HOUSTON, Dec. 27, 2011 /PRNewswire/ -- Mogul Energy
International, Inc. ("Mogul") (OTCBB: MGUY) today announced the
commencement of drilling operations on its third well this year
with the spudding of the Werland Heirs #1 well in the Mud Flats
Field, Aransas County,
Texas. This well is located approximately 10 miles northwest
of Aransas Pass, Texas in the D.C.
Barrett League, A-321. Drilling is expected to take
approximately 21 days to reach the well's target depth of 9,600
feet in the Frio Formation.
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; Merek Contract Services, Inc.; and Aura Oil
Holdings Ltd., a related party owned by a director of the Company.
Mogul has a 25% carried working interest in the well and is the
operator of record.
"This is a noteworthy achievement in our South Texas development program," Mogul
President and CEO Tim Turner said.
"With the start of drilling operations in another of our many
prospects, this is an important step towards confirming the
commercialization of these assets."
Turner continued, "There is an abundance of production data from
numerous wells that have been drilled in the Mud Flats Field.
Mogul anticipates testing several of the same productive zones in
our initial well that were seen in those nearby wells. Putting all
of this data together, Mogul has a high degree of confidence that
this is going to be a good well."
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.