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Mogul Energy Announces Sea Dragon Energy Inc.’s IPO

July 16, 2008

Mogul Energy International, Inc. (OTCBB: MGUY) (FRANKFURT: BKX) (the “Company” or “Mogul”) has been notified that Sea Dragon Energy Inc. (“Sea Dragon”) closed its initial public offering (“IPO”) of common shares on the TSX Venture Exchange, on July 15, 2008, raising gross proceeds of CAD $35,000,000 at $0.60 per share.

Mogul owns 4 million common shares of Sea Dragon through its April 24, 2008, Agreement of Purchase and Sale with Sea Dragon, wherein the Company exchanged its 20% working interest in the EWA Concession in exchange for satisfaction of its outstanding liabilities relating to the Company’s drill program on the EWA Concession and a cash payment of US$100,000 and equity participation in the amount of 4 million common shares of Sea Dragon.

Information concerning Mogul Energy International:

Mogul Energy is an oil and gas exploration company with headquarters in Seattle, Washington. Mogul Energy has acquired a portfolio of oil and gas leases in South East Saskatchewan, Canada. The Company has a 100% interest in sixty-eight (68) separate freehold oil and gas exploration leases on approximately 9,300 acres situated in South East Saskatchewan.

The common shares of Mogul Energy 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 Energy can be found in the Company’s filings with the U.S. Securities and Exchange Commission (http://www.sec.gov).

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 international oil and gas properties 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.

 Contact Information:  Company Contact Naeem Tyab Mogul Energy 206-357-4220 naeem@mogulenergy.comhttp://www.mogulenergy.com

SOURCE: Mogul Energy International, Inc.




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