Mogul Energy Provides EWA Drilling Results

SEATTLE, September 18, 2007 /PRNewswire-FirstCall/ -- Mogul Energy International, Inc. (OTCBB: MGUY) announced today that it received notification from project operator Dover Investments Ltd. (Dover) that the drilling on the EWA-4X well has reached a total depth of 5,250 feet (measured depth) and the drill has entered an igneous granite rock basement formation.

Mogul was informed by Dover that the deviated onshore EWA-4X well penetrated a Carboniferous Nubia formation with several potential sandstone reservoirs. None of these potential reservoirs provided indications of economic hydrocarbon accumulations, thus no testing is planned and the well is currently being electric wire-line logged and prepared for final plugging and abandonment.

Mogul was informed by Dover that the well tested a clearly mapped closed structure which lies up-dip and less than 3 kilometers from the prolific Warda Oilfield, but it appears to Dover that the major bounding fault lying between them has not provided a conduit for oil migration into the structure tested by the EWA-4X well.

Mogul and its partners are now assessing the results accumulated from this exploration well and are reviewing the future program in the block in light of the new evidence gained from the drilling of the EWA-4X well. The EWA 4X well 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.

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).

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