Contact Information: Contact Information: Company Contact: Naeem Tyab Mogul Energy Tel: 206-357-4220 naeem@mogulenergy.com http://www.mogulenergy.com
Mogul Energy International, Inc. Announces It Has Spudded Its First Well
| Source: Mogul Energy International, Inc.
SEATTLE, WA--(Marketwire - November 21, 2008) - Mogul Energy International, Inc. (OTCBB : MGUY )
announces that the company has commenced its drill program involving the
Walpole properties located in southeastern Saskatchewan. Mogul Energy
representative has confirmed that the first well has been spudded
successfully. The first well is to be drilled to a total depth of 1100
meters testing the Torquay, Souris Valley and Bakken Formations. The
company has also announced that with the assistance of CODECO Energy Group,
it has completed construction on its second location. Naeem Tyab, Mogul
company President stated, "We are pleased to announce that we are now
spudding our first well, ahead of the December 1, 2008 scheduled start
date." Results from this well tests and drilling on the second location
will be announced in the weeks ahead.
Information concerning Mogul Energy International:
Mogul Energy is an oil and gas exploration company with headquarters in
Seattle, Washington. Mogul also has a 100% working interest in oil and gas
leases on approximately 9,300 acres of land in South East Saskatchewan,
Canada.
Mogul Energy is a Delaware corporation with its principal place of business
in Seattle, Washington. 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 oil and gas properties in Egypt and Canada, 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.