HOUSTON, TX--(Marketwire - February 3, 2011) - Mogul Energy International, Inc. (OTCBB: MGUY) ("Mogul") today announced it has received the approved drilling permit from the Texas Railroad Commission for its proposed Stafford Well #1 in Jackson County, Texas.

As operator of the Stafford Well #1, Mogul anticipates the drilling, to total depth of 7,400 feet, will take approximately 8 to 10 days. Logging and any additional testing will occur immediately after drilling is complete. Mogul, with its 15% net working interest, together with its partners, will test several prospective zones within the Frio formation. Pending results of the first well will determine if additional offset locations will be immediately planned.

President and CEO, Tim Turner said, "We are excited to be moving forward with our first exploitation prospect in Texas. Mogul's team has spent the last several months studying data and well logs from offset producing wells, in several prospects, and we are eager to test the potential that the Stafford Well #1 may bring as our first prospect. With the drilling permit approved, the signed drilling contract in hand and the funds in place, Mogul is ready to spud the well as soon as possible. Drill site preparations have been initiated and as soon as that is complete, we will look to move the rig onto the location and begin drilling operations."

About Mogul Energy International, Inc.:

Mogul Energy International, Inc. ("Mogul") is an oil and gas exploration company headquartered in Houston, Texas. The common shares of Mogul 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 can be found in the company's filings with the U.S. Securities and Exchange Commission (http://www.sec.gov). For more information about Mogul Energy International, Inc., go to www.mogulenergy.com.

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. Inherent in Mogul Energy International, Inc.'s ("Mogul") business plan is a belief that Mogul can successfully explore oil and gas properties in the United States and that Mogul 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'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 assumes no obligation to update or supplement such forward-looking statements other than as required by law.

Contact Information:

For more information, contact:
Naeem Tyab
Mogul Energy International, Inc.

Tim Turner
President and CEO
Mogul Energy International, Inc.
2500 Wilcrest Dr., Ste. 405
Houston, TX 77042