HOUSTON, Feb. 6, 2012 /PRNewswire/ -- Mogul Energy
International, Inc. ("Mogul") (OTCQB: MGUY) today announced the
commencement of drilling operations on its fourth well with the
spudding of the Kunitz #1 in the North Pasture Field, San Patricio County, Texas about 5 miles
northwest of the town of Sinton. Drilling is expected to take
between 18 and 20 days to reach the target depth of 7,850
feet.
The North Pasture Prospect well has 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.; RDR Capital Investors, LLC; and
Merek Contract Services, Inc.; Dolomiti, LLC, Plastiform Packaging,
Inc., and Indian Lane, LLC, and P. C.
Jackson. Mogul has a 25% carried working interest in
the well and is the operator of record.
The Werland Heirs No. 1 which was recently drilled to
approximately 9,600 feet in Aransas
County, came in structurally as predicted, but hydrocarbon
volumes in the prospective zones were calculated to be too low,
making the well uneconomic to complete. The Mud Flats
Prospect is still considered to be prospective and is currently
being studied by Mogul personnel for alternative drilling locations
on the adjoining acreage based on the information garnered from
this well.
Mogul President and CEO, Tim
Turner made the following statement. "While we are
disappointed in the recent well, the area in San Patricio County in which we are working is
very attractive. Mogul is drilling relatively shallow
inexpensive wells with multiple pays and we are hoping that we will
find excellent reserves to further develop for Mogul and its
partners."
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.