EUROGAS INTERNATIONAL INC.

ANNUAL GENERAL MEETING

June 15, 2009

CNSX: “EI”

Assets of the Company

• 45% participating interest in the Sfax Permit comprising 1 million acres

• 45% ownership of an offshore production platform

Eurogas International Inc.

• August 5, 2008: Eurogas International Inc. (EII) was launched as an independent company

• Each shareholder of Eurogas Corporation received one newly issued common share of EII for every five shares of the Eurogas Corporation shares held

• Eurogas Corporation holds Preferred Shares: face value $32.5MM

• EII was funded with $10 million in treasury

• On March 31, 2009, EII began trading on the Canadian National Stock Exchange (CNSX) under the symbol “EI”.

Sfax Permit Area

Ras El Besh 3 Exploration Wells

• REB3 drilled in 2008 as commitment well for the Sfax Exploration Permit

• Targeted the El Garia and Reineche carbonate formations down to 2300 m

• Drilling costs paid by farmin partner

• Results: El Garia oily but low permeability

Reineche tested 280 API oil Drilled sidetrack: tested oil Re-processing of seismic

required

Farmin by Delta Hydrocarbons

• April 2008: Delta farmed in for a 50% participating interest in the Sfax permit area and the production platform

• Delta commitment: spend US$125 million

• EII participating interest from 45% to 22.5%

• EII received US$ 11.2 million cash

• May 22, 2009: Delta exits after spending US$ 110 million

- Delta exit terms: Eurogas participating interest returns to 45% - Delta responsible for 50% of abandonment costs at REB3- Agreement to monetize production platform- Delta can recover up to $20 million from sale of equipment or oil- Delta retains 50% participating interest in Seawolf arbitration

Sfax Permit: a portfolio of prospects

• Reineche structures to follow up on REB3- Cercina: 12 MM bbl oil recovered, 2500 bopd- Chergui: 88 bcf gas, 50 MMcf/d

• Ashtart satellites- Ashtart field: 330 MM bbl oil produced, 8500 bopd

• Salloum prospect- flow tested 1,800 bopd

• Jawhara prospect- flow tested 1,200 bopd

Exploration Program

• Geological studies

- 3D basin modeling study- Reineche carbonate study- Bireno carbonate study

• Geophysical activity

- Reprocess 2004 Sfax 3D survey- Reprocess 2007 Anadarko 3D survey- Reprocess 2007 Salloum 3D survey- Reprocess older 3D survey on Ashtart- Thin bed analysis on all seismic

• Reineche 2D seismic program depends on reprocessing results: likely 2010

Offshore Production Platform

• EII ownership: 45% of Innovative Production Systems Inc.

• Sold 50% to Delta for US$ 16.5 MM (gross)

• Repairs / modifications paid by Delta totalling US$ 13.6 MM

• 2009 Budget of $6MM to be spent on further improvements and refurbishment to prepare for lease or sale

2009 Budget Summary for Sfax Permit Area

• Sfax Permit Area US$ 5.4 MM

Delta spending in Q1 2009 ($ 1.8 MM)

Net to EII US$ 1.7 MM

• Production Platform

Repairs and upgrades US$ 6.0 MMDelta spending in Q1 2009 ($ 1.9 MM)

Net to EII US$ 1.8 MM

• TOTAL net to EII for 2009 US$ 3.5 MM