Mogul Energy International, Inc announces its progress in Saskatchewan drill program

Seattle, WA – December 4, 2008 -- Mogul Energy International, Inc. (OTCBB: MGUY) announces that it continues to conduct its previously announced three well exploration program in southeastern Saskatchewan. The first well it began drilling in late November encountered a heavily oil stained, marginal reservoir, developed within the Bakken interval. The first well is currently suspended pending further analysis and land developments. The second well has been abandoned after encountering a wet zone at the Bakken reservoir level. Currently, Mogul is working on the final well of the program which it intends to complete before January 1, 2009.

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).

View Information on Forward Looking Statements >>