HOUSTON, TX--(Marketwire - February 25, 2011) - Mogul Energy International, Inc. (
The Stafford Well #1 is permitted to a total depth of 7,400 feet and will test several potential intervals within the Frio formation. Management anticipates the drilling to total depth will take about 8 days. Well completion and testing should begin immediately thereafter.
The targeted zones are predicted at depths between 5,570 and 7,350 feet. Pending positive results, an additional 6 potential development well locations are indicated. Based on analysis of productive well histories offsetting this location, Mogul anticipates testing up to 12 potential oil saturated zones and 2 potential gas zones.
President and CEO Tim Turner said, "Our team has worked very hard to get to the stage where we would spud the first well in our South Texas development program. Mogul and our partners certainly look forward to reaching TD sometime late next week and testing these potential zones and seeing the results of our efforts."
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:
Tim Turner, President and CEO
Mogul Energy International, Inc.
2500 Wilcrest Dr., Ste. 405
Houston, TX 77042
(713) 784-2446