EuroGas Enters Agreement to Acquire 45% Interest in McCallan Oil & Gas U.K.

EuroGas, Inc. (PINK:EUGS) enters into an agreement to acquire the remaining 45% interest in McCallan Oil & Gas.

The press release is quoted as saying:

Once the acquisition is completed, which is expected by the end of February 2011, EuroGas will own 100% of the common stock of McCallan. McCallan’s main assets are its wholly-owned subsidiaries EuroGas Polska sp.zo.o (“EuroGas Polska”), a Polish company, and Vienna, Austria-based EuroGas GmbH (“EuroGas Austria”) McCallan. EuroGas 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.

Click here to access the entire press release