Contact Information: Contact Information: Company Contact Naeem Tyab Mogul Energy 206-357-4220 naeem@mogulenergy.com http://www.mogulenergy.com
Mogul Energy Announces Sea Dragon Energy Inc.'s IPO
| Source: Mogul Energy International, Inc.
SEATTLE, WA--(Marketwire - July 16, 2008) - Mogul Energy International, Inc. (OTCBB : MGUY )
(FRANKFURT : BKX ) (the "Company" or "Mogul") has been notified that Sea
Dragon Energy Inc. ("Sea Dragon") closed its initial public offering
("IPO") of common shares on the TSX Venture Exchange, on July 15, 2008,
raising gross proceeds of CAD $35,000,000 at $0.60 per share.
Mogul owns 4 million common shares of Sea Dragon through its April 24,
2008, Agreement of Purchase and Sale with Sea Dragon, wherein the Company
exchanged its 20% working interest in the EWA Concession in exchange for
satisfaction of its outstanding liabilities relating to the Company's drill
program on the EWA Concession and a cash payment of US$100,000 and equity
participation in the amount of 4 million common shares of Sea Dragon.
Information concerning Mogul Energy International:
Mogul Energy is an oil and gas exploration company with headquarters in
Seattle, Washington. Mogul Energy has acquired a portfolio of oil and gas
leases in South East Saskatchewan, Canada. The Company has a 100% interest
in sixty-eight (68) separate freehold oil and gas exploration leases on
approximately 9,300 acres situated in South East Saskatchewan.
The common shares of Mogul Energy are quoted on the OTC Bulletin Board
(OTCBB) system under the symbol 'MGUY,' and the Frankfurt Stock Exchange
("FSE") under the symbol 'BKX'. Further information concerning Mogul Energy
can be found in the Company's filings with the U.S. Securities and Exchange
Commission (http://www.sec.gov).
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning
of the securities laws, which are based on current expectations and
beliefs, as well as on a number of assumptions concerning future events
made with information that is currently available. Statements in this news
release that are not historical facts are forward-looking statements that
are subject to risks and uncertainties. Words such as "expects," "intends,"
"plans," "may," "could," "should," "anticipates," "likely," "believes" and
words of similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses and
other information that are based on forecasts of future results, estimates
of amounts not yet determined and assumptions of management, including, but
not limited to, the Company's ability to negotiate, enter into, perform and
consummate the business combination described in this release. Inherent in
the Company's business plan is a belief that Mogul Energy can successfully
explore international oil and gas properties and that the Company can
participate in the development of those properties. Readers are cautioned
not to put undue reliance on such forward-looking statements, which are not
a guarantee of performance and are subject to a number of uncertainties and
other factors, many of which are outside of Mogul Energy's control, which
could cause actual results to differ materially from such statements. For a
more detailed description of the factors that could cause such a
difference, please refer to Mogul Energy's filings with the U.S. Securities
and Exchange Commission. Mogul Energy International, Inc. assumes no
obligation to update or supplement such forward-looking statements other
than as required by law.