MOGUL ENERGY INTERNATIONAL, INC. ENTERS INTO AMENDED AND RESTATED DEFINITIVE AGREEMENT FOR QUALIFYING TRANSACTION

Seattle, WA – April 1, 2010 -- Mogul Energy International, Inc. ("Mogul") (OTCBB:MGUY), hereby announces that, further to its press release dated January 27, 2010, it has amended and restated its definitive qualifying transaction agreement (as amended, the "Definitive Agreement") with each of United Hydrocarbon Corporation ("UHC"), Excelaron LLC ("Excelaron"), Vesta Capital Corp. ("Vesta") and others in connection with a proposed "Qualifying Transaction", within the meaning of the policies of the TSX Venture Exchange (the "TSXV").

Pursuant to the amended Definitive Agreement the company has agreed to accept US$933,968 in cash ($1,000,000 Canadian Dollars) from a related company, United Hydrocarbon Corporation rather than the 38,500,000 shares of Vesta as previously contemplated.

The transaction contemplated by the amended Definitive Agreement is expected to be consummated by April 30, 2010.

Information concerning Mogul Energy International:

Mogul Energy is an oil and gas exploration company with headquarters 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 "BKK". 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).

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