HOUSTON, Nov. 22, 2011 /PRNewswire/ -- Mogul Energy
International, Inc. ("Mogul") (OTCBB: MGUY) 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 www.mogulenergy.com.
Forward-Looking Statements:
This news release contains "forward-looking statements" within
the meaning of the securities laws, which are based on current
expectations and beliefs, as well as on a number of assumptions
concerning future events made with information that is currently
available. Statements in this news release that are not
historical facts are forward-looking statements that are subject to
risks and uncertainties. Words such as "expects," "intends,"
"plans," "may," "could," "should," "anticipates," "likely,"
"believes" and words of similar import also identify
forward-looking statements. Forward-looking statements are
based on current facts and analyses and other information that are
based on forecasts of future results, estimates of amounts not yet
determined and assumptions of management. Inherent in Mogul Energy
International, Inc.'s ("Mogul") business plan is a belief that
Mogul can successfully explore oil and gas properties in
the United States and that Mogul
can participate in the development of those properties.
Readers are cautioned not to put undue reliance on such
forward-looking statements, which are not a guarantee of
performance and are subject to a number of uncertainties and other
factors, many of which are outside of Mogul's control, which could
cause actual results to differ materially from such statements.
For a more detailed description of the factors that could
cause such a difference, please refer to Mogul Energy's filings
with the U.S. Securities and Exchange Commission. Mogul
assumes no obligation to update or supplement such forward-looking
statements other than as required by law.
For more information, contact:
Tim Turner, President and CEO
Mogul Energy International, Inc.
2500 Wilcrest Dr., Ste. 405
Houston, TX 77042
(713) 784-2446
SOURCE Mogul Energy International, Inc.