Mogul Energy International, Inc enters definitive agreement for qualifying transaction

Seattle, WA – January 27, 2010 -- Mogul Energy International, Inc. ("Mogul")(OTCBB: MGUY) today announced that it has entered into a definitive qualifying transaction agreement (the "Definitive Agreement") with each of United Hydrocarbon Corporation ("UHC"), Excelaron LLC ("Excelaron"), Vesta Capital Corp. ("Vesta") and others in connection with a proposed "Qualifying Transaction" (within the meaning of the policies of the TSX Venture Exchange ("TSXV")). The Definitive Agreement provides for, among other things, the acquisition of a direct 40% membership interest in Vesta, depending on the number of shares ultimately issued by Vesta as part of the Qualifying Transaction. The Acquisition of the Mogul Interest is to be effected in connection with an indirect concurrent financing of between $9,000,000 and $4,000,000 Canadian Dollars (the "Financing"). The consummation of the Definitive Agreement, including Acquisition of the Mogul Interest, is subject to the satisfaction by the parites of a number of conditions including, but not limited to the above mentioned Financing and required regulatory approvals.

Information concerning Mogul Energy International:

Mogul Energy is an oil and gas exploration company with headquarters in Seattle, Washington.

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 "BKK". 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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