Regent Ventures Ltd RGVNF

REV PR

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Regent Ventures extends option to EuroGas

Regent Ventures Ltd (C:REV)
Shares Issued 70,152,255
Last Close 4/15/2010
.115
Thursday April 15 2010 - News Release

Mr. Richard Wilson reports

REGENT FURTHER EXTENDS OPTION TO EUROGAS, INC. TO PURCHASE SHARES OF MCCALLAN

Regent Ventures Ltd. has entered into a further amending agreement with EuroGas, Inc. extending the terms for the exercise of the option granted to EuroGas to acquire all of the shares of McCallan Oil & Gas (U.K.) Ltd. held by Regent. EuroGas is in the midst of negotiations with respect to the oil and gas interests held by McCallan and was not able to close its related financing in time to make the payment of $3,000,000 due on March 31, 2010 under the original agreement as previously amended. Pursuant to its news release dated April 13, 2010, EuroGas has signed a confidentiality agreement with a subsidiary of Total S.A., one of the world's largest oil companies, with respect to the evaluation and possible acquisition of certain oil and/or gas interests in Poland and the Ukraine held by McCallan through its subsidiary, EuroGas Polska sp.z o.o.

In consideration of Regent agreeing to extend the due date for the $3,000,000 cash purchase consideration to June 30, 2010, EuroGas has agreed to issue to Regent an additional 1,000,000 shares in the capital of EuroGas, free of any legend or restriction from trading, Additionally, EuroGas has agreed to modify Regent's option under the original agreement to provide that Regent can convert up to one-half of the cash payment due to shares of EuroGas at the lower of the then market price as quoted on the Frankfurt Stock Exchange or CAN
.25 per share. In all other respects, the original agreement as previously amended remains in full force and effect and Regent continues to have the option to convert the balance of the cash payment to shares of EuroGas at the then market price. Any shares elected to be received by Regent in lieu of cash would be subject to the usual regulatory hold periods.

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