|
Seattle, WA August 21, 2007--Mogul Energy International, Inc. (OTCBB: MGUY) announced today that it has received notification from project operator Dover Investments Ltd. (Dover) that progress is continuing to be made on the drilling of the EWA-4X exploration well. The well is being drilled from an onshore location and deviated to test the offshore Raha and a large oil target in the Nubian Sandstone, forming the significant reservoir in several major oilfields in the Gulf of Suez.
The 13 3/8” casing has been successfully set and cemented in the well. The rig operator overcame some technical problems with the rig pumps, and on last update, Dover informed Mogul Energy that the well was drilling at 2,500 feet drilled depth. Dover anticipates that the well will reach target depth, which is expected to be below 7,100 ft drilled depth (or 4,180’ vertical depth) in about 21 days time. Further updates will be released as additional drilling milestones are attained.
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 currently has a 20% working interest in the EWA Concession which is located north of Rally Energy's Issaran Field, northwest of BP's October Field and west of the Warda Field in the Gulf of Suez. The Gulf of Suez is regarded as one of the most prolific oil producing regions in the world, as evidenced from the presence of 5 major fields - October, Belayim, Morgan, July and Ramadan – which have collectively yielded billions of barrels of oil.
A Letter of Intent dated July 30, 2007, contemplates a business 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 and its partners and currently drilling the EWA 4X exploratory well on the EWA Concession. The EWA 4X well is being drilled from an onshore surface location to test the offshore EWA 4X prospect, which is the first of five identified structures that have been evaluated by Mogul Energy and its partners in the EWA Concession. There are six additional prospects in the EWA Concession that are being evaluated for future exploration.
Mogul also has a 100% working interest in oil and gas leases on approximately 9,300 acres of land 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 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 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.
|
