Eurogas International Inc. is an independent oil and natural gas exploration company. The Company focuses on oil and natural gas reserves. The Company holds working interest in the Sfax offshore exploration permit (the Sfax Permit) and the Ras El Besh Concession. The Company's Sfax offshore exploration permit covers approximately 800,000 acres in the shallow Mediterranean waters in the Gulf of Gabes, offshore Tunisia and southeast of the city of Sfax. The Sfax permit is bordered by producing oil and natural gas fields to the west, north and east, including the 330-million barrel Ashtart oil field adjacent to the southeast boundary. The Company holds interest in Innovative Production Services, Ltd. (IPS), which is engaged in the ownership and continuing maintenance of a mobile offshore production unit (the MOPU). The Ras El Besh prospect is a 16,802-acre area carved out of the Sfax Permit. The Company has no revenues.