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May 9, 2006 - Naeem Tyab, President of Mogul Energy International, Inc. is pleased to report that the company has completed a Farm-Out Agreement between DOVER INVESTMENTS LIMITED ("Dover"), TRANSPACIFIC PETROLEUM CORP. ("TransPacific"), DR. GHAREEB AWAD ("Awad"), and SEA DRAGON ENERGY INC. ("Sea Dragon").
TransPacific, Mogul and Sea Dragon will attain an 85% interest in the Concession, subject to the Egyptian Government's approval by expending a minimum of US$4,000,000 to drill 2 wells in the EWA Concession. The first well, EWA 4X, is to be completed to the approval of the Egyptian General Petroleum Corporation ("EGPC") within 2 months of Dover submitting for a deed of assignment to Mogul, TransPacific and Sea Dragon, subject to rig availability.
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The second well is to be completed to the approval of EGPC before July 17th, 2007. The US$2,000,000 required for the first well is already on deposit with an escrow agent to pay for the drilling costs of EWA-4X.
Upon approval from EGPC, final interests shall be Mogul 20% working interest, TransPacific 25% carried interest, Sea Dragon 40% working interest, Dover Petroleum Corp. 11%, Robert Salna 3% and Brockton International 1% carried interest.
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