SOURCE: Mogul Energy International, Inc.

Mogul Energy International, Inc.

October 20, 2010 08:30 ET

Mogul Energy International, Inc. Announces the Appointment of John Masters as Chairman of the Board

SEATTLE, WA--(Marketwire - October 20, 2010) -  Mogul Energy International, Inc. ("Mogul") (OTCBB: MGUY) (FSE: BKX) announces John Masters has joined the management team of Mogul as Chairman of the Board, effective October 18, 2010.

Mr. Masters is recognized by the AAPG (American Association of Petroleum Geologists) as one of the leading oil and gas explorers of the 20th century and has more than 20 discoveries to his credit. Mr. Masters co-founded Canadian Hunter. Canadian Hunter grew from one of the smallest of the 712 registered energy companies in Calgary in 1972 to the 12th largest 20 years later. During this period, Canadian Hunter discovered more than 16 significant gas fields including Canada's largest, the Elmworth field, which is a 30TCF pool and ranks as the third largest producing field in North America. Under Mr. Masters' leadership Canadian Hunter grew from an initial investment of $5 million in 1973 to a value of $3.3 billion in 2001 when sold to Burlington Resources. Mr. Masters will be assisting with the addition of new members to the Mogul management team and the Mogul advisory board. These new members will be actively reviewing the many oil and gas prospect files generated by Mr. Masters in his long career.

Mr. Naeem Tyab, the Company's President, stated: "I am delighted that Mr. Masters will be working to further develop our leadership team by agreeing to the role of Chairman of Mogul. Mr. Masters brings a significant level of contacts that can give us access to many important decision makers in the industry." Mr. Tyab went on to say that, "The company is at a stage which warrants emphasis on developing exploration and production opportunities that we have in inventory, and I am certain that John's strength, vision and industry contacts will help create an eminent position for our company in the upstream oil and gas industry."

Information concerning Mogul Energy International, Inc.:

Mogul Energy International, Inc. ("Mogul") is an oil and gas exploration company with headquarters in Seattle, Washington. 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).

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 Canada and 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