Message #1 From:
NewsBot Date: December 18, 2007 09:10:28 PM
Scottish Court of Session Finds Eurasia Not Liable for Damages
Eurasia Energy Limited ("Eurasia") (OTCBB: EUEN) announces that in a
first instance decision released on December 14, 2007, the Scottish
Court of Session (the "Court") has found Eurasia not liable to
Commonwealth Oil & Gas Company Limited ("Commonwealth") for any
loss which may have been suffered by Commonwealth as a result of
Eurasia entering into its memorandum of understanding with the State
Oil Company of the Azerbaijan Republic ("SOCAR") on December 7, 2005
(the "MOU"). The MOU expired on December 7, 2006. This decision of the
Court clears the way for Eurasia to pursue oil and gas exploration
projects in Azerbaijan.
The Court also concluded that Eurasia's C.E.O. and Director, Mr.
Nicholas W. Baxter, breached his fiduciary duty to Commonwealth by
securing the MOU for Eurasia at a time when Mr. Baxter was a director
of both Eurasia and Commonwealth. The Court concluded that Mr. Baxter
did not knowingly or dishonestly act in breach of his fiduciary duties
to Commonwealth. However, it is the Court's view that Mr. Baxter should
have disclosed the MOU opportunity to Commonwealth and obtained its
permission to pursue the MOU opportunity on his own behalf or on behalf
of Eurasia.
BY ORDER OF THE BOARD
Gerald R. Tuskey, Director
Forward-Looking Statements: This news release may include certain
forward-looking statements including, but not limited to, projections
of revenue, income or loss and capital expenditures, statements
regarding future operations, financing needs, plans relating to
products or services of the Company, assessments of materiality,
predictions of future events and the effects of pending and possible
litigation, as well as assumptions relating to the foregoing. In
addition, when used in this discussion, the words "anticipates",
"believes", "estimates", "expects", "intends", "plans", "should", and
variations thereof and similar expressions are intended to identify
forward-looking statements. Such forward-looking statements are subject
to various risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of factors,
including but not limited to the Company's ability to manage rapid
growth as a result of internal expansion and strategic acquisitions,
the impact of competitive products and pricing, product demand and
market acceptance, new product development, reliance on key strategic
alliances, the regulatory environment, fluctuations in operating
results and other risks.
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995: This release contains forward-looking statements
that are subject to risks and uncertainties, including, but not limited
to, the impact of competitive products and pricing, product demand and
market acceptance, new product development, reliance on key strategic
alliances, availability of raw materials, the regulatory environment,
fluctuations in operating results and other risks detailed from time to
time in the company's filings with the Securities and Exchange
Commission.
Contacts:
Eurasia Energy Limited
Nicholas W. Baxter
President, C.E.O. and Director
+44 (0)7881 814431
