Mogul Energy Successfully Completes the Drilling and Testing of the Stafford Well #2, Jackson County, Texas

HOUSTON , Nov. 22, 2011 -- Mogul Energy International, Inc. ("Mogul") (OTCBB: MGUY.PK - News) today announced the completion of the Stafford Well #2 as a new Frio aged discovery sand in the La Ward NE Field area in Jackson County, Texas . This offset well is located 600 feet west of the Stafford Well #1, which is currently having artificial lift equipment installed for production from a shallower Frio sand interval. The Stafford Well #2 was completed as a producing well in the Frio Sand formation from the depth interval of 6,425 feet to 6,440 feet. The well is currently flowing at a rate of 50 to 70 barrels of oil per day and 40,000 to 60,000 cubic feet of gas on an 8/64" choke at approximately 650 psi flowing pressure. Production test rates have been as high as 165 bopd on larger choke sizes. Stafford Well #2 has 100% participation of all working interest owners who participated in Mogul's initial well in the field. Mogul has a 15% working interest in both wells #1 and #2 and is the operator of record. President and CEO, Tim Turner said, "We are very excited about the excellent results of this well. It will have a very favorable impact on Mogul's growth and the value of our company going forward. Based on the excellent results of this well, we will continue to review our options for additional drilling locations within the Stafford Prospect. The drilling program Mogul has planned for our South Texas Region over the next several months is progressing well. Likewise, our effort to secure and finalize additional prospect drilling opportunities continues."

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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