This article approaches the problem of EOG artifact correction using one EOG channel from a biophysical point of view. It shows that recordings from one EOG channel are sufficient to correct artifacts from one-dimensional eye movements not exceeding 30 degrees . We prove that the subtraction method "corrected EEG=measured EEG-backward propagation * measured EOG" yields the uncorrupted EEG trace up to scaling despite possible influences of forward propagation. Further, a special calibration paradigm (aligned artifact average, AAA) is investigated, and algorithms are presented to calculate the exact backward propagation. Experimental results from 13 subjects are shown, supporting the theoretical prediction of optimal correction.