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EUROGAS CORPORATION

EUROGAS CORPORATION. Annual & Special Meeting June 14, 2011. Eurogas Corporation Corporate Organization. Castor Underground Gas Storage Project. Details of Castor Project. 1.3 bcm of working gas 25 MM m 3 per day withdrawal rate € 1.6 billion including financing costs

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EUROGAS CORPORATION

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  1. EUROGAS CORPORATION Annual & Special Meeting June 14, 2011

  2. Eurogas CorporationCorporate Organization

  3. Castor Underground Gas Storage Project

  4. Details of Castor Project • 1.3 bcm of working gas • 25 MM m3 per day withdrawal rate • € 1.6 billion including financing costs • Syndicate of 19 banks to provide €1.3 billion • Term of loan: 10 years • European Investment Bank to provide €600 million • Security: CLP pledges its equity ownership in Escal UGS SL • Debt / equity ratio: 85 / 15 - ACS provides equity until project start-up - ACS provides bank guarantees for cost over-runs & other commitments

  5. 2010-11 Activities at Castor UGS Offshore • positioned wellhead platform and commenced drilling August 2010 • scheduled to complete drilling 12 wells by November 2011

  6. 2010-11 Activities at Castor UGS (con’t) Offshore • began construction on main platform • plan to set platform on location in November 2011 • designed 30-inch offshore pipeline for December 2011 completion

  7. 2010-11 Activities at Castor UGS • Onshore • construction completion of plant by December 2011 • commission plant during Q1 2012 • complete construction of pipeline by July 2011

  8. 30-inch pipeline landing

  9. Summary of the Castor Project Overall project completion at 70% Costs incurred to March 31, 2011 at € 800 million Mechanical completion early 2012 Commence cushion gas injection over remainder of 2012 Castor Project operational in first half of 2013

  10. Ontario Oil & Gas Assets Toronto Niagara Falls 65,000 acres 902,000 acres Detroit

  11. Ontario Asset Acquisition Acquisition price $129 million (before adjustments) Effective date March 1, 2010 Closing date June 29, 2010 Funding of acquisition Cash of $65 million Bank debt of $64 million

  12. Offshore fleet of barges & supply boats

  13. 2010 Operating Results for 6 months Production Gas 10.4 MMcf/d Oil 688 bpd Proved reserves to Dec 31, 2010 Gas 59.7 bcf, RLI of 15.5 years Oil 1.7 million bbl, RLI of 7.1 years Net operating cash flow $ 1.8 million per month Netbacks Gas $ 2.42 per mcf Oil $ 48.49 per bbl

  14. 2011 Capital Exploration Program Capital Expenditure $9.0 million Offshore Well abandonment program – 15 wells Drill 3 wells: two horizontal Workovers Well monitoring devices Onshore Drill 4 wells: one horizontal Up to 12 workovers Acquire 3-dimensional seismic

  15. 2011 Social Responsibility Program Focused on • childhood education • environment • community activities

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