Mogul Energy Announces Lease Acquisition and Joint Operating Agreement for Drilling the Company's First Texas Prospect
04 January 2011 - 12:00AM
Marketwired
Mogul Energy International, Inc. ("Mogul") (OTCBB: MGUY)
(FRANKFURT: BKX) recently acquired the oil and gas rights on more
than two dozen leases in Jackson County, Texas. The acreage will
provide the first of two potential locations in Mogul's South Texas
drilling program announced earlier this year.
In addition, Mogul entered into a Participation Agreement and
signed a Joint Operating Agreement (JOA) with Fossil Oil Company,
LLC and the C. H. Squyres Family, LLC to add adjoining acreage
already leased and to participate equally in the drilling of the
prospect. The additional acreage would add three to five
prospective well locations. The combined leases total approximately
480 acres.
Mogul will be the operator of record for this prospect with the
first well to be permitted and drilled by mid-February, 2011. "Our
plan is to drill the initial well to a total depth of 7,400 feet
and test multiple zones within the Frio formation that have been
identified as productive or having the potential of being
productive based upon the well data in the area," says Tim Turner,
Mogul's Executive Vice President.
"Mogul has made a commitment to pursue multiple drilling
opportunities in the Texas Gulf Coast region. This is the first of
several prospects we have planned in the area over the next 18
months," he added.
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 Canada and 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: Naeem Tyab Mogul Energy
International, Inc. Tel: 206-357-4220 naeem@mogulenergy.com
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