Mogul Energy International, Inc announces its Saskatchewan exploration program developments

Seattle, WA – October 8, 2008 -- Mogul Energy International, Inc. (OTCBB: MGUY) announced its developments on the exploration program involving the Walpole properties located in eastern Saskatchewan. Mogul Energy representative stated "Geological mapping has identified a number of potential drilling locations involving multiple zones of interest." This initial program will consist of up to three exploration wells. Seismic has been purchased, reprocessed and interpreted to better define the play. The first round of drilling will focus on the developing Bakken trend, regionally mapped through this area.

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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