SOURCE: Mogul Energy International, Inc.

November 21, 2008 09:33 ET

Mogul Energy International, Inc. Announces It Has Spudded Its First Well

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.

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