Mogul Energy Announces Sea Dragon Energy Inc's IPO

Seattle, WA – July 16, 2008 -- Mogul Energy International, Inc. (OTCBB: MGUY; FSE: BKX) (the “Company” or “Mogul”) has been notified that Sea Dragon Energy Inc. (“Sea Dragon”) closed its initial public offering (“IPO”) of common shares on the TSX Venture Exchange, on July 15, 2008, raising gross proceeds of CAD $35,000,000 at $0.60 per share.

Mogul owns 4 million common shares of Sea Dragon through its April 24, 2008, Agreement of Purchase and Sale with Sea Dragon, wherein the Company exchanged its 20% working interest in the EWA Concession in exchange for satisfaction of its outstanding liabilities relating to the Company’s drill program on the EWA Concession and a cash payment of US$100,000 and equity participation in the amount of 4 million common shares of Sea Dragon.

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).

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