Mogul Energy International, Inc. Announces the Completion of the Amended and Restated Definitive Agreement Transaction

Seattle, WA – April 28, 2010 -- - Mogul Energy International, Inc. ("Mogul") (OTCBB:MGUY), is pleased to announce that, further to its press release dated April 1, 2010, it has completed the transaction pursuant to the amended and restated 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 terms of the Definitive Agreement the Company sold it´s 40% interest in Excelaron for the equivalent of approximately US$1,000,000, to UHC and for the reimbursement of US$425,000 for advances made to Excelaron. Mr. Naeem Tyab, the Company’s President, stated: “Following the successful completion of the sale of our interest in Excelaron, we intend to focus our immediate efforts primarily on on-shore, by-passed and offset discovered hydrocarbons in the United States." Mr. Tyab noted that "preliminary investigations have resulted in several potential oil and gas prospects in the upper Texas Gulf Coast area with several additional regions and prospects still pending further evaluation. However, additional work is necessary to high-grade the immediate list of prospects, lease the relevant acreage and prepare several drilling and completion programs, which Mogul either intends to drill or will cause to be drilled via farm-out to their operators." Information concerning Mogul Energy International:

Mogul Energy is an oil and gas exploration company headquartered in Seattle, Washington. The common shares of Mogul Energy are quoted on the OTC Bulletin Board system under the symbol ‘MGUY,’ and the Frankfurt Stock Exchange 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).

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