Contact Information: Contact Information: Company Contact: Naeem Tyab Mogul Energy Tel: 206-357-4220 naeem@mogulenergy.com http://www.mogulenergy.com
Mogul Energy Announces Agreement to Acquire a 40% Interest in Excelaron LLC
| Source: Mogul Energy International Inc.
SEATTLE, WA--(Marketwire - February 18, 2009) - Mogul Energy International, Inc. (OTCBB : MGUY )
(FRANKFURT : BKX ) announced today that it has entered into an agreement with
Excelaron LLC wherein Mogul Energy has acquired a 40% membership interest
in Excelaron LLC, a California-based company. Excelaron LLC is in the
process of developing oil and gas leases that Excelaron has entered into
that are located in the state of California. Naeem Tyab, President of Mogul
Energy, stated, "I believe that the agreement for Mogul Energy to acquire a
40% interest in Excelaron and to work with Excelaron to develop an oil and
gas project in California presents a tremendous opportunity for the
Company." Greater detail as to the agreement and other activities of the
Company may be found in the Company EDGAR filings at www.sec.gov.
Information concerning Mogul Energy International:
Mogul Energy is an oil and gas exploration company with headquarters in
Seattle, Washington.
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.