EuroGas, Inc. says that its affiliate EuroGas Polska Sp. z o.o has entered into a Confidentiality & Secrecy Agreement with one of the world's largest oil companies which had expressed an interest in evaluating and possibly acquiring certain EuroGas Polska oil and gas assets.

EuroGas Polska is a wholly owned subsidiary of McCallan Oil & Gas UK Ltd., of which 30% is owned by EuroGas, Inc. EuroGas, Inc. also owns an option to acquire the remaining 70% of McCallan which it doesn't currently own.

EuroGas Polska is currently disclosing and submitting to the interested party all relevant geological and technical data, including the latest results from the $ 8,000,000 seismic program at Biesczszady which was conducted by PGNiG, Poland's national oil & gas concern in 2009.

Separately, the company says that the London based independent petroleum consulting firm Gaffney Cline & Associates submitted an updated reserve report showing a substantial increase in oil reserves at Biesczszady concessions in South East Poland in which EuroGas Polska has a 24% interest.

Tags: EuroGas, Inc.