HOUSTON, Dec. 8, 2011 /PRNewswire/ -- Mogul Energy
International, Inc. ("Mogul") has filed with and received from the
Texas Railroad Commission a permit to drill the Werland Heirs Well
#1 in Aransas County, Texas.
The staked well location, permitted to a total depth of 9,600
feet, is approximately 2 miles south of Bayside in the D.C. Barrett League, A-321
Survey. Mogul anticipates several potentially productive
zones from the Frio formation, all
of which will be tested.
The Werland Heirs Well #1 has received 100% participation of all
working interest owners. The leases currently have the following
working interest owners, all of whom are participating in the well:
Global Oil and Gas Resources, Inc.; GM and Partners, Corp.; RDR
Capital Investors, LLC; and Merek Contract Services, Inc.; and Aura
Oil Holdings Ltd., a related party owned by a director of the
Mogul. Mogul has a 25% carried working interest in the well and is
the operator of record.
Mogul President and CEO, Tim
Turner said, "We are pleased with the possibility of
significantly adding to and expanding our production base with this
new prospect. There are several intervals that we believe to
be productive and are looking forward to finalizing the drilling
plans so we can begin drilling operations in the near future."
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.
For more information, contact:
Tim Turner, President and CEO
Mogul Energy International, Inc.
2500 Wilcrest Dr., Ste. 405
Houston, TX 77042
(713) 784-2446
SOURCE Mogul Energy International, Inc.