Properties

MOGUL specializes in acquiring oil and gas properties that have existing reserves behind pipe or that offset known producing fields. Existing well bores with proven oil and gas reserves behind pipe can usually be purchased for a fraction of the original cost to drill and complete a new well. Property purchased with proven reserves reduce the risk of finding hydrocarbons and are economically viable to develop due to the elimination of the associated cost of finding the hydrocarbons. After the property has been purchased, the primary cost for establishing new production is the re-completion cost. These initial prospects are the start to an existing inventory dozens of leads and areas of interest that continue to be finalized.

These include:

* Exploitation opportunities,

* Prospects in existing fields,

* Exploration opportunities,

* While generating revenue from the first set of prospects drilled.

"Following the successful completion of the sale of our interest in Excelaron, we intend to focus our immediate efforts primarily on on-shore, by-passed and offset discovered hydrocarbons in the United States." Mr. Turner further noted that “preliminary investigations have resulted in several potential oil and gas prospects in the upper Texas Gulf Coast area with several additional regions and prospects within the state that are still pending further evaluation. However, additional work is necessary to high-grade the immediate list of prospects, lease the additional acreage and prepare drilling and completion programs, which Mogul either intends to drill or will cause to be drilled via farm-out to other operators.” Current opportunities will provide the company with several prospects that are in shallow zones near wells that produced from a variety of formations in the past.

MOGUL has partnered with several geologists and geophysicists that specialize in the upper Texas Gulf Coast area to identify offset well locations to wells that have produced large quantities in the past and near wells that continue to produce today. Many of these zones were considered non commercial many years ago however, at today’s prices, these wells are more than profitable today. We categorize these prospects as undeveloped discoveries.