HOUSTON, Feb. 21, 2012 /PRNewswire/ -- Mogul
Energy International, Inc. (OTCQB: MGUY) ("Mogul") announces its
third successful well in South
Texas with the completion of Kunitz Well #1 in San Patricio County, TX. The well,
located approximately five miles northwest of Sinton, was drilled to a total depth of 7,859
feet.
Mogul successfully completed the drilling of the Kunitz Well #1
on Friday, February 17th and ran an
initial open-hole log, which indicated potentially productive zones
from the Frio formation. The well
was successfully drilled to a depth of 7,859 feet, logged, tested
and casing was run and successfully cemented in place. Efforts are
underway to analyze all prospective zones as additional cased hole
logs are run and surface completion efforts are coordinated.
Formation and production volumes will be forthcoming and an
announcement will be made when initial testing of the well has been
completed.
Chairman, Naeem Tyab said, "We
are pleased with the developments of our third producing well in
the South Texas area. The Kunitz
Well #1 and the subsequent wells that we anticipate drilling in the
area, will significantly add to the reserve growth of our company.
The Company expects to participate in several additional
development wells to offset this successful discovery."
Mogul is the operator of record of the Kunitz Well #1 and has a
carried 25 percent working interest in the project. The North
Pasture Prospect well had 100 percent participation from all of the
working interest owners, who are: Global Oil and Gas Resources,
Inc.; RDR Capital Investors, LLC; and Merek Contract Services,
Inc.; Dolomiti, LLC, Plastiform Packaging, Inc., and Indian Lane,
LLC, and P. C. Jackson.
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.