HOUSTON, TX--(Marketwire - March 7, 2011) - Mogul Energy International, Inc. ("Mogul") (
Initial open-hole logging indicates multiple productive zones from the Frio formation with both oil and gas shows. The deepest prospective oil zone shows a structural sand 10 feet higher to an offsetting productive well with a sand thickness of 5 ½ feet with a 33% porosity and 20% water saturation. The cumulative thickness of these productive sands was greater than originally expected. Additional tests and analysis of the several other productive zones will continue while the casing is installed, cemented and surface equipment are put into place. Mogul will evaluate the results of this well for potential offsetting locations in the near future.
Chairman of the Board Naeem Tyab said, "I am very pleased with the results of the initial well in our South Texas drilling program. A great deal of gratitude goes to our engineering team, our geologists, the drillers and everyone involved in this effort."
President and CEO Tim Turner said, "Our discovery near the La Ward NE Field is an important development for our Company. Current plans consist of completing the well for both oil and gas production with connections to nearby infrastructure, and we anticipate the first production from this well in a matter of weeks. We look forward to continuing this success with our other South Texas prospects currently being developed."
Mogul operates the Stafford well discovery with a 15.00 percent working interest. Other interest owners in the discovery are Fossil Oil Company, LLC with 33.33 percent, C. H. Squyres Family, LLC with 33.33 percent, Aura Oil Holdings Ltd. with 8.33 percent, Global Oil & Gas Resources, Inc. with 5.00 percent, Dolomiti Partners, LLC with 2.5 percent and Indian Lane Assoc., LLC with 2.50 percent.
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