Mogul Energy International, Inc. Appoints New Director and CFO

SEATTLE, WA-- June 24, 2008 --Mogul Energy International, Inc. (OTCBB: MGUY) (FRANKFURT: BKX) (the "Company") announced today that, as part of the Company's increasing focus on development of its oil and gas leases in South East Saskatchewan, Canada, Mr. Robert Mussehl has resigned as Director of the Company, effective June 18, 2008, and Mr. William Smith has been appointed Director and Chief Financial Officer (CFO). Mr. Smith has over 33 years of financial and accounting experience in a variety of senior accounting and management positions. He has held the CMA designation since 1991. The Company welcomes Mr. Smith and expresses its gratitude to departing Mr. Mussehl for his years of loyal service as a director.

Information concerning Mogul Energy International:

Mogul Energy is an oil and gas exploration company with headquarters in Seattle, Washington. Mogul Energy has acquired a portfolio of oil and gas leases in South East Saskatchewan, Canada. 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 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).

Company Contact:

Naeem Tyab, President
Mogul Energy
206-357-4220
naeem@mogulenergy.com
www.mogulenergy.com

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