~below in$0.30 ~~commercial~~per ~~production~~share bythrough ~~then~~April 17, ~~EuroGas~~2002. ~~agreed to pay Belmont additional~~During ~~advanced~~2002 ~~royalties~~EuroGas ofissued ~~$10~~3,830,000 ~~per~~common ~~month~~shares ~~for~~to ~~each~~Belmont ~~month~~under ofthe ~~delay~~stock inprice ~~achieving commercial production~~guarantee. AsIn ofconnection ~~September~~with ~~30,~~the ~~2003~~purchase by EuroGas, ~~has~~Rozmin ~~accrued~~s.r.o. ~~$175,000~~granted inan ~~advance~~overriding royalty ~~due~~ to Belmont ~~because~~of ~~the~~two ~~talc~~percent ~~deposit~~of isgross ~~not~~revenues infrom ~~commercial production~~any talc sold.

In ~~January~~Additionally, ~~2005~~EuroGas ~~the~~agreed ~~Company’s~~to ~~subsidiary~~issue ~~Rozmin~~additional ~~s.r.o.~~common ~~was~~shares ~~notified~~to ~~that~~Belmont ~~the~~if ~~concession~~Belmont ~~regarding~~did ~~the~~not ~~Talc~~realize ~~deposit~~approximately ~~had~~$1,218,000 ~~been~~from ~~cancelled~~the byresale of the ~~Slovakian~~original ~~Government~~12,000,000 ~~for~~common ~~unspecified~~shares ~~and~~by ~~dubious~~April ~~reasons.~~17, At2002, ~~this~~and ~~point~~provide ~~therefore~~notice noof ~~further~~such ~~concession~~deficiency to isEuroGas, ~~held~~to bycompensate ~~Rozmin.~~Belmont ~~This~~for ~~does~~the ~~not~~shortfall ~~nullify~~based on the ~~obligation~~ten-day toaverage ~~Belmont~~trading ~~Resources~~price ason to the ~~balance~~date of the ~~purchase~~notice ~~price~~of shortfall from Belmont. ~~The~~Because ~~Company~~Belmont has not provided notice of the sale of the shares and ~~Belmont,~~the ~~however~~resulting deficiency, ~~entered~~EuroGas is ~~into~~not anable ~~agreement~~to ~~for~~calculate ~~Belmont~~the ~~not~~shares that may be issuable, but estimates it may be obligated to ~~pursue~~issue ~~legal~~additional ~~proceedings~~common ~~against~~shares ~~the~~to ~~Company~~Belmont asbased ~~long as~~on recent market prices for the ~~situation~~Company’s incommon stock.

~~EUROGAS~~ In early 2004 an independent third party provided a $ 500.000 as down-payment for an option to purchase up to 49% of Rozmin s.r.o. from Eurogas, ~~INC~~Inc.. ~~NOTES~~The TOthird ~~CONDENSED~~party, ~~CONSOLIDATED~~however, ~~FINANCIAL~~failed ~~STATEMENTS~~to ~~(UNAUDITED)~~pay the agreed-upon annual installments. The option therefore has lapsed and the Company is under no obligation towards the third party anymore. Exercising of this option to purchase Rozmin s.r.o. stock would not have been closed anyway until EuroGas, Inc. has finalized the Share Purchase Agreement dated March 27, 2001 between EuroGas, Inc. and Belmont Resources Ltd.. To date EuroGas, Inc. owes approximately $1,200,000 as well as approximately $250,000 in advance royalties in order to complete the purchase of 57% of Rozmin s.r.o.

~~respect~~ EuroGas also agreed to ~~Rozmin~~arrange ~~has~~the necessary financing to place the talc deposit into commercial production by April 17, 2002 and agreed that if the talc deposit was not ~~been~~in ~~cleared~~commercial production by then, EuroGas agreed to pay Belmont additional advanced royalties of $10,000 per month for each month of delay in achieving commercial production.

~~Litigation~~ –In ~~The~~January ~~principal~~2005 ~~portion of~~ the Company’s ~~active~~subsidiary ~~litigation~~Rozmin ~~involves~~s.r.o. ~~matters~~was ~~relating~~notified tothat the ~~Company’s~~concession ~~acquisition~~regarding ofthe ~~GlobeGas~~Talc ~~(which~~deposit ~~indirectly~~had ~~controlled~~been cancelled by the ~~Pol-Tex~~Slovakian ~~Concession~~Government infor ~~Poland)~~unspecified and isdubious ~~described~~reasons. inAt this point therefore no further concession ~~Note~~is 3held by Rozmin. This does not nullify the obligation to Belmont Resources as to the balance of the purchase price. The Company and Belmont, however, entered into an agreement for Belmont not to pursue legal proceedings against the Company as long as the situation in respect to Rozmin has not been cleared.

~~Netherlands~~In ~~Tax~~July ~~Liability~~2009 –Belmont ~~EuroGas'~~was ~~subsidiary,~~informed ~~GlobeGas~~by BVRozmin, ~~lost~~that ~~its~~Belmont ~~appeal~~has ~~for~~not afulfilled ~~reduction of a 1992 income tax liability in~~ the ~~Netherlands~~purchase ~~with~~contract arequirement ~~carrying~~to ~~amount~~deposit ~~of $929,680 at June 30, 2006. The tax arose from~~ the ~~sale of~~Rozmin ~~equipment~~shares atwith ~~a profit by~~ the ~~former~~Rozmin ~~owner of GlobeGas to its Polish subsidiary~~Trustee. ~~The liability is reflected in~~ EuroGas' ~~financial~~Inc. ~~statements;~~has ~~however,~~to ~~GlobeGas~~take ~~does~~legal ~~not~~actions ~~have~~against ~~the~~Belmont ~~ability~~ to ~~pay~~secure the ~~assessed~~deposit ~~obligation and as a result may face forced liquidation and dissolution by the Netherlands tax authority. In August~~ of ~~2005 GlobeGas, BV was stricken from~~ the ~~Registry in the Netherlands, this has put the GlobeGas issue to rest~~ shares.

~~NOTE~~ Netherlands 8Tax Liability – ~~Other~~EuroGas' ~~information~~ former subsidiary,

On GlobeGas ~~August~~BV ~~27,~~lost ~~2008~~its ~~EuroGas,~~appeal ~~Inc.~~for ~~issued~~a 20reduction ~~Million~~of ~~restricted~~a ~~common~~1992 ~~shares~~income totax ~~Hans~~liability D.in ~~Dietmann under~~ the ~~agreement~~Netherlands towith ~~acquire~~ a ~~30%~~carrying ~~interest~~amount inof ~~McCallan~~$929,680 ~~Oil~~at &June ~~Gas (U.K.) Ltd. (McCallan)~~30, ~~a closely held U~~2006.K. ~~oil~~The ~~and~~tax ~~gas~~arose ~~concern,~~ from ~~Mr.~~the ~~Hans~~sale ~~D. Dietmann,~~of ~~McCallan's~~equipment ~~controlling~~at ~~shareholder~~a ~~and~~profit ~~Managing~~by ~~Director,~~the ~~and~~former ~~has~~owner ~~secured~~of anGlobeGas ~~option~~ to ~~purchase~~its Polish ~~an additional 25% interest in McCallan from Mr~~subsidiary. ~~Dietmann.~~The ~~Combined~~liability ~~with~~is ~~the~~reflected ~~agreement to purchase a 45% interest~~ in ~~McCallan~~EuroGas' ~~from~~financial ~~Regent Ventures~~statements; ~~Ltd.~~however, ~~EuroGas~~GlobeGas ~~will~~does ~~own~~not ~~100%~~have ofthe ~~McCallan~~ability ~~once~~to pay the ~~acquisitions~~assessed ofobligation ~~the~~and ~~45%~~as ~~shareholding~~a inresult ~~McCallan~~may ~~from~~face ~~Regent~~forced ~~Ventures~~liquidation ~~Ltd.~~ and ~~the~~dissolution ~~option~~by ~~to purchase~~ the ~~remaining~~Netherlands ~~25%~~tax ~~interest in McCallan from Mr~~authority. In ~~Dietmann~~August ~~are~~of ~~finalized.~~2005 ~~McCallan's~~GlobeGas, ~~main assets~~BV ~~are~~was ~~its~~stricken ~~wholly-owned~~from ~~subsidiaries~~the ~~EuroGas~~Registry ~~Polska~~in ~~sp.zo.o~~the ~~("EuroGas Polska")~~Netherlands, athis ~~Polish~~has ~~company,~~put ~~and~~the ~~EuroGas~~GlobeGas ~~GmbH~~issue ~~("EuroGas~~to ~~Austria")~~rest. ~~(See 8-K issued on May 29,2008)~~

~~EuroGas~~ NOTE ~~Polska:~~10 – Other information

~~EuroGas~~ ~~Polska~~On ~~owns~~April a9, ~~24%~~2009 ~~interest~~EuroGas, inInc. aissued ~~large~~2 ~~Joint~~Million ~~Operating~~restricted ~~Agreement~~common ~~(JOA)~~shares ~~operated~~to byRegent ~~Poland's~~Ventures ~~national~~Ltd. ~~oil~~for &a ~~gas~~prolongation ~~concern~~of ~~Polish~~the ~~Oil~~payment &of ~~Gas~~the ~~("PGNiG"),~~purchase ~~which~~price ~~itself~~for ~~owns~~the 5145 % shareholding in ~~the~~Mc ~~JOA.~~Callan ~~The~~OIL ~~balance~~& ofGAS (UK) Ltd. till December 31,2009.

~~EUROGAS~~ On June 16, ~~INC~~2009 Eurogas Inc. ~~NOTES~~issued TO17 ~~CONDENSED~~Million ~~CONSOLIDATED~~restricted ~~FINANCIAL~~common ~~STATEMENTS~~shares ~~(UNAUDITED)~~to Rio Plata Inc. and others in connection with the purchase of the Rio Plata/ Tombstone properties. EuroGas, Inc is acquiring a 100 % working interest in 56 mining claims known as the Tombstone Sandwich Property. In addition EuroGas, Inc has entered into an agreement to purchase a strategically important parcel of mining claims comprising appr. 485 acres collectively known as the TEI Open Pit Mine.

~~25%~~ isOn ~~held~~August by27, ~~Aurelian~~2008 EuroGas, Inc. issued 20 Million restricted common shares to Hans D. Dietmann under the agreement to acquire a 30% interest in McCallan Oil & Gas ~~Plc~~(U.K.) Ltd. (McCallan), a closely held U.K. ~~public~~oil ~~company~~and ~~listed~~gas onconcern, ~~the~~from ~~London~~Mr. ~~Stock~~Hans ~~Exchange~~D. Dietmann, ~~The~~McCallan's ~~JOA~~controlling ~~comprises~~shareholder ~~approximately~~and 3Managing Director,~~200~~ ~~square~~and ~~kilometers~~has ~~with~~secured 10an ~~oil~~option ~~and~~to ~~gas~~purchase ~~concessions~~an additional 25% interest in McCallan from Mr. Dietmann. Combined with the ~~Polish~~agreement ~~Carpathian~~to ~~Mountains~~purchase a 45% interest in McCallan from Regent Ventures Ltd., ~~The~~EuroGas ~~PGNiG~~will ~~and~~own 100% of McCallan once the ~~Polish~~ ~~Ministry~~acquisitions of ~~Environment~~the 45% shareholding in McCallan from Regent Ventures Ltd. and ~~Natural~~the ~~Resources~~option ~~have~~to ~~publicly~~purchase ~~stated~~the remaining 25% interest in ~~the~~McCallan ~~Annual~~from ~~Reports~~Mr. onDietmann ~~Poland~~are finalized. McCallan's ~~hydrocarbon~~main assets ~~reserves~~are ~~the~~its ~~existence~~wholly-owned ofsubsidiaries aEuroGas ~~potential~~Polska ~~300~~sp.~~000~~zo.~~000~~o ~~BOE~~ (~~Barrels~~"EuroGas ~~of Oil Equivalent~~Polska"), ~~reserve~~a inPolish ~~the~~company, ~~southern~~and ~~portion~~EuroGas ofGmbH ~~the concession~~("EuroGas ~~area~~Austria").

~~RWE-DEA,~~EuroGas aPolska: subsidiary of Germany's utility giant RWE, confirmed in its Annual Report 2007 an oil discovery on a small concession at the northwestern flank of the JOA's Carpathian concession area while PGNiG has recently made a large 2.4 TCF natural gas discovery at the northeastern flank of the concession area of the JOA next to the Ukrainian border where several smaller producing fields exist at shallow depth. Recently, PGNiG gave notice to the JOA interest holders to commence a large scale seismic program in the central and northeastern portion of the concession area of the JOA and has suggested to drill two deep wells in that portion of the concession area.

EuroGas ~~Austria~~Polska owns a 24% interest in a large Joint Operating Agreement (JOA) operated by Poland's national oil & gas concern Polish Oil & Gas ("PGNiG"), which itself owns 51% in the JOA. The balance of 25% is held by Aurelian Oil & Gas Plc, a U.K. public company listed on the London Stock Exchange. The JOA comprises approximately 3,200 square kilometers with 10 oil and gas concessions in the Polish Carpathian Mountains. The PGNiG and the Polish Ministry of Environment and Natural Resources have publicly stated in the Annual Reports on Poland's hydrocarbon reserves the existence of a potential 300.000.000 BOE (Barrels of Oil Equivalent) reserve in the southern portion of the concession area.

EuroGas Austria owns a 33% shareholding in Rozmin s.r.o. (Rozmin), a Slovakian mining company. Together with the Company’s 57% shareholding in Rozmin, which was bought by the Company from Belmont Resources Ltd. on March 27, 2001 (see details of the Belmont transaction in Note 7), EuroGas GmbH and the Company together will own an undivided 90% shareholding interest in Rozmin s.r.o. subject to a final payment by the Company to Belmont. Rozmin plans to place the huge Germerska Poloma talc (soapstone) deposit into production after the Supreme Court of the Slovak Republic in a non-appealable landmark decision, published on April 26, 2008, has ruled that the cancellation of Rozmin’s mining concession at Gemerska Poloma in January 2005 by the Ministry of Economy’s Mining Office at Spisska Nova Ves was considered a severe violation of Rozmin’s civil and constitutional rights under the laws of the Slovak Republic. Ownership of the Gemerska Poloma concession was taken away illegally from Rozmin by the Ministry of Economy’s Mining Office at Spisska Nova Ves in January 2005 and was subsequently transferred by the Ministry of Economy’s Mining Office at Spisska Nova Ves and the Supreme Mining Office at Banska Stiavna in a dubious and - in the opinion of the Company – corrupt transaction – to a small Slovak accounting service company owned and controlled by Peter Corej and his wife. See further details about Peter Corej et al and his involvement in this matter in the Company’s 10K per December 31, 2007.

~~Gemerska~~ ~~Poloma~~EuroGas isAustria ~~one~~owns ofa ~~the~~33% ~~largest~~shareholding ~~and~~in ~~purest~~Rozmin ~~talc~~s.r.o. ~~ore~~(Rozmin), ~~bodies~~a ofSlovakian ~~the~~mining ~~world~~company. Together with ~~150~~the Company’s 57% shareholding in Rozmin,~~000,000~~ ~~estimated~~which ~~tons~~was ofbought ~~carbonate~~by ~~reserve.~~the Company from Belmont Resources Ltd. on March 27, a2001 ~~Canadian~~(see ~~public~~details ~~mining~~of the ~~company~~Belmont transaction in Note 7), isEuroGas ~~currently~~GmbH ~~still~~and the ~~registered~~Company ~~owner~~together ofwill 57own an undivided 90% ofshareholding interest in Rozmin~~, but~~ ~~under~~s.r.o. subject to a final payment by the ~~terms~~Company ~~and~~to ~~conditions~~Belmont. ofRozmin plans to place the ~~March~~huge ~~21,~~Germerska ~~2001~~Poloma ~~Purchase~~talc (soapstone) ~~and~~deposit ~~Sales~~into ~~Agreement~~production ~~between~~after the ~~Company~~Supreme ~~and~~Court ~~Belmont~~of ~~this~~the ~~57%~~Slovak ~~interest~~Republic ~~has~~in toa benon-appealable ~~transferred~~landmark bydecision, ~~Belmont~~published ~~into~~on April 26, 2008, has ruled that the ~~Company~~cancellation of Rozmin’s ~~name~~mining ~~once~~concession ~~the~~at ~~final~~Gemerska ~~payment~~Poloma in January 2005 by the ~~amount~~Ministry of ~~appr. $1,000,000~~Economy’s Mining Office at Spisska Nova Ves was considered a severe violation of Rozmin’s civil and constitutional rights under the ~~terms~~laws of the ~~agreement~~Slovak ~~has~~Republic. ~~been~~Ownership ~~made~~of the Gemerska Poloma concession was taken away illegally from Rozmin by the ~~Company.~~Ministry ~~The~~of ~~remaining~~Economy’s ~~10%~~Mining ~~interest~~Office at Spisska Nova Ves in ~~Rozmin~~January is2005 ~~owned~~and was subsequently transferred by the ~~owner~~Ministry of aEconomy’s ~~Berlin~~Mining ~~based~~Office ~~German~~at ~~coal~~Spisska Nova Ves and the Supreme Mining Office at Banska Stiavna in a dubious and -~~trading~~ in the opinion of the Company – corrupt transaction – to a small Slovak accounting service company owned and controlled by Peter Corej and his wife. See further details about Peter Corej et al and his involvement in this matter in the Company’s 10K per December 31, 2007.

~~The~~ ~~Company~~Gemerska ~~and~~Poloma ~~EuroGas~~is ~~GmbH~~one ~~have~~of ~~suffered~~the ~~huge~~largest ~~financial~~and ~~losses,~~purest ~~incl.~~talc ore bodies of the $world ~~113.~~with 150,000.,000 ~~Default~~estimated ~~Judgement~~tons ~~which~~of ~~was~~carbonate ~~awarded~~reserve. ~~against~~Belmont ~~the~~Resources ~~company~~Ltd., bya ~~the~~Canadian ~~Bankruptcy~~public ~~Court~~mining ~~in Houston~~company, ~~due~~is tocurrently still the ~~illegal~~registered ~~and~~owner –of in57% ~~the opinion~~ of ~~the Company~~Rozmin, ~~Rozmin~~but ~~and~~under ~~EuroGas~~the ~~GmbH~~terms –and ~~corrupt~~conditions ~~circumstances~~ of the ~~illegal~~March ~~cancellation~~21, of2001 ~~Rozmin’s~~Purchase ~~valid~~and ~~mining~~Sales ~~concession~~Agreement atbetween ~~Gemerska~~the ~~Poloma.~~Company Inand ~~its~~Belmont ~~non-appealable~~this ~~April~~57% ~~26,~~interest ~~2008~~has ~~unanimous~~to ~~landmark~~be ~~Decision~~transferred ~~the~~by ~~Supreme~~Belmont ~~Court~~into of the ~~Slovak Republic has found the Ministry of Economy~~Company’s ~~Mining~~name ~~Office~~once ~~Unit~~the atfinal ~~Spisska~~payment ~~Nova~~in ~~Ves~~the asamount ~~Defendant guilty~~ of ~~having~~appr. $1,000,000 ~~severely violated the Plaintiff Rozmin’s civil and constitutional rights~~ under the ~~law~~terms of the ~~Slovak~~agreement ~~Republic~~has ~~and~~been ~~have~~made ~~instructed~~by the ~~Defendant~~ ~~to remedy the concession matter forthwith~~Company. The ~~Company,~~remaining ~~EuroGas~~10% ~~GmbH~~interest ~~and~~in Rozmin ~~have~~is ~~separately~~owned ~~informed~~by the ~~European~~owner ~~Commission~~of ata ~~Brussels,~~Berlin ~~Belgium~~based ~~about~~German ~~the final non~~coal-~~appealable~~trading ~~outcome~~company. ~~of the litigation, as the Slovak Republic is a full~~

~~EUROGAS~~ The Company and EuroGas GmbH have suffered huge financial losses, ~~INC~~incl. ~~NOTES~~the TO$ ~~CONDENSED~~113.000.000 ~~CONSOLIDATED~~Default ~~FINANCIAL~~Judgement ~~STATEMENTS~~which ~~(UNAUDITED)~~was awarded against the company by the Bankruptcy Court in Houston, due to the illegal and – in the opinion of the Company, Rozmin and EuroGas GmbH – corrupt circumstances of the illegal cancellation of Rozmin’s valid mining concession at Gemerska Poloma. In its non-appealable April 26, 2008 unanimous landmark Decision the Supreme Court of the Slovak Republic has found the Ministry of Economy’s Mining Office Unit at Spisska Nova Ves as Defendant guilty of having severely violated the Plaintiff Rozmin’s civil and constitutional rights under the law of the Slovak Republic and have instructed the Defendant to remedy the concession matter forthwith. The Company, EuroGas GmbH and Rozmin have separately informed the European Commission at Brussels, Belgium about the final non-appealable outcome of the litigation, as the Slovak Republic is a full Member of the European Union, which just introduced on Jan.1, 2009 the EU’s common currency, the Euro, as its own currency, and which has to fully abide by the law and the constitution of the European Commission. In addition the company, EuroGas GmbH and Rozmin have demanded the immediate full reinstation of Rozmin’s concession rights from the Minister of Economy of the the Slovak Republic.

~~Member~~After receipt of the ~~European~~non-appealable ~~Union,~~final ~~which~~Decision ~~just~~by ~~introduced~~the onSupreme ~~Jan.1,~~Court ~~2009~~of the ~~EU’s~~Slovak ~~common currency~~Republic, the ~~Euro,~~Company asand ~~its~~EuroGas ~~own~~GmbH ~~currency,~~have instructed its US and ~~which~~European ~~has~~solicitors to ~~fully~~initiate ~~abide~~civil byand ~~the~~criminal ~~law~~legal procedures seeking damage from all parties and individuals involved in the ~~constitution~~illegal cancellation scheme of ~~the~~Rozmin’s ~~European~~mining ~~Commission~~concession at Gemerska Poloma. InOn ~~addition~~March 3, 2009 the ~~company, EuroGas~~Company’s ~~GmbH~~Slovak ~~and~~mining subsidiary Rozmin ~~have~~commenced ~~demanded~~a ~~the~~lawsuit ~~immediate~~against ~~full~~the ~~reinstation~~SlovakRepublic’s Ministry of Economic’s Mining Office at Spisska Nova Ves with the aim to reinstate Rozmin’s mining concession ~~rights~~at ~~from~~Germerska ~~the~~Poloma ~~Minister~~and ofis ~~Economy~~currently ofawaiting the decision of the ~~Slovak~~Court ~~Republic~~in Kosice, SlovakRepublic.

~~After~~In ~~receipt~~addition ofto the ~~non-appealable~~legal ~~final~~remedies ~~Decision~~described byabove the ~~Supreme~~Company, ~~Court~~EuroGas ofGmbH ~~the~~and ~~Slovak~~Rozmin ~~Republic,~~have ~~the~~also ~~Company~~submitted ~~and~~to ~~EuroGas~~the ~~GmbH~~General ~~have~~Attorney`s ~~instructed~~Office ~~its~~of USthe ~~and~~Slovak ~~European~~Republic ~~solicitors~~as well as to ~~initiate~~the ~~civil~~Tax Authorities and ~~criminal~~the ~~legal~~Anti-Corruption ~~procedures~~Police ~~seeking~~Force ~~damage~~of ~~from all~~the ~~parties~~ SlovakRepublic ~~and~~relevant ~~individuals~~information ~~involved~~of in the ~~illegal~~matter ~~cancellation~~and ~~scheme~~have ofrequested ~~Rozmin’s~~an ~~mining~~investigation ~~concession~~into atthe ~~Gemerska~~illegal ~~Poloma.~~– Onand ~~March~~in 3,the ~~2009~~opinion of the Company’s, ~~Slovak~~EuroGas ~~mining~~GmbH ~~subsidiary~~and Rozmin ~~commenced~~– acorrupt ~~lawsuit~~practices ~~against~~by ~~the~~ Slovak ~~Republic’s~~government officials. The European Commission ~~Ministry~~in ofBrussels ~~Economic’s~~and ~~Mining~~the ~~Office~~Anti-Corruption atPolice ~~Spisska~~force ~~Nova~~have ~~Ves~~both ~~with~~advised the ~~aim~~Company toand ~~reinstate~~EuroGas ~~Rozmin’s~~GmbH ~~mining~~independently ~~concession~~that atthe ~~Germerska~~relevant ~~Poloma~~informations ~~and~~have isbeen ~~currently~~forwarded ~~awaiting~~by ~~the~~them ~~decision~~to oftheir ~~the~~own ~~Court~~investigative inagencies ~~Kosice,~~for ~~Slovak~~an ~~Republic~~independent investigation.

InAcquisition ~~addition~~Terms ~~to the legal remedies described above the Company, EuroGas GmbH and Rozmin have also submitted to the General Attorney`s Office~~ of ~~the~~McCallan ~~Slovak~~Oil ~~Republic~~& asGas ~~well~~(UK) as to the Tax Authorities and the Anti-Corruption Police Force of the Slovak Republic relevant information of the matter and have requested an investigation into the illegal – and in the opinion of the Company, EuroGas GmbH and Rozmin – corrupt practices by Slovak government officialsLtd. ~~The~~shares: European Commission in Brussels and the Anti-Corruption Police force have both advised the Company and EuroGas GmbH independently that the relevant informations have been forwarded by them to their own investigative agencies for an independent investigation.

~~Acquisition~~EuroGas ~~Terms~~has ofpurchased ~~McCallan~~Mr. ~~Oil~~Dietmann's &30% ~~Gas~~interest by issuing 20.000.000 restricted EuroGas, Inc. common shares, as well as 1.000.000 non-voting and non interest bearing Series 2008 Preferred Shares with certain Net Profit Interest (UK"NPI") ~~Ltd~~rights attached to it. As part of the transaction, Mr. Dietmann agreed to a lock-up agreement which prohibits him from selling or transferring these shares: for a period of three years without EuroGas' consent.

~~EuroGas~~In ~~has~~addition, ~~purchased Mr. Dietmann's 30% interest by issuing 20.000.000 restricted~~ EuroGas, ~~Inc.~~has ~~common~~the ~~shares,~~right asto ~~well~~force asconversion ~~1.000.000~~of ~~non-voting~~the ~~and non interest bearing Series 2008~~ Preferred Shares with ~~certain~~the ~~Net Profit Interest ("~~NPI"), ~~rights attached~~together towith itMr. AsDietmann's ~~part~~remaining of25% ~~the~~shareholding ~~transaction,~~interest ~~Mr.~~in ~~Dietmann~~McCallan, ~~agreed~~once tothe ashare ~~lock-up~~price ~~agreement~~of ~~which~~the ~~prohibits~~company ~~him~~has ~~from~~traded ~~selling~~at or$2.50 ~~transferring~~per ~~these~~share ~~shares~~ for a period of ~~three~~20 ~~years~~consecutive ~~without EuroGas' consent~~days.

InIf ~~addition,~~ EuroGas ~~has~~common ~~the~~stock ~~right~~closes toat ~~force~~$2.50 ~~conversion~~per ofshare ~~the~~for ~~Preferred~~20 ~~Shares~~consecutive ~~with~~trading ~~the~~days ~~NPI,~~in ~~together~~2009 ~~with~~or ~~Mr.~~until ~~Dietmann's~~May ~~remaining 25% shareholding interest in McCallan~~31, ~~once~~2011 ~~the~~EuroGas ~~share~~will ~~price~~issue of15.000.000 ~~the~~restricted ~~company~~common ~~has~~shares ~~traded~~to ~~at $2~~Mr.50 ~~per~~Dietmann ~~share~~ for ~~a period~~his ofremaining 20stake ~~consecutive~~in ~~days~~McCallan. IfIn ~~EuroGas~~the event that EuroGas common stock ~~closes~~doesn't close at ~~or above~~ $2.50 ~~per share~~ for 20twenty consecutive trading days ~~prior~~from tonow ~~year~~until ~~end~~May ~~2008~~31, ~~EuroGas~~2011, ~~can force~~ Mr. Dietmann will be allowed to ~~exchange~~retain his ~~remaining~~ 25% ~~interest~~stake in McCallan ~~and~~along ~~the Preferred Shares~~ with the ~~NPI~~Preferred ~~for~~Stock aand ~~total~~associated ~~of 25,000,000 restricted common EuroGas shares~~NPI.

If Any ~~EuroGas common~~ stock ~~closes~~issued atto $2Mr.50 ~~per~~Dietmann ~~share~~ for 20his ~~consecutive~~remaining ~~trading~~25% ~~days~~interest in ~~2009~~McCallan orand ~~until~~the ~~May~~Preferred ~~31,~~Shares ~~2011 EuroGas~~ will ~~issue~~be ~~15.000.000~~subject ~~restricted~~to ~~common~~a ~~shares~~three toyear ~~Mr.~~lock-up ~~Dietmann~~agreement ~~for~~which ~~his~~prohibits ~~remaining~~the ~~stake~~sale inor ~~McCallan.~~transfer Inof ~~the~~these ~~event~~shares ~~that~~without EuroGas ~~common stock doesn~~'t ~~close at $2~~consent.50 ~~for~~Any ~~twenty~~stock ~~consecutive~~issued pursuant ~~trading~~to ~~days~~the ~~from~~Agreement ~~now~~with ~~until May 31, 2011,~~ Mr. Dietmann ~~will~~is beheld ~~allowed~~by toan ~~retain~~escrow ~~his~~agent ~~25%~~suitable ~~stake~~to inEuroGas ~~McCallan along with the Preferred Stock~~ and ~~associated~~Mr. ~~NPI~~Dietmann.

~~Any~~Item ~~stock issued to Mr~~2. ~~Dietmann~~Management's ~~for~~Discussion ~~his remaining 25% interest in McCallan~~ and ~~the~~Analysis ~~Preferred Shares will be subject to a three year lock-up agreement which prohibits the sale or transfer~~ of ~~these~~Financial ~~shares~~Condition ~~without EuroGas' consent. Any stock issued pursuant to the Agreement with Mr. Dietmann is held by an escrow agent suitable to EuroGas~~ and ~~Mr.~~Results ~~Dietmann.~~of Operations

~~Item~~General 2– The Company is primarily engaged in the acquisition of rights to explore for and exploit natural gas, coal bed methane gas, crude oil, talc and other minerals. ~~Management's~~The ~~Discussion~~Company has acquired interests in several large exploration concessions and ~~Analysis~~is in various stages of ~~Financial~~identifying industry ~~Condition~~partners, farming out exploration rights, undertaking exploration drilling, and ~~Results~~seeking ofto ~~Operations~~develop production. The Company is also involved in a planning-stage co-generation and mineral reclamation project. Unless otherwise indicated, all dollar amounts in this Form 10-Q are reflected in United States dollars.

~~General~~When –used ~~The~~herein, ~~Company~~the isterms ~~primarily engaged in~~ the ~~acquisition~~ of"Company," ~~rights to explore for~~ and ~~exploit natural gas~~"EuroGas, ~~coal bed methane~~" ~~gas,~~ include ~~crude oil~~EuroGas, ~~talc and other minerals~~Inc. ~~The Company has acquired interests in several large exploration concessions~~ and isits inwholly ~~various~~owned ~~stages of identifying industry partners, farming out exploration rights, undertaking exploration drilling, and seeking to develop production~~subsidiaries. ~~The Company is also involved in a planning-stage co-generation and mineral reclamation project. Unless otherwise indicated, all dollar amounts in this Form 10-Q are reflected in United States dollars.~~

~~When~~Results ~~used~~of ~~herein,~~Operations ~~the~~– ~~terms~~The ~~the~~following ~~"Company,"~~table sets forth consolidated income statement data and ~~"EuroGas," include~~other ~~EuroGas,~~selected ~~Inc.~~operating data for the three and ~~its~~nine-months ~~wholly~~periods ~~owned~~ended ~~subsidiaries~~September 30, 2009 and 2008, respectively.

Results of Operations – The following table sets forth consolidated income statement data and other selected operating data for the three-months periods ended March 31, 2009 and 2008, respectively.

		September 30,						September 30,
		2009			2008			2009			2008
Oil and Gas Sales	$	-		$	-		$	-		$	-

Costs and Operating Expenses
Depreciation		71			71			213			213


General and administrative		354,765			524,845			877,053			1,405,508

Total Costs and Operating Expenses		(354,836	)		(524,916	)		(877,266	)		(1,405,721	)

Other Income (Expenses)
Interest expense		(23,154	)		(21,004	)		(87,038	)		(66,962	)
gain from reduction of accrued		-			7,766,517			-			7,428,282
liabilities/settlement obligations

Unrealized Gain on sale of securities		(16,764	)		(1,022,604	)		305,995			456,819


Net Other Income (Expenses)		(39,918	)		(1,043,608	)		218,957			7,818,139


Profit/Loss Before Accounting Change		(394,754	)		( 1,568,524	)		(658,309	)		6,412,418


Preferred Dividends		(3,900	)		(3,900	)		(11,700	)		(11,700	)

Profit/Loss Applicable to Common Shares	$	(398,654	)	$	(1,572,424	)	$	(670,009)		$	6,400,718

Basic and Diluted Loss Per Common Share
Net Profit / Loss	$	(0,001	)	$	(0,005	)	$	(0.002	)	$	0.021

		March 31,						March 31,
		2009			2008			2009			2008
Oil and Gas Sales	$	-		$	-		$	-		$	-
Costs and Operating Expenses
Depreciation		71			71			71			71
General and administrative		254,892			245,796			254,892			245,796
Total Costs and Operating Expenses		(254,963	)		(245,867	)		(254,963	)		(245,867	)
Other Income (Expenses)
Interest expense		(22,067	)		(25,648	)		(22,067	)		(25,648	)
gain from reduction of accrued		-			7,766,517			-			7,766,517
liabilities/settlement obligations
Unrealized Gain on sale of securities		41,123			293,370			41,123			293,370
Net Other Income (Expenses)		19,056			8,034,140			19,056			8,034,140
Profit/Loss Before Accounting Change		(235,907	)		7,788,273			(235,907	)		7.788,273
Cumulative Effect of Accounting Change		-			-			-			-
Net Profit/ Loss	$	(235,907	)		7,788,273			(235,907	)		7,788,273
Preferred Dividends		(3,900	)		(3,900	)		(3,900	)		(3,900	)
Profit/Loss Applicable to Common Shares	$	(239,807	)	$	7,784,373		$	(239,807	)	$	/,784,373
Basic and Diluted Loss Per Common Share
Net Profit / Loss	$	(0,0008	)	$	0,035		$	(0.0008	)	$	0.035

Three months ended September 30, 2009 compared with three months ended September 30, 2008

Revenues The Company had ~~Three~~ no oil and gas sales for the three months ended ~~March~~September 3130, 2009 ~~compared~~and ~~with~~for the three months ended ~~March~~September 3130, 2008 .

Operating Expenses ~~Revenues~~ Operating ~~The~~expenses ~~Company~~primarily ~~had~~include nogeneral ~~oil~~and administrative expenses, depreciation, impairment of mineral interests and ~~gas~~equipment ~~sales~~and litigation settlement expense. General and administrative expenses were $ 354,765 for the three months ended ~~March~~September 3130, 2009 ~~and~~compared to $ 877,053 for the three months ended ~~March~~September 3130, 2008. Depreciation expense was $71 for the three months ended September 30, 2009 compared to $71 for the three months ended September 30, 2008

~~Operating~~ Other ~~Expenses~~Income ~~Operating expenses primarily include general~~ and ~~administrative~~Expense Interest ~~expenses, depreciation, impairment of mineral interests and equipment and litigation settlement~~ expense. ~~General~~was ~~and administrative expenses were~~ $ ~~254~~23,~~892~~154 for the three months ended ~~March~~September 3130, 2009 compared to $ ~~245~~21,~~796~~004 ~~for~~during the three months ended ~~March~~September 3130, 2008. ~~Depreciation expense was $71 for the three months ended March 31, 2009 compared to $71 for the three months ended March 31, 2008~~

Income Taxes Historically, ~~Other~~ the ~~Income~~Company ~~and~~has ~~Expense~~not ~~Interest~~been ~~expense~~required ~~was~~to $pay ~~22,067~~income ~~for~~taxes due to the ~~three~~Company's absence ~~months~~of ~~ended~~net ~~March~~profits. 31For future years, ~~2009~~the ~~compared~~Company anticipates that it will be able to utilize operating loss carry forwards in the United States of America of approximately $18,350,000 25as of September 30,~~648~~ ~~during~~2009 to offset profits, if and when achieved, resulting in a reduction in income taxes payable. However, to the extent ~~three~~accumulated ~~months~~deficits ~~ended~~have ~~March~~not 31been incurred in countries where income is earned, ~~2008~~such offsets will not be available.

~~Income~~ Net ~~Taxes~~Profit/ ~~Historically,~~Loss ~~the~~ The Company ~~has~~incurred ~~not~~a ~~been required to pay income taxes due to the Company's absence of~~ net ~~profits. For future years, the Company anticipates that it will be able to utilize operating~~ loss ~~carry forwards in the United States~~ of ~~America of approximately~~ ($18394,~~350,000~~754) asfor ofthe ~~March~~three ~~31,~~months ~~2009~~ended ~~to offset profits~~September 30, if2009 ~~and~~compared ~~when~~to ~~achieved, resulting in~~ a ~~reduction~~net inloss ~~income~~of ~~taxes payable. However~~(1,568,524) tofor the ~~extent~~three ~~accumulated~~months ~~deficits have not~~ended ~~been~~ September ~~incurred in countries where income is earned~~30, ~~such offsets will not be available~~2008.

Due to the fluctuating economies ~~Net~~ of ~~Profit/~~the ~~Loss~~Eastern ~~The~~European countries in which the Company ~~incurred~~operates, athe ~~net~~Company is subject to fluctuations in currency exchange rates that can result in the recognition of significant gains or losses during any period. The Company recognized a loss of ($~~239,807)~~0 ~~for~~in the three months ended ~~March~~September 3130, 2009 compared to a ~~net~~loss ~~profit~~ of ~~7,788,273~~$0 ~~for~~in the three months ended ~~March~~September 3130, 2008 as a result of exchange rate changes and currency transactions during these periods. The Company does not currently employ any hedging techniques to protect against the risk of currency fluctuations.

~~Due~~Nine to the fluctuating economies of the Eastern European countries in which the Company operates, the Company is subject to fluctuations in currency exchange rates that can result in the recognition of significant gains or losses during any period. The Company recognized a loss of $0 in the three months ended ~~March~~September 3130, 2009 compared towith ~~a loss of $0 in the three~~ Nine months ended ~~March~~September 3130, 2008 ~~as a result of exchange rate changes and currency transactions during these periods. The Company does not currently employ any hedging techniques to protect against the risk of currency fluctuations.~~

Revenues The Company had ~~Three~~ no oil and gas sales for the nine months ended ~~March~~September 3130, 2009 ~~compared~~and ~~with~~for ~~Three~~the nine months ended ~~March~~September 3130, 2008

~~Revenues~~ Operating ~~The~~Expenses ~~Company~~Operating expenses ~~had~~primarily noinclude ~~oil~~general and ~~gas~~administrative ~~sales~~expenses, ~~for~~depreciation, impairment ~~the~~of ~~three~~mineral ~~months~~interests ~~ended~~and ~~March~~equipment ~~31, 2009~~ and ~~for~~litigation ~~the~~settlement ~~three months ended March 31, 2008~~ expense.

General and administrative ~~Operating~~ expenses ~~Expenses~~were ~~Operating~~$ ~~expenses~~877,053 ~~primarily~~for ~~include~~the ~~general~~nine ~~and~~months ~~administrative~~ended ~~expenses~~September 30, ~~depreciation~~2009 compared to $ 1,405,508 ~~impairment~~for ofthe ~~mineral~~nine ~~interests~~months ~~and~~ended ~~equipment~~September ~~and~~30, ~~litigation~~2008. ~~settlement~~Depreciation expense was $ 213 for the nine months ended September 30, 2009 compared to $ 213 for the nine months ended September 30, 2008.

Income Taxes Historically, ~~General~~ the ~~and~~Company ~~administrative~~has ~~expenses~~not ~~were~~been $required ~~254,892~~to ~~for~~pay income taxes due to the ~~three~~Company's absence ~~months~~of ~~ended~~net ~~March~~profits. 31For future years, ~~2009~~the ~~compared~~Company anticipates that it will be able to $utilize ~~245,796~~operating ~~for~~loss carry forwards in the ~~three~~United ~~months~~States ~~ended~~of ~~March~~America of 31approximately $18,350,000 ~~2008.~~as ~~Depreciation~~of ~~expense~~June ~~was~~30, $2009 71to ~~for~~offset ~~the~~profits, ~~three~~if and when ~~months~~ achieved, ~~ended~~resulting ~~March~~in ~~31,~~a ~~2009~~reduction ~~compared~~in toincome ~~$71~~taxes ~~for~~payable. However, to the extent ~~three~~accumulated ~~months~~deficits ~~ended~~have ~~March~~not 31been incurred in countries where income is earned, ~~2008~~such offsets will not be available.

~~Income~~Capital Taxes Historically, the Company has not been required to pay income taxes due to the Company's absence of net profits. For future years, the Company anticipates that it will be able to utilize operating loss carry forwards in the United States of America of approximately $18,350,000 as of March 31, 2009 to offset profits, if and when achieved, resulting in a reduction in income taxes payable. However, to the extent accumulated deficits have not been incurred in countries where income is earned, such offsets will not be available. Liquidity

The Company had an accumulated ~~Capital~~ deficit of $152,272,855 at September 30, 2009 substantially all of which has been funded out of proceeds received from the issuance of stock and ~~Liquidity~~the incurrence of liabilities. At September 30, 2009 the Company had current assets of $ 1,235 and liabilities of $ 12,339,046 resulting in a negative working capital of $ (12,337,811).

~~The~~Throughout ~~Company~~its ~~had an accumulated deficit of $151~~existence,~~850,453~~ atthe Company ~~March 31, 2009 substantially all of which~~ has ~~been~~relied ~~funded~~on ~~out~~cash offrom ~~proceeds~~financing ~~received~~activities ~~from~~to provide the ~~issuance~~funds required offor ~~stock~~acquisitions and ~~the~~operating ~~incurrence of liabilities~~activities. AtAs ~~March~~a 31result, ~~2009~~ the Company used ~~had~~net ~~current~~cash ~~assets~~ of $ ~~513 and liabilities of $ 6~~3,~~520~~298,~~434~~747 ~~resulting~~during inthe anine ~~negative~~months ~~working~~ended ~~capital~~September ~~of $ (6~~30,~~519,921)~~ 2009.

~~Throughout~~While ~~its~~the ~~existence~~Company had a positive amount of cash of $ 1,235 at September 30, 2009 it had substantial short-term and long-term financial commitments. As noted above, the Company has relied principally on cash provided from ~~financing~~equity ~~activities~~and debt transactions to ~~provide~~meet ~~the~~its ~~funds~~cash ~~required~~requirements. ~~for~~The ~~acquisitions~~Company does not have sufficient cash to meet its short-term or long-term needs, and it will require additional cash, either from financing transactions or operating activities, to meet its immediate and long-term obligations. AsThere acan ~~result,~~be no assurance that the Company ~~used~~will ~~net~~be ~~cash~~able to obtain additional financing, either in the form of $debt ~~763~~or equity,~~497~~ ~~during~~or that, if such financing is obtained, it will be available to the Company on reasonable terms. If the ~~three~~Company ~~months~~is ~~ended~~able ~~March~~to 31obtain additional financing or structure strategic relationships in order to fund existing or future projects, ~~2009~~existing shareholders will likely continue to experience further dilution of their percentage ownership of the Company.

~~While~~If the Company ~~had~~is aunable ~~positive~~to ~~amount~~establish ofproduction ~~cash~~or ofreserves $sufficient ~~513~~to atjustify ~~March~~the ~~31,~~carrying ~~2009~~value itof ~~had~~its ~~substantial short-term and long-term financial commitments. As noted above~~assets, ~~the Company has relied principally on cash provided from equity and debt transactions~~ to ~~meet~~obtain ~~its~~the ~~cash~~necessary ~~requirements.~~funding ~~The Company does not have sufficient cash~~ to meet its short~~-term~~ orand long-term ~~needs~~obligations, ~~and it will require additional cash, either from financing transactions~~ or ~~operating activities,~~ to ~~meet~~ fund its exploration ~~immediate~~ and ~~long-term~~development ~~obligations.~~program, ~~There~~all ~~can~~or bea noportion ~~assurance~~of ~~that~~ the ~~Company~~mineral ~~will~~interests ~~be able to obtain additional financing, either~~ in ~~the~~unproven ~~form~~properties ~~of debt or equity, or that, if such financing is obtained, it~~ will be ~~available~~charged to ~~the~~operations, ~~Company~~leading ~~on reasonable terms. If the Company is able~~ to ~~obtain~~significant additional financing or structure strategic relationships in order to fund existing or future projects, existing shareholders will likely continue to experience further dilution of their percentage ownership of the Companylosses.

If Inflation the Company is unable to establish production or reserves sufficient to justify the carrying value of its assets, to obtain the necessary funding to meet its short and long-term obligations, or to fund its exploration and development program, all or a portion of the mineral interests in unproven properties will be charged to operations, leading to significant additional losses.

The amounts presented in the Company's consolidated financial statements do not provide for the effect of inflation on the Company's operations or its financial position. Amounts shown for property, plant, and equipment ~~Inflation~~ and for costs and expenses reflect historical costs and do not necessarily represent replacement costs or charges to operations based on replacement costs. The Company's operations, together with other sources, are intended to provide funds to replace property, plant and equipment as necessary. Net income would be lower than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments. Due to inflationary problems in Eastern Europe that are seen in currency exchange losses, the Company has seen losses on its asset values in those countries.

~~The~~ Warning ~~amounts~~Regarding ~~presented~~Forward-looking inStatements ~~the Company's consolidated financial statements do not provide for the effect of inflation on the Company's operations or its financial position. Amounts shown for property, plant,~~ and ~~equipment and~~Factors for costs and expenses reflect historical costs and do not necessarily represent replacement costs or charges to operations based on replacement costs. The Company's operations, together with other sources, are intended to provide funds to replace property, plant and equipment as necessary. Net income would be lower than reported if the effects of inflation were reflected either by charging operations with amounts that ~~represent~~may ~~replacement~~affect ~~costs~~Future ~~or by using other inflation adjustments. Due to inflationary problems in Eastern Europe that are seen in currency exchange losses, the Company has seen losses on its asset values in those countries.~~ Results

This Quarterly Report on Form 10-Q contains forward-looking statements and information relating to the Company and its business, which are based on the beliefs of management of the Company and on assumptions made based ~~Warning~~on ~~Regarding~~information currently available to management. These statements can be identified by the use of the words "will," "anticipate," "estimate," "project," "likely," "believe," "intend," "expect" or similar words. Forward-looking ~~Statements~~statements reflect the current views of management of the Company and ~~Factors~~are not intended to be accurate descriptions of the future. When considering these statements, the reader should bear in mind the cautionary information set forth in this section and other cautionary statements throughout this Report , and in the Company's other filings with the Securities and Exchange Commission. All forward-looking statements are based on management's existing beliefs about present and future events outside of management's control and on assumptions that may prove to be incorrect. The discussion of the future business prospects of the Company is subject to a number of risks and assumptions, including those identified below. Should one or more of these or other risks materialize or if the underlying assumptions of management prove incorrect, actual results of the Company may vary materially from those anticipated, estimated, projected or intended. Among the factors that may affect ~~Future~~the ~~Results~~Company's results are its ability to establish beneficial relationships with industry partners to provide funding and expertise to the Company's projects; its efforts to locate commercial deposits of hydrocarbons on the Company's concessions and licenses; the negotiation of additional licenses and permits for the exploitation of any reserves located; the success of exploratory activities; the completion of wells drilled by the Company, its joint venture partners and other parties allied with the Company's efforts; the economic recoverability of in-place reservoirs of hydrocarbons; technical problems in completing wells and producing gas; the success of marketing efforts; the ability to obtain the necessary financing to successfully pursue the Company's business strategy; operating hazards and uninsured risks; the intense competition and price volatility associated with the oil and gas industry; and international and domestic economic conditions.

~~This~~The ~~Quarterly~~Company's ~~Report~~activities onare ~~Form~~subject ~~10-Q~~to ~~contains~~risks ~~forward-looking~~in ~~statements~~addition ~~and~~to ~~information~~the ~~relating~~risks tonormally associated with the ~~Company~~exploration and ~~its~~development ~~business,~~of ~~which~~hydrocarbons. ~~are~~Each ~~based~~of on the ~~beliefs~~eastern ofEuropean ~~management~~countries ofin which the Company ~~and~~has onobtained or ~~assumptions~~seeking ~~made~~to ~~based on~~obtain ~~information~~concessions ~~currently~~is ~~available~~in tothe ~~management.~~process ~~These~~of ~~statements~~developing ~~can~~capitalistic beeconomies. ~~identified~~As bya ~~the~~result, ~~use~~many of ~~the~~their ~~words "will~~laws," ~~"anticipate~~regulations," ~~"estimate,"~~and ~~"project,"~~practices ~~"likely,"~~with ~~"believe,"~~respect ~~"intend,"~~to ~~"expect"~~the orexploration ~~similar~~and ~~words.~~development ~~Forward-looking~~of ~~statements~~hydrocarbons ~~reflect the~~have ~~current~~not ~~views~~been oftime ~~management~~tested ofor, ~~the~~in some cases, yet adopted. The Company's ~~and~~operations are ~~not~~subject ~~intended~~ to besignificant ~~accurate~~risks ~~descriptions~~that ofany change in the ~~future.~~government ~~When~~itself ~~considering~~or ~~these~~in ~~statements~~government personnel, or the ~~reader~~development ~~should~~of ~~bear~~new inpolicies ~~mind~~and ~~the~~practices ~~cautionary~~may ~~information~~adversely ~~set~~affect ~~forth~~the inCompany's ~~this section~~ operations and ~~other cautionary~~financial ~~statements~~results ~~throughout~~at ~~this~~some ~~Report~~future date. Furthermore, ~~and in~~ the Company's ~~other~~concessions ~~filings~~and ~~with~~licenses ~~the~~are ~~Securities~~often ~~and~~subject, ~~Exchange~~either ~~Commission.~~explicitly ~~All~~or ~~forward-looking~~implicitly, ~~statements~~to ~~are~~ongoing ~~based~~review onby ~~management's~~governmental ~~existing~~ministries. ~~beliefs~~In ~~about~~the ~~present~~event ~~and~~that ~~future~~any ~~events~~of ~~outside~~these ofcountries elects to ~~management's~~change ~~control~~its ~~and~~regulatory onsystem, ~~assumptions~~it is possible that ~~may~~the ~~prove~~government might seek to beannul ~~incorrect.~~or ~~The~~amend the ~~discussion~~governing ofagreements in a manner unfavorable to the ~~future~~Company ~~business~~or ~~prospects~~impose additional taxes or other duties on the activities of the Company. isAs ~~subject~~a toresult of athe ~~number~~potential offor political risks ~~and~~in ~~assumptions~~these countries, ~~including~~it ~~those~~remains ~~identified~~possible that ~~below.~~the ~~Should~~governments ~~one~~might seek to nationalize or ~~more~~otherwise ofcause ~~these~~the orinterest ~~other~~of ~~risks~~the ~~materialize~~Company orin if the ~~underlying~~various ~~assumptions~~concessions ofand ~~management~~licenses ~~prove~~to ~~incorrect,~~be ~~actual~~forfeited. ~~results~~Many of the areas in which the Company's ~~may~~prospects ~~vary~~are ~~materially~~located ~~from~~lack ~~those~~the ~~anticipated~~necessary infrastructure for transporting, ~~estimated~~delivering, ~~projected~~and ormarketing ~~intended.~~the ~~Among~~products which the ~~factors~~Company ~~that~~seeks ~~may~~to ~~affect~~identify and exploit. Consequently, even if the Company's is ~~results~~able ~~are~~to ~~its~~locate ~~ability~~hydrocarbons toin ~~establish~~commercial ~~beneficial~~quantities, ~~relationships~~it ~~with~~may ~~industry~~be ~~partners~~required to invest ~~provide~~significant ~~funding~~amounts ~~and~~in ~~expertise~~developing to the ~~Company's~~infrastructure ~~projects;~~necessary to carry out its ~~efforts~~business toplan. ~~locate~~The ~~commercial~~Company ~~deposits~~does not presently have a source of funding available to meet these costs.

~~hydrocarbons~~ Future onterrorist ~~the~~activity ~~Company's concessions and licenses; the~~or ~~negotiation~~ government ofaction ~~additional~~against ~~licenses~~perceived ~~and~~terrorist ~~permits~~threats ~~for~~in the ~~exploitation~~United ofStates ~~any~~or in ~~reserves~~ areas ~~located; the success~~ of ~~exploratory activities;~~ the ~~completion~~world ofin ~~wells drilled~~which by the Company, ~~its~~does ~~joint~~business ~~venture~~or ~~partners~~owns ~~and~~property ~~other parties allied with~~may, ~~the~~ however, ~~Company's~~adversely ~~efforts;~~affect the economic recoverability of in-place reservoirs of hydrocarbons; technical problems in completing wells and producing gas; the success of marketing efforts; the ability to obtain the necessary financing to successfully pursue the Company's business ~~strategy;~~operations ~~operating hazards~~ and ~~uninsured~~ ~~risks; the intense competition and price volatility associated with~~financial ~~the oil and gas industry; and international and domestic economic conditions~~ condition.

~~The~~Item ~~Company's activities are subject to risks in addition to the risks normally associated with the exploration and development of hydrocarbons~~3. ~~Each~~Quantitative of the eastern European countries in which the Company has obtained or seeking to obtain concessions is in the process of developing capitalistic economies. As a result, many of their laws, regulations, and ~~practices~~Qualitative ~~with~~Disclosures ~~respect~~about toMarket the exploration and development of hydrocarbons have not been time tested or, in some cases, yet adopted. The Company's operations are subject to significant risks that any change in the government itself or in government personnel, or the development of new policies and practices may adversely affect the Company's operations and financial results at some future date. Furthermore, the Company's concessions and licenses are often subject, either explicitly or implicitly, to ongoing review by governmental ministries. In the event that any of these countries elects to change its regulatory system, it is possible that the government might seek to annul or amend the governing agreements in a manner unfavorable to the Company or impose additional taxes or other duties on the activities of the Company. As a result of the potential for political risks in these countries, it remains possible that the governments might seek to nationalize or otherwise cause the interest of the Company in the various concessions and licenses to be forfeited. Many of the areas in which the Company's prospects are located lack the necessary infrastructure for transporting, delivering, and marketing the products which the Company seeks to identify and exploit. Consequently, even if the Company is able to locate hydrocarbons in commercial quantities, it may be required to invest significant amounts in developing the infrastructure necessary to carry out its business plan. The Company does not presently have a source of funding available to meet these costs. Risk

~~Future~~The ~~terrorist~~Company ~~activity~~conducts orbusiness in ~~government~~ many ~~action~~foreign ~~against~~currencies. ~~perceived~~As ~~terrorist~~a ~~threats~~result inof the ~~United~~effects ~~States~~that orforeign inexchange rate ~~areas~~ movements of ~~the~~those ~~world~~currencies inhave ~~which~~on the Company's ~~does~~costs ~~business~~and oron ~~owns~~the ~~property~~cash ~~may~~flows, ~~however~~ which it receives from its foreign operations, ~~adversely~~the ~~affect~~Company is subject to foreign exchange rate risks. The Company believes that it currently has no other material market risk exposure. To date, the Company's ~~business~~has ~~operations~~addressed ~~and~~its ~~financial~~foreign ~~condition~~ currency exchange rate risks principally by maintaining its liquid assets in U.S. dollars until payments in foreign currency are required, but the Company does not reduce this risk by utilizing hedging activities.

Item 34. ~~Quantitative~~Controls and ~~Qualitative Disclosures about Market Risk~~Procedures

~~The~~Based ~~Company~~on ~~conducts~~their ~~business~~evaluation, inas of ~~many~~a ~~foreign~~date ~~currencies.~~within As90 adays ~~result~~ of the ~~effects~~filing ~~that~~date ~~foreign exchange rate movements~~ of ~~those~~this ~~currencies~~Form ~~have~~10-Q, onour ~~the~~Chief ~~Company's~~Executive Officer ~~costs~~ and onChief ~~the~~Financial ~~cash~~Officer ~~flows, which~~have itconcluded ~~receives~~that ~~from~~our ~~its~~disclosure ~~foreign operations, the Company is subject to foreign~~controls ~~exchange~~and ~~rate~~procedures ~~risks.~~(as ~~The~~defined ~~Company~~in ~~believes~~Rule ~~that~~13a-14(c) itand ~~currently~~15d-14(c) ~~has~~under nothe ~~other~~Securities ~~material~~Exchange ~~market~~Act ~~risk~~of ~~exposure.~~1934, Toas ~~date,~~amended) ~~the~~are ~~Company~~effective. ~~has~~There ~~addressed~~have ~~its~~been ~~foreign~~no significant ~~currency~~changes ~~exchange~~in ~~rate~~internal ~~risks~~controls ~~principally~~or byin ~~maintaining~~other ~~its~~factors ~~liquid~~that ~~assets~~could insignificantly affect ~~U.S.~~these ~~dollars~~controls ~~until~~subsequent ~~payments~~to inthe ~~foreign~~date ~~currency~~of ~~are~~their ~~required~~evaluation, ~~but~~including ~~the Company~~any ~~does~~corrective ~~not~~actions ~~reduce~~with ~~this~~regard ~~risk~~to bysignificant ~~utilizing~~deficiencies ~~hedging~~and ~~activities~~material weaknesses.

~~Item~~PART 4II ~~Controls~~- ~~and~~OTHER ~~Procedures~~ INFORMATION

~~Based~~Item on their evaluation, as of a date within 90 days of the filing date of this Form 10-Q, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined in Rule 13a-14(c) and 15d-14(c) under the Securities Exchange Act of 1934, as amended) are effective1. ~~There~~Legal have been no significant changes in internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Proceedings

~~PART~~There IIare -currently ~~OTHER~~no ~~INFORMATION~~legal proceedings pending against the Company

Item 12. ~~Legal~~Other ~~Proceedings~~information

~~There~~McCallan ~~are~~Oil ~~currently~~& noGas ~~legal~~(UK) ~~proceedings~~Ltd. ~~pending against the Company~~

~~Item~~Combined 2with the agreement to purchase a 45% interest in McCallan from Regent Ventures Ltd., ~~Other~~EuroGas ~~information~~will own 100% of McCallan when the Regent acquisition and the option to purchase the remaining 25% interest in Mc Callan from Hans D. Dietmann are finalized. McCallan's main assets are its wholly-owned subsidiaries EuroGas Polska sp.z.o.o ("EuroGas Polska"), a Polish company, and Vienna, Austria based EuroGas GmbH ("EuroGas Austria").

~~McCallan~~EuroGas ~~Oil~~Polska ~~& Gas (UK) Ltd.~~

~~Combined~~EuroGas ~~with~~Polska ~~the~~owns ~~agreement to purchase~~ a 4524% interest in ~~McCallan~~ ~~from~~a ~~Regent~~large ~~Ventures~~Joint ~~Ltd.,~~Operating Agreement ~~EuroGas~~(JOA) ~~will~~operated ~~own~~by ~~100%~~Poland's ofnational ~~McCallan~~oil ~~when~~& ~~the~~gas concern Polish Oil ~~Regent~~& ~~acquisition~~Gas ~~and~~("PGNiG"), ~~the~~which ~~option~~itself toowns ~~purchase~~51% in the ~~remaining~~JOA. The balance of 25% ~~interest~~is held inby ~~Mc Callan~~Aurelian ~~from~~Oil ~~Hans~~& D.Gas ~~Dietmann~~Plc, ~~are~~a ~~finalized~~U.K. ~~McCallan's~~public ~~main~~company ~~assets~~listed ~~are~~on ~~its~~the London ~~wholly-owned~~Stock ~~subsidiaries~~Exchange. ~~EuroGas~~The ~~Polska~~JOA ~~sp.z.o.o~~comprises ~~("EuroGas~~approximately ~~Polska")~~3,200 asquare kilometers with 10 oil and gas concessions in the Polish Carpathian Mountains. The PGNiG and the ~~company,~~Polish Ministry of Environment and ~~Vienna,~~Natural ~~Austria~~Resources ~~based~~have ~~EuroGas~~publicly ~~GmbH~~stated in the Annual Reports on Poland's hydrocarbon reserves the existence of a potential 300.000.000 BOE (~~"EuroGas~~Barrels ~~Austria"~~of Energy) reserve in the southern portion of the concession area.

~~EuroGas~~ ~~Polska~~RWE-DEA, a subsidiary of Germany's utility giant RWE, confirmed in its Annual Report 2007 an oil discovery on a small concession at the northwestern flank of the JOA's Carpathian concession area while PGNiG has recently made a large 2.4 TCF natural gas discovery at the northeastern flank of the concession area of the JOA next to the Ukrainian border where several smaller producing fields exist at shallow depth. Recently, PGNiG gave notice to the JOA interest holders to commence a large scale seismic program in the central and northeastern portion of the concession area of the JOA and has suggested to drill two deep wells in that portion of the concession area.

EuroGas ~~Polska~~Austria owns a 24% interest in a large Joint Operating Agreement (JOA) operated by Poland's national oil & gas concern Polish Oil & Gas ("PGNiG"), which itself owns 51% in the JOA. The balance of 25% is held by Aurelian Oil & Gas Plc, a U.K. public company listed on the London Stock Exchange. The JOA comprises approximately 3,200 square kilometers with 10 oil and gas concessions in the Polish Carpathian Mountains. The PGNiG and the Polish Ministry of Environment and Natural Resources have publicly stated in the Annual Reports on Poland's hydrocarbon reserves the existence of a potential 300.000.000 BOE (Barrels of Energy) reserve in the southern portion of the concession area.

~~RWE-DEA~~EuroGas Austria owns a 33% shareholding in Rozmin s.r.o. (Rozmin), a ~~subsidiary~~Slovakian ofmining ~~Germany'~~company. Together with the Company’s ~~utility~~57% ~~giant~~shareholding ~~RWE~~in Rozmin, ~~confirmed~~which was bought by the Company from Belmont Resources Ltd. on March 27, 2001 (see details of the Belmont transaction in ~~its~~Note ~~Annual~~7), ~~Report~~EuroGas ~~2007~~GmbH and the Company together own an ~~oil~~undivided ~~discovery~~90% shareholding interest in Rozmin s.r.o. . Rozmin plans to place the huge Germerska Poloma talc (soapstone) deposit into production. Therefore, on March 6, 2009 the Company has entered into a ~~small~~Long-Term ~~concession~~Talc atSupply Agreement with Mondo Minerals , a well-established market leading producer and refiner of talc in Europe, after the ~~northwestern~~ ~~flank~~Supreme Court of the ~~JOA's~~Slovak ~~Carpathian~~Republic ~~concession~~in ~~area~~a ~~while~~non-appealable ~~PGNiG~~landmark ~~has~~decision ~~recently~~ published ~~made~~on aApril ~~large~~26, ~~2.4~~2008, ~~TCF~~has ~~natural~~ruled ~~gas~~that ~~discovery~~the cancellation of Rozmin’s mining concession at Gemerska Poloma in January 2005 by the ~~northeastern~~Ministry ~~flank~~of Economy’s Mining Office at Spisska Nova Ves was considered a severe violation of Rozmin’s ~~the~~ civil ~~concession~~and ~~area~~constitutional rights under the laws of the ~~JOA~~Slovak ~~next~~Republic. toOwnership of the ~~Ukrainian~~Gemerska ~~border~~Poloma ~~where~~concession ~~several smaller~~was ~~producing~~taken ~~fields~~away ~~exist~~illegally from Rozmin by the Ministry of Economy’s Mining Office at ~~shallow~~Spisska ~~depth.~~Nova ~~Recently,~~Ves ~~PGNiG~~in ~~gave~~January ~~notice~~2005 toand was subsequently transferred by the ~~JOA~~Ministry ~~interest~~of ~~holders~~Economy’s toMining ~~commence~~Office aat ~~large~~Spisska ~~scale~~Nova ~~seismic~~Ves ~~program~~and the Supreme Mining Office at Banska Stiavna in ~~the central~~a dubious and ~~northeastern~~- ~~portion~~in the opinion of the ~~concession~~Company ~~area~~– ofcorrupt ~~the~~transaction ~~JOA~~– ~~and~~to ~~has~~a small Slovak ~~suggested~~ accounting toservice ~~drill~~company ~~two~~owned ~~deep~~and ~~wells~~controlled by Peter Corej and his wife. See further details about Peter Corej et al and his involvement in ~~that~~this ~~portion~~matter ofin the ~~concession~~Company’s ~~area~~10K per December 31, 2007.

~~EuroGas~~The ~~Austria~~Long-Term Talc Supply Agreement with Mondo Minerals calls for Rozmin to supply a minimum of 60.000 tons of Gemerska Poloma talc per year for a period of 10 years with Mondo Minerals holding the option to extend the agreement for another 10 years. Mondo Minerals has also been granted a right of first refusal to acquire Rozmin in the event that the Company opts to sell a 51% or greater interest in Rozmin.

~~EuroGas~~Gemerska ~~Austria~~Poloma ~~owns~~is aone ~~33%~~of ~~shareholding~~the inlargest ~~Rozmin~~and ~~s.r.o. (Rozmin),~~purest atalc ~~Slovakian~~ore ~~mining~~bodies ~~company.~~of ~~Together with~~ the ~~Company’s~~world ~~57% shareholding~~with ~~in Rozmin~~150,000,000 ~~which~~estimated ~~was~~tons ~~bought~~of bycarbonate ~~the~~reserve. ~~Company from~~ Belmont Resources Ltd. ~~on March 27~~, ~~2001~~a ~~(see~~Canadian ~~details~~public ofmining ~~the Belmont transaction in Note 7)~~company, ~~EuroGas~~ ~~GmbH~~is ~~and~~currently still the ~~Company~~registered ~~together~~owner ~~own~~of ~~an undivided 90~~57% ~~shareholding~~of ~~interest~~Rozmin, in but ~~Rozmin~~under ~~s.r.o.~~the .terms ~~Rozmin~~and ~~plans~~conditions toof ~~place~~ the ~~huge Germerska Poloma talc (soapstone) deposit into production. Therefore, on~~ March 621, ~~2009~~2001 ~~the~~Purchase ~~Company~~and ~~has entered~~Sales ~~into a Long-Term Talc Supply~~ Agreement ~~with~~between ~~Mondo~~the ~~Minerals~~Company ~~, a well-established market leading producer~~ and ~~refiner~~Belmont ofthis ~~talc~~57% ininterest ~~Europe,~~has ~~after the~~to ~~Supreme~~be ~~Court~~transferred ofby ~~the~~Belmont ~~Slovak~~into ~~Republic in a non-appealable landmark decision published on April 26, 2008, has ruled that~~ the ~~cancellation of Rozmin~~Company’s ~~mining concession~~name atonce ~~Gemerska~~the ~~Poloma~~final payment in ~~January 2005 by~~ the ~~Ministry~~amount of ~~Economy’s~~appr. ~~Mining~~ $1,000,000 ~~Office at Spisska Nova Ves was considered a severe violation of Rozmin’s civil and constitutional rights~~ under the ~~laws~~terms of the ~~Slovak~~agreement ~~Republic.~~has ~~Ownership of~~been ~~the~~made ~~Gemerska Poloma concession was taken away illegally from Rozmin~~ by the ~~Ministry~~ ofCompany. ~~Economy’s~~The ~~Mining~~remaining ~~Office~~10% atinterest ~~Spisska Nova Ves~~ in ~~January~~Rozmin ~~2005~~is ~~and~~owned ~~was subsequently transferred~~ by ~~the Ministry of Economy’s Mining Office at Spisska Nova Ves and the Supreme Mining Office at Banska Stiavna in~~ a ~~dubious~~Berlin ~~and~~based -German ~~in the~~trading ~~opinion of the Company – corrupt transaction – to a small Slovak accounting service~~ company ~~owned and controlled by Peter Corej and his wife~~. ~~See further details about Peter Corej et al and his involvement in this matter in the Company’s 10K per December 31, 2007.~~

The ~~Long-Term~~Company ~~Talc~~and ~~Supply~~EuroGas ~~Agreement~~GmbH ~~with~~have ~~Mondo~~suffered ~~Minerals~~huge ~~calls for~~financial ~~Rozmin~~losses due to ~~supply~~the aillegal ~~minimum~~and – in the opinion of ~~60.000~~the ~~tons~~Company, Rozmin and EuroGas GmbH – corrupt circumstances of the illegal cancellation of Rozmin’s valid mining concession at Gemerska Poloma. ~~talc~~In ~~per~~its ~~year for~~non-appealable aApril ~~period~~26, of2008 10landmark ~~years~~unanimous ~~with~~Decision ~~Mondo~~the ~~Minerals~~Supreme ~~holding~~Court of the ~~option~~SlovakRepublic tohas ~~extend~~found the ~~agreement~~ ~~for~~Ministry ~~another~~of 10Economy’s ~~years.~~Mining ~~Mondo~~Office ~~Minerals~~Unit ~~has~~at ~~also~~Spisska ~~been~~Nova ~~granted~~Ves aas ~~right~~Defendant guilty of ~~first~~ ~~refusal~~having toseverely violated ~~acquire~~the Plaintiff Rozmin’s incivil and constitutional rights under the ~~event~~law ~~that~~of the ~~Company~~SlovakRepublic ~~opts~~and tohave ~~sell~~instructed athe ~~51% or~~Defendant ~~greater~~to ~~interest~~remedy inthe ~~Rozmin~~concession matter forthwith.

~~Gemerska~~ ~~Poloma~~The isCompany, ~~one~~EuroGas ofGmbH ~~the largest~~ and ~~purest~~Rozmin ~~talc~~have ~~ore bodies~~separately ofinformed the ~~world~~European ~~with~~Commission ~~150~~at Brussels,~~000,000~~ ~~estimated~~Belgium ~~tons~~about ofthe ~~carbonate~~final ~~reserve. Belmont~~non-appealable ~~Resources~~outcome ~~Ltd.,~~of athe ~~Canadian~~litigation ~~public~~as ~~mining~~the ~~company,~~Slovak Republic is ~~currently~~a ~~still~~full Member of the ~~registered~~ ~~owner~~European ofUnion ~~57%~~which ofhas ~~Rozmin,~~just introduced ~~but~~on ~~under~~Jan.1, 2009 the ~~terms~~EU’s ~~and~~common ~~conditions~~currency, of the ~~March~~ 21Euro, ~~2001~~as ~~Purchase~~its own currency, and ~~Sales~~which ~~Agreement~~has ~~between~~to ~~the~~fully ~~Company~~abide ~~and~~by ~~Belmont~~the ~~this 57%~~law ~~interest~~and ~~has~~the toconstitution beof ~~transferred~~the byEuropean ~~Belmont~~Commission. ~~into~~In addition the ~~Company’s~~company, ~~name~~EuroGas ~~once~~GmbH ~~the final~~and ~~payment~~Rozmin inhave demanded the immediated ~~amount~~full reinstation of ~~appr.~~Rozmin’s ~~$1,000,000~~concession ~~under~~rights from the ~~terms~~Minister of Economy of the ~~agreement has~~the Slovak Republic.

~~been~~ ~~made~~After receipt of the non-appealable final Decision by the Supreme Court of the Slovak Republic, the Company. ~~The~~and ~~remaining~~EuroGas ~~10%~~GmbH ~~interest~~have instructed its US and European solicitors to initiate civil and criminal legal procedures seeking damage from all parties and individuals involved in ~~Rozmin~~the isillegal ~~owned~~cancellation byscheme aof ~~Berlin~~Rozmin’s ~~based~~mining ~~German~~concession ~~trading~~at ~~company~~Gemerska Poloma.

~~The~~ ~~Company~~In ~~and~~addition to the legal remedies described above the Company, EuroGas GmbH and Rozmin have ~~suffered~~also ~~huge~~submitted ~~financial~~to ~~losses~~the ~~due~~Attorney General’s Office of the Slovak Republic as well as to the ~~illegal~~Tax Authorities ans the Anti-Corruption Police Force of the Slovak Republic relevant information of the matter and have requested an investigation into the illegal – and in the opinion of the Company, ~~Rozmin and~~ EuroGas GmbH and Rozmin – corrupt ~~circumstances~~practices ofby ~~the~~Slovak ~~illegal~~government ~~cancellation~~officials. ofThe ~~Rozmin’s~~European Commission ~~valid~~in ~~mining~~Brussels ~~concession at~~and ~~Gemerska~~the ~~Poloma.~~Anti-Corruption InPolice ~~its~~Force ~~non-appealable~~have ~~April~~advised ~~26,~~the ~~2008~~Company ~~landmark~~that ~~unanimous~~they ~~Decision~~have forwarded the ~~Supreme~~relevant ~~Court~~informations ofindependently ~~the~~to ~~Slovak~~their ~~Republic~~own ~~has~~investigative ~~found~~agencies ~~the~~for ~~Ministry~~an ofindependent ~~Economy’s~~investigation.

~~Mining~~Acquisition ~~Office~~Terms ~~Unit at Spisska Nova Ves as Defendant guilty~~ of ~~having~~McCallan ~~severely~~Oil ~~violated~~& ~~the~~Gas ~~Plaintiff~~(UK) ~~Rozmin’s civil and constitutional rights under the law of the Slovak Republic and have instructed the Defendant to remedy the concession matter forthwith~~Ltd. shares:

~~The~~EuroGas ~~Company,~~has ~~EuroGas~~purchased ~~GmbH~~Mr. ~~and~~Dietmann's ~~Rozmin~~30% ~~have~~interest ~~separately~~by ~~informed~~issuing ~~the~~20.000.000 ~~European~~restricted ~~Commission~~EuroGas, atInc. ~~Brussels~~common shares, ~~Belgium~~as ~~about~~well ~~the~~as ~~final~~1.000.000 non-~~appealable~~voting ~~outcome~~and ofnon ~~the~~interest ~~litigation~~bearing asSeries ~~the~~2008 ~~Slovak~~Preferred ~~Republic~~Shares iswith acertain ~~full~~Net ~~Member~~Profit ofInterest ~~the~~("NPI") ~~European Union which has just~~rights ~~introduced~~ attached onto ~~Jan~~it.1, ~~2009~~As ~~the~~part ~~EU’s~~of ~~common currency,~~ the ~~Euro~~transaction, asMr. ~~its~~Dietmann ~~own~~agreed ~~currency, and which has~~ to ~~fully~~a ~~abide~~lock-up byagreement ~~the~~which ~~law~~prohibits ~~and~~him ~~the~~from ~~constitution~~selling ofor ~~the~~transferring ~~European~~these ~~Commission.~~shares Infor ~~addition~~a ~~the~~period ~~company, EuroGas GmbH and Rozmin have demanded the immediated full reinstation~~ of ~~Rozmin’s~~three ~~concession~~years ~~rights~~without ~~from~~EuroGas' ~~the Minister of Economy of the the Slovak Republic~~consent.

~~After~~In ~~receipt~~addition, ofEuroGas has the ~~non-appealable~~right ~~final~~to ~~Decision~~force byconversion of the ~~Supreme~~Preferred ~~Court~~Shares ofwith the ~~Slovak Republic~~NPI, ~~the~~together ~~Company~~with ~~and~~Mr. ~~EuroGas~~Dietmann's ~~GmbH~~remaining ~~have~~25% ~~instructed~~shareholding ~~its~~interest USin ~~and~~McCallan, ~~European~~once ~~solicitors~~the toshare ~~initiate~~price ~~civil~~of ~~and~~the ~~criminal~~company ~~legal~~has ~~procedures~~traded ~~seeking~~at ~~damage~~$2.50 ~~from~~per ~~all parties~~share ~~and~~for ~~individuals~~a period ~~involved in the illegal cancellation scheme~~ of ~~Rozmin’s~~20 ~~mining~~consecutive ~~concession at Gemerska Poloma~~days.

InIf ~~addition~~EuroGas tocommon ~~the~~stock ~~legal~~closes ~~remedies~~at ~~described~~$2.50 ~~above~~per ~~the~~share ~~Company, EuroGas~~for ~~GmbH~~20 ~~and~~consecutive ~~Rozmin~~trading ~~have~~days ~~also~~in ~~submitted~~2009 toor ~~the~~until ~~Attorney~~May ~~General’s~~31, ~~Office of~~2011 ~~the~~EuroGas ~~Slovak~~will ~~Republic~~issue as15.000.000 ~~well~~restricted ascommon shares to ~~the~~Mr. ~~Tax~~Dietmann ~~Authorities~~for ~~ans~~his ~~the~~remaining ~~Anti-Corruption Police~~stake ~~Force~~in ofMcCallan. ~~the~~In ~~Slovak Republic relevant information of~~ the ~~matter~~event ~~and~~that ~~have~~EuroGas ~~requested~~common anstock ~~investigation~~doesn't ~~into~~close ~~the~~at ~~illegal~~$2.50 –for ~~and~~twenty inconsecutive ~~the~~trading ~~opinion~~days offrom ~~the Company,~~now ~~EuroGas~~until ~~GmbH~~May ~~and~~31, ~~Rozmin~~2011, ~~– corrupt practices by Slovak government officials~~Mr. ~~The~~Dietmann ~~European~~will ~~Commission~~be inallowed ~~Brussels~~to ~~and~~retain ~~the~~his ~~Anti-Corruption~~25% ~~Police Force~~stake ~~have~~in ~~advised~~McCallan ~~the~~along ~~Company~~with ~~that they have forwarded~~ the ~~relevant~~Preferred ~~informations independently~~Stock toand ~~their~~associated ~~own investigative agencies for an independent investigation~~NPI.

~~Acquisition~~Item ~~Terms~~3. ofExhibits ~~McCallan~~and ~~Oil~~Reports &on ~~Gas~~Form ~~(UK) Ltd. shares:~~ 8-K

~~EuroGas~~ (a) ~~has~~The ~~purchased~~following ~~Mr.~~exhibits ~~Dietmann's~~are filed ~~30%~~with ~~interest~~this byreport ~~issuing~~were ~~20.000.000~~filed ~~restricted~~during ~~EuroGas,~~the ~~Inc.~~previous ~~common~~reporting ~~shares,~~schedules as ~~well as 1.000.000 non-voting and non interest bearing Series 2008 Preferred Shares with certain Net Profit Interest ("NPI") rights~~ ~~attached~~noted ~~to it~~below. ~~As part of the transaction, Mr. Dietmann agreed to a lock-up agreement which prohibits him from selling or transferring these shares for a period of three years without EuroGas' consent.~~

In addition, EuroGas has the right to force conversion of the Preferred Shares with the NPI, together with Mr. Dietmann's remaining 25% shareholding interest in McCallan, once the share price of the company has traded at $2.50 per share for a period of 20 consecutive days. If EuroGas common stock closes at or above $2.50 per share for 20 consecutive trading days prior to year end 2008, EuroGas can force Mr. Dietmann to exchange his remaining 25% interest in McCallan and the Preferred Shares with the NPI for a total of 25,000,000 restricted common EuroGas shares.

Exhibit
Number	Title of Document	Location

2.1	Exchange Agreement between Northampton, Inc., and Energy Global, A.G.	Report on Form 8-K dated August 3, 1994, Exhibit No. 1*

2.2	Agreement and Plan of Merger between EuroGas, Inc., and Danube International Petroleum Company, Inc., dated July 3, 1996, as amended	Report on Form 8-K dated July 12, 1996, Exhibit No. 5*

2.3	English translation of Transfer Agreement between EuroGas and OMV, Inc. for the Acquisition of OMV (Yakut) Exploration GmbH dated June 11, 1997	Report on Form 8-K dated June 11, 1997 Exhibit No. 1*

2.4	Asset Exchange Agreement between EuroGas, Inc., and Beaver River Resources, Ltd., dated April 1, 1988	Report on Form S-1 dated July, 23, 1998 Exhibit No. 2.03*

3.1	Articles of Incorporation	Registration Statement on Form S- 18, File No. 33-1381-D Exhibit No. 1*

3.2	Amended Bylaws	Annual Report on Form 10-K for the fiscal year ended September 30, 1990, Exhibit No. 1*

3.3	Designation of Rights, Privileges, and Preferences of 1995 Series Preferred Stock	Quarterly Report on Form 10-QSB dated March 31, 1995, Exhibit No. 1*

3.4	Designation of Rights, Privileges, and Preferences of 1996 Series Preferred Stock	Report on Form 8-K dated July 12, 1996, Exhibit No. 1*

3.5	Designation of Rights, Privileges, and Preferences 1997 Series A Convertible Preferred Stock	Report on Form 8-K dated May 30, 1997 Exhibit No. 1*

3.6	Designation of Rights, Privileges, and Preferences of 1998 Series B Convertible Preferred Stock	Report on Form S-1 Dated July 23, 1998 Exhibit No. 3.06*

3.7	Articles of Share Exchange	Report on Form 8-K dated August 3, 1994, Exhibit No. 6*

If EuroGas common stock closes at $2.50 per share for 20 consecutive trading days in 2009 or until May 31, 2011 EuroGas will issue 15.000.000 restricted common shares to Mr. Dietmann for his remaining stake in McCallan. In the event that EuroGas common stock doesn't close at $2.50 for twenty consecutive trading days from now until May 31, 2011, Mr. Dietmann will be allowed to retain his 25% stake in McCallan along with the Preferred Stock and associated NPI.

Exhibit
Number	Title of Document	Location

3.8	Designation of Rights, Privileges, and Preferences of 1999 Series C 6% Convertible Preferred Stock	Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999

4.1	Subscription Agreement between EuroGas, Inc., and Thomson Kernaghan & Co., Ltd., dated May 29, 1998	Report on Form S-1 dated July 23, 1998 Exhibit No. 4.01*

4.2	Warrant Agreement dated July 12, 1996, with Danube Shareholder	Report on Form 8-K dated July 12, 1996, Exhibit No. 2*

4.3	Registration Rights Agreement Between EuroGas, Inc., and Thomson Kernaghan & Co., Ltd., dated May 29, 1998	Report on Form S-1 dated July 23, 1998 Exhibit No. 4.02*

4.4	Registration Rights Agreement dated July 12, 1996, with Danube Shareholder	Report on Form 8-K dated July 12, 1996 Exhibit No. 3*

4.5	Registration Rights Agreement by and among EuroGas, Inc., and Finance Credit & Development Corporation, Ltd., dated June 30, 1997	Report on Form S-1 dated July 23, 1998 Exhibit No. 4.06*

4.6	Option granted to the Trustees of the Estate of Bernice Pauahi Bishop	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 10*

4.7	Registration Rights Agreement by and among EuroGas, Inc., and Kukui, Inc., and the Trustees of the Estate of Bernice Pauahi Bishop	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 11*

4.8	Option issued to OMV Aktiengesellschaft to acquire up to 2,000,000 shares of restricted common stock	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1996, Exhibit No. 13*

4.9	Form of Convertible Debenture issued on January 12, 2000.	Quarterly report on Form 10-Q dated March 31, 2000.

10.1	English translation of Mining Usufruct Contract between The Minister of Environmental Protection, Natural Resources and Forestry of the Republic of Poland and Pol- Tex Methane, dated October 3, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 1*

10.2	Agreement between Polish Oil and Gas Mining Joint Stock Company and EuroGas, Inc., dated October 23, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 2*

10.3	1996 Stock Option and Award Plan	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 14*

Any stock issued to Mr. Dietmann for his remaining 25% interest in McCallan and the Preferred Shares will be subject to a three year lock-up agreement which prohibits the sale or transfer of these shares without EuroGas' consent. Any stock issued pursuant to Mr. Dietmann will be held by an escrow agent suitable to EuroGas and Mr. Dietmann.

Exhibit
Number	Title of Document	Location

10.4	Settlement Agreement by and among Kukui, Inc., and Pol- Tex Methane, Sp. zo.o., McKenzie Methane Rybnik, McKenzie Methane Jastrzebie, GlobeGas, B.V. (formerly known as McKenzie Methane Poland, B.V.), and the Unsecured Creditors' Trust of the Bankruptcy Estate of McKenzie Methane Corporation	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 15*

10.5	Acquisition Agreement between EuroGas, Inc., and Belmont Resources, Inc., dated July 22, 1998	Report on Form S-1 dated July 23, 1998 Exhibit No. 10.20*

10.6	General Agreement governing the operation of McKenzie Methane Poland, B.V.	Report on Form 8-K dated August 3, 1994, Exhibit No. 2*

10.7	Concession Agreement between Ministry of Environmental Protection, Natural Resources, and Forestry and Pol-Tex Methane Ltd.	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 18*

10.8	Association Agreement between NAFTA a.s. Gbely and Danube International Petroleum Company	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 19*

10.9	Agreement between Moravske' Naftove' Doly a.s. and Danube International Petroleum Company	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 20*

10.10	Form of Convertible Debenture	Report on Form 8-K dated August 3, 1994, Exhibit No. 7*

10.11	Form of Promissory Note, as amended, with attached list of shareholders	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 23*

10.12	Amendment #1 to the Association Agreement Entered on 13th July 1995, between NAFTA a.s. Gbely and Danube International Petroleum Company	Annual Report on Form 10-KSB for the Fiscal year ended December 31, 1996, Exhibit No. 25*

10.13	Acquisition Agreement by and among Belmont Resources, Inc., EuroGas Incorporated, dated October 9, 1998	Form 10-Q Dated September 30, 1998 Exhibit No. 1*

10.14	Letter of Intent by and between Polish Oil and Gas Company and Pol-Tex Methane, dated April 28, 1997	Annual Report on Form 10-KSB for the Fiscal year ended December 31, 1996, Exhibit No. 27*

Item 3 Exhibits and Reports on Form 8-K

Exhibit
Number	Title of Document	Location

10.15	Purchase and Sale Agreement between Texaco Slask Sp. zo.o., Pol-Tex Methane Sp. zo.o. and GlobeGas B.V.	Report on Form 8-K Dated March 24, 1997 Exhibit No. 1*

10.16	English translation of Articles of Association of the TAKT Joint Venture dated June 7, 1991, as amended April 4, 1993	Report on Form 8-K/A Dated June 11, 1997 Exhibit No. 3*

10.17	English translation of Proposed Exploration and Production Sharing Contract for Hydrocarbons between the Republic of Sakha (Yakutia) and the Russian Federation and the TAKT Joint Venture	Report on Form 8-K/A Dated June 11, 1997 Exhibit No. 4*

10.18	English translation of Agreement on Joint Investment and Production Activities between EuroGas, Inc., and Zahidukrgeologia, dated May 14, 1998	Registration Statement on Form S-1 dated July 23, 1998 Exhibit No. 10.21*

10.19	English translation of Statutory Agreement of Association of Limited Liability Company with Foreign Investments between EuroGas, Inc., and Makyivs'ke Girs'ke Tovarystvo, dated June 17, 1998	Registration Statement on Form S-1 dated July 23, 1998 Exhibit No. 10.22*

10.20	Partnership Agreement between EuroGas, Inc., and RWE- DEA Aktiengesellschaft for Mineraloel and Chemie AG, date July 22, 1998	Amendment No. 1 to Registration Statement on Form S-1 dated August 3, 1998 Exhibit No. 10.23

10.21	Mining Usufruct Contract between The Minister of Environmental Protection, Natural Resources and Forestry of the Republic of Poland and Pol-Tex Methane, dated October 3, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 1*

10.22	Agreement between Polish Oil and Gas Mining Joint Stock Company and EuroGas, Inc., dated October 23, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 2*

10.23	Agreement for Acquisition of 5% Interest in a Subsidiary by and between EuroGas, Inc., B. Grohe, and T. Koerfer, dated November 11, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 3*

10.24	Option Agreement by and between EuroGas, Inc., and Beaver River Resources, Ltd., dated October 31, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 4*

10.25	Lease Agreement dated September 3, 1996, between Potomac Corporation and the Company; Letter of Amendment dated September 30, 1999.	Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999*

10.26	Sublease dated November 2, 1999, between Scotdean Limited and the Company	Registration Statement on Form S-1, File No. 333-92009, filed onDecember 2, 1999*

(a) The following exhibits are filed with this report pr were filed during the previous reporting schedules as noted below.

Exhibit
Number	Title of Document	Location

10.27	Securities Purchase Agreement dated November 4, 1999, between the Company and Arkledun Drive LLC	Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999*

10.28	Registration Rights Agreement dated November 4, 1999, between the Company and Arkledun Drive LLC	Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999*

10.29	Supplemental Agreement dated November 4, 1999, between the Company and Arkledun Drive LLC	Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999*

10.30	Executive Employment Agreement dated April 20, 1999 between the Company and Karl Arleth	Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999*

10.31	Settlement Agreement dated June 16, 2000, between the Company and FCOC	Form 10-K for year ended December 31, 2000*

10.32	Securities Purchase Agreement dated October 2, 2000, between the Company and Arkledun Drive LLC	Form 10-K for year ended December 31, 2000*

10.33	Registration Rights Agreement dated October 2, 2000, between the Company and Arkledun Drive LLC	Form 10-K for year ended December 31, 2000*

10.34	Settlement Agreement dated November 14, 2000, between the Company and Arkledun Drive LLC	Form 10-K for year ended December 31, 2000*

10.35	Consulting Agreement dated September 18, 2000, between the Company and Spinneret Financial Systems, Ltd.	Form 10-K for year ended December 31, 2000*

10.36	Securities Purchase Agreement dated March 27, 2001 between the Company and Belmont Resources Inc.	Form 10-K for year ended December 31, 2000*

10.37	Agreement dated April 9, 2001 between the Company and Belmont Resources Inc.	Form 10-K for year ended December 31, 2000*

10.38	Warrant Agreement dated September 8, 2000 with Oxbridge Limited	Form 10-K for year ended December 31, 2000*

10.39	Warrant Agreement dated September 8, 2000 with Rockwell International Ltd.	Form 10-K for year ended December 31, 2000*

10.40	Warrant Agreement dated September 8, 2000 with Conquest Financial Corporation	Form 10-K for year ended December 31, 2000*

10.41	Termination and Transfer Agreement dated June 23, 2000 between the Company and Belmont Resources, Inc.	Form 10-K for year ended December 31, 2000*

10.42	Loan Agreement dated March 3, 1999 between the Company and Pan Asia Mining Corp.	Form 10-K for year ended December 31, 2000*

Exhibit
Number	Title of Document	Location
2.1	Exchange Agreement between Northampton, Inc., and Energy Global, A.G.	Report on Form 8-K dated August 3, 1994, Exhibit No. 1*
10.43	Agreement dated July 14, 2000 between the Company and Oxbridge Limited	Form 10-K for year ended December 31, 2000*
2.2	Agreement and Plan of Merger between EuroGas, Inc., and Danube International Petroleum Company, Inc., dated July 3, 1996, as amended	Report on Form 8-K dated July 12, 1996, Exhibit No. 5*
10.44	Amended Agreement dated July 25, 2000 between the Company, Pan Asia Mining Corp., and Oxbridge Limited	Form 10-K for year ended December 31, 2000*
2.3	English translation of Transfer Agreement between EuroGas and OMV, Inc. for the Acquisition of OMV (Yakut) Exploration GmbH dated June 11, 1997	Report on Form 8-K dated June 11, 1997 Exhibit No. 1*
10.45	Settlement Agreement dated November 20, 2000 between the Company and Beaver River Resources, Ltd.	Form 10-K for year ended December 31, 2000*
2.4	Asset Exchange Agreement between EuroGas, Inc., and Beaver River Resources, Ltd., dated April 1, 1988	Report on Form S-1 dated July, 23, 1998 Exhibit No. 2.03*
10.46	Purchase of Judgment from Texas Bankruptcy Trustee on October 10. 2007/	Form 8-K filed on October 10,2007. *
3.1	Articles of Incorporation	Registration Statement on Form S- 18, File No. 33-1381-D Exhibit No. 1*
10-47	EuroGas, Inc. address change. December 31, 2007	Form 8-K filed on December 31,2007. *
3.2	Amended Bylaws	Annual Report on Form 10-K for the fiscal year ended September 30, 1990, Exhibit No. 1*
10-48	EuroGas, Inc. New Director appointed March 5, 2008	Form 8-K filed on March 5, 2008 *
3.3	Designation of Rights, Privileges, and Preferences of 1995 Series Preferred Stock	Quarterly Report on Form 10-QSB dated March 31, 1995, Exhibit No. 1*
10-49	2008 EuroGas, Inc. Regent Ventures May 1,2008	Form 8-K filed on May 1,2008. *
3.4	Designation of Rights, Privileges, and Preferences of 1996 Series Preferred Stock	Report on Form 8-K dated July 12, 1996, Exhibit No. 1*
10-50	EuroGas, Inc. McCallan oil & gas (UK) limited. May 29, 2008	Form 8-K filed on May 29, 2008. *
3.5	Designation of Rights, Privileges, and Preferences 1997 Series A Convertible Preferred Stock	Report on Form 8-K dated May 30, 1997 Exhibit No. 1*
10-51	2008 EuroGas, Inc. Ed Mueller appointed as director and address change for Company August 25,2008	Form 8-K filed on August 25, 2008exhibit 10-51 10 Q 3d Quarter 2008*
3.6	Designation of Rights, Privileges, and Preferences of 1998 Series B Convertible Preferred Stock	Report on Form S-1 Dated July 23, 1998 Exhibit No. 3.06*
21.1	Subsidiaries	Annual Report on Form 10- KSB for the Fiscal year ended December 31, 1995, Exhibit No. 24*
3.7	Articles of Share Exchange	Report on Form 8-K dated August 3, 1994, Exhibit No. 6*
31.1	Certification of Principal Executive Officer	Filed herewith
31.2	Certification of Principal Financial Officer	Filed herewith
32.1	Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.2	Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002	Filed herewith

Exhibit
Number	Title of Document	Location
3.8	Designation of Rights, Privileges, and Preferences of 1999 Series C 6% Convertible Preferred Stock	Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999
4.1	Subscription Agreement between EuroGas, Inc., and Thomson Kernaghan & Co., Ltd., dated May 29, 1998	Report on Form S-1 dated July 23, 1998 Exhibit No. 4.01*
4.2	Warrant Agreement dated July 12, 1996, with Danube Shareholder	Report on Form 8-K dated July 12, 1996, Exhibit No. 2*
4.3	Registration Rights Agreement Between EuroGas, Inc., and Thomson Kernaghan & Co., Ltd., dated May 29, 1998	Report on Form S-1 dated July 23, 1998 Exhibit No. 4.02*
4.4	Registration Rights Agreement dated July 12, 1996, with Danube Shareholder	Report on Form 8-K dated July 12, 1996 Exhibit No. 3*
4.5	Registration Rights Agreement by and among EuroGas, Inc., and Finance Credit & Development Corporation, Ltd., dated June 30, 1997	Report on Form S-1 dated July 23, 1998 Exhibit No. 4.06*
4.6	Option granted to the Trustees of the Estate of Bernice Pauahi Bishop	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 10*
4.7	Registration Rights Agreement by and among EuroGas, Inc., and Kukui, Inc., and the Trustees of the Estate of Bernice Pauahi Bishop	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 11*
4.8	Option issued to OMV Aktiengesellschaft to acquire up to 2,000,000 shares of restricted common stock	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1996, Exhibit No. 13*
4.9	Form of Convertible Debenture issued on January 12, 2000.	Quarterly report on Form 10-Q dated March 31, 2000.
10.1	English translation of Mining Usufruct Contract between The Minister of Environmental Protection, Natural Resources and Forestry of the Republic of Poland and Pol- Tex Methane, dated October 3, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 1*
10.2	Agreement between Polish Oil and Gas Mining Joint Stock Company and EuroGas, Inc., dated October 23, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 2*
10.3	1996 Stock Option and Award Plan	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 14*

* Incorporated by reference

Exhibit
Number	Title of Document	Location
10.4	Settlement Agreement by and among Kukui, Inc., and Pol- Tex Methane, Sp. zo.o., McKenzie Methane Rybnik, McKenzie Methane Jastrzebie, GlobeGas, B.V. (formerly known as McKenzie Methane Poland, B.V.), and the Unsecured Creditors' Trust of the Bankruptcy Estate of McKenzie Methane Corporation	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 15*
10.5	Acquisition Agreement between EuroGas, Inc., and Belmont Resources, Inc., dated July 22, 1998	Report on Form S-1 dated July 23, 1998 Exhibit No. 10.20*
10.6	General Agreement governing the operation of McKenzie Methane Poland, B.V.	Report on Form 8-K dated August 3, 1994, Exhibit No. 2*
10.7	Concession Agreement between Ministry of Environmental Protection, Natural Resources, and Forestry and Pol-Tex Methane Ltd.	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 18*
10.8	Association Agreement between NAFTA a.s. Gbely and Danube International Petroleum Company	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 19*
10.9	Agreement between Moravske' Naftove' Doly a.s. and Danube International Petroleum Company	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 20*
10.10	Form of Convertible Debenture	Report on Form 8-K dated August 3, 1994, Exhibit No. 7*
10.11	Form of Promissory Note, as amended, with attached list of shareholders	Annual Report on Form 10-KSB for the fiscal year ended December 31, 1995, Exhibit No. 23*
10.12	Amendment #1 to the Association Agreement Entered on 13th July 1995, between NAFTA a.s. Gbely and Danube International Petroleum Company	Annual Report on Form 10-KSB for the Fiscal year ended December 31, 1996, Exhibit No. 25*
10.13	Acquisition Agreement by and among Belmont Resources, Inc., EuroGas Incorporated, dated October 9, 1998	Form 10-Q Dated September 30, 1998 Exhibit No. 1*
10.14	Letter of Intent by and between Polish Oil and Gas Company and Pol-Tex Methane, dated April 28, 1997	Annual Report on Form 10-KSB for the Fiscal year ended December 31, 1996, Exhibit No. 27*

SIGNATURES

Exhibit
Number	Title of Document	Location
10.15	Purchase and Sale Agreement between Texaco Slask Sp. zo.o., Pol-Tex Methane Sp. zo.o. and GlobeGas B.V.	Report on Form 8-K Dated March 24, 1997 Exhibit No. 1*
10.16	English translation of Articles of Association of the TAKT Joint Venture dated June 7, 1991, as amended April 4, 1993	Report on Form 8-K/A Dated June 11, 1997 Exhibit No. 3*
10.17	English translation of Proposed Exploration and Production Sharing Contract for Hydrocarbons between the Republic of Sakha (Yakutia) and the Russian Federation and the TAKT Joint Venture	Report on Form 8-K/A Dated June 11, 1997 Exhibit No. 4*
10.18	English translation of Agreement on Joint Investment and Production Activities between EuroGas, Inc., and Zahidukrgeologia, dated May 14, 1998	Registration Statement on Form S-1 dated July 23, 1998 Exhibit No. 10.21*
10.19	English translation of Statutory Agreement of Association of Limited Liability Company with Foreign Investments between EuroGas, Inc., and Makyivs'ke Girs'ke Tovarystvo, dated June 17, 1998	Registration Statement on Form S-1 dated July 23, 1998 Exhibit No. 10.22*
10.20	Partnership Agreement between EuroGas, Inc., and RWE- DEA Aktiengesellschaft for Mineraloel and Chemie AG, date July 22, 1998	Amendment No. 1 to Registration Statement on Form S-1 dated August 3, 1998 Exhibit No. 10.23
10.21	Mining Usufruct Contract between The Minister of Environmental Protection, Natural Resources and Forestry of the Republic of Poland and Pol-Tex Methane, dated October 3, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 1*
10.22	Agreement between Polish Oil and Gas Mining Joint Stock Company and EuroGas, Inc., dated October 23, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 2*
10.23	Agreement for Acquisition of 5% Interest in a Subsidiary by and between EuroGas, Inc., B. Grohe, and T. Koerfer, dated November 11, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 3*
10.24	Option Agreement by and between EuroGas, Inc., and Beaver River Resources, Ltd., dated October 31, 1997	Quarterly Report on Form 10-Q dated September 30, 1997 Exhibit No. 4*
10.25	Lease Agreement dated September 3, 1996, between Potomac Corporation and the Company; Letter of Amendment dated September 30, 1999.	Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999*
10.26	Sublease dated November 2, 1999, between Scotdean Limited and the Company	Registration Statement on Form S-1, File No. 333-92009, filed onDecember 2, 1999*

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Exhibit
	EUROGAS, INC.
Number	Title of Document		Location
	(Registrant)
10.27	Securities Purchase Agreement dated November 4, 1999, between the Company and Arkledun Drive LLC		Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999*
Date: March 1, 2010	By	/s/ Wolfgang Rauball
10.28	Registration Rights Agreement dated November 4, 1999, between the Company and Arkledun Drive LLC		Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999*
		Wolfgang Rauball
10.29	Supplemental Agreement dated November 4, 1999, between the Company and Arkledun Drive LLC		Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999*
		Chief Executive Officer
10.30	Executive Employment Agreement dated April 20, 1999 between the Company and Karl Arleth		Registration Statement on Form S-1, File No. 333-92009, filed on December 2, 1999*
Date: March 1, 2010	By	/s/ Harald Schmidt
10.31	Settlement Agreement dated June 16, 2000, between the Company and FCOC		Form 10-K for year ended December 31, 2000*
		Harald Schmidt
10.32	Securities Purchase Agreement dated October 2, 2000, between the Company and Arkledun Drive LLC		Form 10-K for year ended December 31, 2000*
		Executive Vice President
10.33	Registration Rights Agreement dated October 2, 2000, between the Company and Arkledun Drive LLC		Form 10-K for year ended December 31, 2000*
		Interim Accounting and Financial Officer
10.34	Settlement Agreement dated November 14, 2000, between the Company and Arkledun Drive LLC		Form 10-K for year ended December 31, 2000*
10.35	Consulting Agreement dated September 18, 2000, between the Company and Spinneret Financial Systems, Ltd.		Form 10-K for year ended December 31, 2000*
10.36	Securities Purchase Agreement dated March 27, 2001 between the Company and Belmont Resources Inc.		Form 10-K for year ended December 31, 2000*
10.37	Agreement dated April 9, 2001 between the Company and Belmont Resources Inc.		Form 10-K for year ended December 31, 2000*
10.38	Warrant Agreement dated September 8, 2000 with Oxbridge Limited		Form 10-K for year ended December 31, 2000*
10.39	Warrant Agreement dated September 8, 2000 with Rockwell International Ltd.		Form 10-K for year ended December 31, 2000*
10.40	Warrant Agreement dated September 8, 2000 with Conquest Financial Corporation		Form 10-K for year ended December 31, 2000*
10.41	Termination and Transfer Agreement dated June 23, 2000 between the Company and Belmont Resources, Inc.		Form 10-K for year ended December 31, 2000*
10.42	Loan Agreement dated March 3, 1999 between the Company and Pan Asia Mining Corp.		Form 10-K for year ended December 31, 2000*

Exhibit
Number	Title of Document	Location
10.43	Agreement dated July 14, 2000 between the Company and Oxbridge Limited	Form 10-K for year ended December 31, 2000*
10.44	Amended Agreement dated July 25, 2000 between the Company, Pan Asia Mining Corp., and Oxbridge Limited	Form 10-K for year ended December 31, 2000*
10.45	Settlement Agreement dated November 20, 2000 between the Company and Beaver River Resources, Ltd.	Form 10-K for year ended December 31, 2000*
10.46	Purchase of Judgment from Texas Bankruptcy Trustee on October 10. 2007/	Form 8-K filed on October 10,2007. *
10-47	EuroGas, Inc. address change. December 31, 2007	Form 8-K filed on December 31,2007. *
10-48	EuroGas, Inc. New Director appointed March 5, 2008	Form 8-K filed on March 5, 2008 *
10-49	2008 EuroGas, Inc. Regent Ventures May 1,2008	Form 8-K filed on May 1,2008. *
10-50	EuroGas, Inc. McCallan oil & gas (UK) limited. May 29, 2008	Form 8-K filed on May 29, 2008. *
10-51	2008 EuroGas, Inc. Ed Mueller appointed as director and address change for Company August 25,2008	Form 8-K filed on August 25, 2008exhibit 10-51 10 Q 3d Quarter 2008*
21.1	Subsidiaries	Annual Report on Form 10- KSB for the Fiscal year ended December 31, 1995, Exhibit No. 24*
31.1	Certification of Principal Executive Officer	Filed herewith
31.2	Certification of Principal Financial Officer	Filed herewith
32.1	Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.2	Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002	Filed herewith

* Incorporated by reference

(b) Two current reports on Form 8-K were filed during the reporting quarter.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	EUROGAS, INC.
	(Registrant)
Date: August 6, 2009	By	/s/ Wolfgang Rauball
		Wolfgang Rauball
		Chief Executive Officer
Date: August 6 , 2009	By	/s/ Hank Blankenstein
		Hank Blankenstein
		Principal Accounting and Financial Officer

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