Wall St. Reporter Interviews Mogul Energy International, Inc. Senior Management Team
SEATTLE, Aug. 23 /PRNewswire-FirstCall/ — Mogul Energy International, Inc. (BULLETIN BOARD: MGUY) , an oil and gas exploration company with properties in the Gulf of Suez, Egypt and Saskatchewan, Canada, announced today that Mogul’s President, Naeem Tyab and President of Sea Dragon, David Thompson, are featured in an interview with Senior Analyst Killian Banden from the Wall St. Reporter. It is anticipated that David Thompson will assume the role of Chief Executive Officer of Mogul Energy upon completion of the business combination announced in a letter of intent dated July 30, 2007.
The interview is an in-depth look at the Company’s working interests in Canada and Egypt. Additionally, Mr. Thompson and Mr. Tyab discuss the progress of the Company’s drilling program in the East Wadi Araba Concession in the Gulf of Suez, the planned integration of Sea Dragon Energy Inc., and the Company’s objectives over the next 12 – 18 months. The interview is available online http://www.mogulenergy.com/ or http://wallstreetreporter.com/page.php?page=featured&id=26256&qm_page=68970 .
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Information concerning Mogul Energy International:
Mogul Energy is an oil and gas exploration company with headquarters in Seattle, Washington, and an exploration office in Cairo, Egypt. Mogul Energy intends to explore its portfolio of oil and gas properties in the Gulf of Suez, Egypt and South East Saskatchewan, Canada. Mogul currently has a 20% working interest in the EWA Concession which is located north of Rally Energy’s Issaran Field, northwest of BP’s October Field and west of the Warda Field in the Gulf of Suez. The Gulf of Suez is regarded as one of the most prolific oil producing regions in the world, as evidenced from the presence of 5 major fields — October, Belayim, Morgan, July and Ramadan — which have collectively yielded billions of barrels of oil.
A Letter of Intent dated July 30, 2007, contemplates a business combination with Sea Dragon Energy, Inc., a private Canadian corporation, that would, upon closing, increase Mogul Energy’s interest in the EWA Concession to 60%. Mogul Energy and its partners are currently drilling the EWA 4X exploratory well on the EWA Concession. The EWA 4X well is being drilled from an onshore surface location to test the offshore EWA 4X prospect, which is the first of five identified structures that have been evaluated by Mogul Energy and its partners in the EWA Concession. There are six additional prospects in the EWA Concession that are being evaluated for future exploration.
Mogul also has a 100% working interest in oil and gas leases on approximately 9,300 acres of land in South East Saskatchewan, Canada.
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, including, but not limited to, the Company’s ability to negotiate, enter into, perform and consummate the business combination described in this release. Inherent in the Company’s business plan is a belief that Mogul Energy can successfully explore oil and gas properties in Egypt and Canada, and that the Company 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 Energy’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 Energy International, Inc. assumes no obligation to update or supplement such forward-looking statements other than as required by law.
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Contact Information: Investor Relations Bethany Tomich Equity Performance Group 617-723-1465 Bethany@equityperfgp.com http://www.equityperformancegroup.com/ Company Contact Sean Malcolm Mogul Energy 206-357-4220 sean@mogulenergy.com http://www.mogulenergy.com/
Mogul Energy International, Inc.
CONTACT: Bethany Tomich, Investor Relations of Equity Performance Group,+1-617-723-1465, Bethany@equityperfgp.com, for Mogul Energy International,Inc.; or Company Contact, Sean Malcolm of Mogul Energy, +1-206-357-4220,sean@mogulenergy.com
Web site: http://www.mogulenergy.com/