Mogul Energy Announces the Staking of the Kunitz Well #1, San Patricio County, Texas

HOUSTON , Sept. 29, 2011 -- - Mogul Energy International, Inc. ("Mogul") (OTC.BB: MGUY.PK - News) has filed for a drilling permit with the Texas Railroad Commission to drill the Kunitz Well #1 in San Patricio County, Texas. The well, to be permitted to a total depth of 7,850 feet, is approximately 3.5 miles northwest of Sinton in the J. Pollen Survey A-23. President and CEO Tim Turner said, "I am very pleased with the production results from the first two wells that Mogul drilled in the N.E. La Ward Field area of Jackson County, TX. The North Pasture Prospect, in San Patricio County, is a continuation of the drilling program we are putting into place in South Texas and we look forward to our continued success with this and future prospects currently being developed at this time." Mogul will operate the Kunitz well with a 25.00 percent carried working interest. Other working interest owners in the North Pasture Prospect are Global Oil & Gas Resources, Inc. with 45.75 percent, Zaz Holdings, LLC, with 7.50 percent, RDR Capital Investors, LLC, with 7.50 percent, Marek Contract Services, Inc., with 2.25 percent, and Dolomiti Partners, LLC, Peter C. Jackson, Plastiform Packaging, Inc. and Indian Lane Assoc., LLC each with a 3.00 percent interest.

About Mogul Energy International, Inc.:

Mogul Energy International, Inc. (“Mogul”) is an oil and gas exploration company headquartered in Houston, Texas. The common shares of Mogul 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 can be found in the company’s filings with the U.S. Securities and Exchange Commission (http://www.sec.gov). For more information about Mogul Energy International, Inc., go to MogulEnergy.com.

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