|By Marketwire .||
|March 5, 2013 01:49 PM EST|
ANGUILLA, BRITISH WEST INDIES -- (Marketwire) -- 03/05/13 -- Eurasia Energy Limited ("Eurasia") (OTCQB:EUENF) provides the following update for its fiscal year ended December 31, 2012. Eurasia management believes that Eurasia has exhausted all currently available avenues for advancing its interest in the Alyat-Deniz Project in Azerbaijan. The Alyat Deniz Project was identified by management in 2005 and Eurasia signed a memorandum of understanding with SOCAR in December, 2005 to study and potentially earn the rights to advance development of the study area. Since first identifying the Alyat-Deniz Project Eurasia has faced competition on various fronts from more developed and well financed companies vying to establish or extend their oil and gas holdings in the region. Despite our management team's experience and past success in Azerbaijan and the inclusion of experienced and well financed participating partners we have not attained our goal and our company does not consider it prudent to continue to compete for this project. Management remains interested in developing new projects in Azerbaijan in the future and values the relationships which have been forged in country over the years. Management will continue to assess its oil and gas industry contacts with a view to potentially sourcing a new project which will benefit from the inclusion of Eurasia as a publically traded investment platform. We will also continue to preserve working capital and estimate that Eurasia can maintain its operations and public listing for four to five years with cash on hand without having to complete an equity or debt financing. No management salaries were accrued or paid in the fiscal year ended December 31, 2012 and no remuneration payments will be made to Eurasia management in 2013. Eurasia's officers and directors are significant shareholders of the company and will ultimately be rewarded only if the company succeeds and that success is reflected in its share price. The Board of Directors has set Thursday, July 11, 2013 for Eurasia's annual general meeting of shareholders to be held in Anguilla, British West Indies.
BY ORDER OF THE BOARD OF DIRECTORS
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.
Eurasia Energy Limited
Gerald R. Tuskey
+44 (0)7881 814431