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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mogul Energy International Inc (PK) | USOTC:MGUY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00014 | 3.30% | 0.00438 | 0.004 | 0.0045 | 0.00438 | 0.004 | 0.004 | 380 | 21:00:03 |
HOUSTON, Feb. 6, 2012 /PRNewswire/ -- Mogul Energy International, Inc. ("Mogul") (OTCQB: MGUY) today announced the commencement of drilling operations on its fourth well with the spudding of the Kunitz #1 in the North Pasture Field, San Patricio County, Texas about 5 miles northwest of the town of Sinton. Drilling is expected to take between 18 and 20 days to reach the target depth of 7,850 feet.
The North Pasture Prospect well has 100% participation of all working interest owners. The leases currently have the following working interest owners, all of whom are participating in the well: 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. Mogul has a 25% carried working interest in the well and is the operator of record.
The Werland Heirs No. 1 which was recently drilled to approximately 9,600 feet in Aransas County, came in structurally as predicted, but hydrocarbon volumes in the prospective zones were calculated to be too low, making the well uneconomic to complete. The Mud Flats Prospect is still considered to be prospective and is currently being studied by Mogul personnel for alternative drilling locations on the adjoining acreage based on the information garnered from this well.
Mogul President and CEO, Tim Turner made the following statement. "While we are disappointed in the recent well, the area in San Patricio County in which we are working is very attractive. Mogul is drilling relatively shallow inexpensive wells with multiple pays and we are hoping that we will find excellent reserves to further develop for Mogul and its partners."
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.
Copyright 2012 PR Newswire
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