|
Seattle, WA August 2, 2007--Mogul Energy International, Inc. (OTCBB: MGUY; FSE: BKX) is pleased to announce that it has been notified by project operator Dover Investments Ltd. (Dover) that drilling on the EWA 4X well at the East Wadi Araba (EWA) Concession is progressing as planned. The well is being drilled from an onshore location, and is being deviated to test the offshore Raha formation and a large light oil target in the Nubian Sandstone reservoir in the Gulf of Suez that forms the significant reservoir in several major oilfields. The well is currently drilling at 2200 feet at an angle of 41º. The current drilling plan anticipates that 13 3/8” casing will be set in the next few days and then Dover will continue drilling the well which will deviate up to an angle of 65º from the vertical. Dover anticipates that the well will reach target depth, which is expected to be below 7,100ft (drilled depth), or 4,180 ft vertical depth in about 20 days time.
Information concerning Mogul Energy International:
Mogul Energy is an oil and gas exploration company with headquarters in Seattle, Washington, and an exploration office in Cairo, Egypt. Mogul Energy intends to explore its portfolio of oil and gas properties in the Gulf of Suez, Egypt, and South East Saskatchewan, Canada. Mogul Energy currently has a 20% working interest in the EWA Concession. A Letter of Intent announced July 31, 2007, contemplates a combination with Sea Dragon Energy, Inc., a private Canadian corporation, that would, upon closing, increase Mogul Energy’s interest in the EWA Concession to 60%. Mogul Energy also holds a 100% interest in approximately 9,300 acres of leased properties located in South East Saskatchewan, Canada.
Mogul Energy is a Delaware corporation with its principal place of business in Seattle, Washington. The common shares of Mogul Energy are listed on the NASD Over The Counter Bulletin Board (OTCBB) system under the symbol ‘MGUY,’ and the Frankfurt Stock Exchange (“FSE”) under the symbol ‘BKX’. Further information concerning Mogul Energy can be found in the Company’s filings with the U.S. Securities and Exchange Commission (http://www.sec.gov).
Investor Relations
Bethany Tomich
Equity Performance Group
617-723-1465
Bethany@equityperfgp.com
www.equityperformancegroup.com
Company Contact:
Naeem Tyab, President
Mogul Energy
206-357-4220
naeem@mogulenergy.com
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, including, but not limited to, the Company's belief that Mogul Energy can successfully develop oil and gas properties in Egypt and Canada, and that the Company can participate in the exploration 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 Energy’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 Energy International, Inc. assumes no obligation to update or supplement such forward-looking statements.
|
