Michael Slater Appointed President of EuroGas; Former Texaco Executive to Oversee Development of Carpathian Oil and Gas Assets, Talc Mine and Canadian Gas Production.

Business Editors

VIENNA, Austria--(BUSINESS WIRE)--March 12, 2002

EuroGas, Inc. (OTCBB:EUGS) (Frankfurt Stock Exchange:EUG.F) today announced the appointment of Michael J. Slater as president, EuroGas, Inc.

Andrew Andraczke will remain chief operating officer of EuroGas, Inc. and Wolfgang Rauball will remain chairman & chief executive officer of EuroGas, Inc.

Slater will focus on maximizing cash flow from EuroGas's various oil and gas assets, including the Company's vast oil and gas land holdings in the Carpathians, and the Company's Beaver River gas project. Slater will also accelerate the pace of development of the company's talc mine in Slovakia.

"Mike Slater's international expertise in generating and developing successful oil and gas projects for Texaco makes him ideally suited to obtain the highest maximum yield from our asset portfolio," said Wolfgang Rauball, EuroGas chairman & CEO. "Mike's expertise, particularly in Eastern Europe, will have a significant bearing on our ability to develop our Carpathian oil and gas assets, where we are the single largest landholders."

"I am delighted to join EuroGas and look forward to help to develop the company's assets into significant cash flow producers. Senior management is united in this mission, the successful outcome of which will maximize shareholder value " stated Michael Slater, president, EuroGas, Inc.

From 1995 through early 2002, Slater served as vice-president, Negotiations, Texaco Exploration in London, United Kingdom where he developed exploration projects in Europe, the FSU (Former Soviet Union), the North Sea and Africa. Slater was especially active in developing projects in Eastern Europe and the FSU.

From 1990 until 1995, Slater was head of Representation and vice-president, Texaco Petroleum Development Company, in Moscow where he was responsible for establishing new offices; developing relationships with numerous Soviet and Russian government officials; and, forging alliances with Russian oil and gas companies. During the course of his assignment in Russia, Slater worked extensively on Texaco's Timan Pechora and Sakhalin Projects.

Prior to his Russian appointment, Slater was Petroleum Operations manager, Texaco Netherlands International Inc. based in Zagreb, Yugoslavia and responsible for operations in Croatia. Slater evaluated and developed new projects for Texaco, as well as heading management of offshore drilling operations in the Adriatic Sea.

During his 24 year tenure with Texaco, Slater held positions as senior geologist involved in oil and gas exploration play generation in Europe, Africa and Asia, well-site geologist in Kalimantan Borneo; and petroleum geologist with experience in the North Sea, Ireland and Norway.

Slater received his Ph.D. Geology from Cambridge University and his BScience (Honours) in Geology from Kings College, London.

About EuroGas:

EuroGas is an international, independent energy company that controls oil and gas concessions in Poland, Slovakia and has oil and gas exploration and development joint ventures in Canada, Poland, and the Slovak Republic. The company is also developing a talc mine in the Slovak Republic. EuroGas, Inc. common stock is traded on the OTC Bulletin Board under the symbol EUGS, and on the Frankfurt and Berlin stock exchanges under the symbols, EUG.F, EUG.B, respectively.

For a discussion of the contingencies and uncertainties to which information respecting future events is subject, see EuroGas annual report on Form 10-KSB and other SEC reports. For further information:

In North America, contact: Philippe Niemetz or Walter DeCanio

212/785-2626

888/EUROGAS

Email: [e-mail]

This press release contains certain forward-looking statements and information relating to the Company that is based on the beliefs of management as well as assumptions made by and information currently available to management. When used in this document, the words, "anticipate", "believe", "estimate", "expect" and "intend" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company reflecting future events and are subject to certain risks, uncertainties and assumptions including the risks and uncertainties noted. Should one or more of these risks materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected or intended. For a discussion of the contingencies and uncertainties to which information respecting future events is subject, see EuroGas' Form 10-KSB. This press release contains references to certain past events, which have been discussed in previous news releases and regulator