Mogul Energy International, Inc. Focuses on Saskatchewan Properties--Mogul Energy Announces Intention to Focus on Exploration of its Saskatchewan Properties--

Seattle, WA September 18, 2007--SEATTLE, September 18, 2007 /PRNewswire-FirstCall/ -- Mogul Energy International, Inc. (OTCBB: MGUY; FSE: BKX) (the “Company”) announced today that it intends to focus on exploration of its leased oil and gas exploration properties in Saskatchewan, Canada, by financing a planned winter drill program. The Company has a 100% interest in sixty-eight (68) separate freehold oil and gas exploration leases on approximately 9,300 acres situated in South East Saskatchewan (the “Saskatchewan Properties”). In connection with the financing and exploration of the Saskatchewan Properties, the Company has commissioned an independent evaluation of reserve potential and intends to seek a cross-listing of its shares on the TSX Venture Exchange (“TSX-V”), subject to TSX-V approval.

The Company previously executed a Letter of Intent (“LOI”) with Sea Dragon Energy Inc. (“Sea Dragon”), a private Canadian company, to execute a business combination that would increase the Company’s interest in the EWA Concession from 20% to 60%. However, after further analysis and negotiation, Sea Dragon and the Company have agreed not to proceed with the business combination contemplated by the LOI. As such, the Company does not intend to complete the business combination contemplated in the LOI, and intends to focus on its planned Saskatchewan drilling program.

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 has acquired a portfolio of oil and gas properties in the Gulf of Suez, Egypt and South East Saskatchewan, Canada. 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).

View Information on Forward Looking Statements >>