Mogul Energy Announces Agreement to Acquire a 40% Interest in Excelaron LLC

Posted on: Wed, 18 Feb 2009 16:00:00 EST

Symbols: MGUY

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SEATTLE, WA, Feb 18, 2009 (MARKET WIRE via COMTEX) --
MGUY | Quote | Chart | News | PowerRating -- Mogul Energy International, Inc. (OTCBB: MGUY | Quote | Chart | News | PowerRating) (FRANKFURT: BKX)
announced today that it has entered into an agreement with Excelaron
LLC wherein Mogul Energy has acquired a 40% membership interest in
Excelaron LLC, a California-based company. Excelaron LLC is in the
process of developing oil and gas leases that Excelaron has entered
into that are located in the state of California. Naeem Tyab,
President of Mogul Energy, stated, "I believe that the agreement for
Mogul Energy to acquire a 40% interest in Excelaron and to work with
Excelaron to develop an oil and gas project in California presents a
tremendous opportunity for the Company." Greater detail as to the
agreement and other activities of the Company may be found in the
Company EDGAR filings at www.sec.gov.

Information concerning Mogul Energy International:

Mogul Energy is an oil and gas exploration company with headquarters
in Seattle, Washington.

Mogul Energy is a Delaware corporation with its principal place of
business in Seattle, Washington. 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 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.

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

SOURCE: Mogul Energy International Inc.

mailto:naeem@mogulenergy.com
http://www.mogulenergy.com

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