Mogul Energy Successfully Completes the Drilling and Testing of the Stafford Well #2, Jackson County, Texas

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.