Mogul Energy Announces the Staking of the Kunitz Well #1, San Patricio County, Texas

HOUSTON, TX--(Marketwire - Sep 29, 2011) - Mogul Energy International, Inc. ("Mogul") (OTCBB: MGUY) has filed for a drilling permit with the Texas Railroad Commission to drill the Kunitz Well #1 in San Patricio County, Texas. The well, to be permitted to a total depth of 7,850 feet, is approximately 3.5 miles northwest of Sinton in the J. Pollen Survey A-23.

President and CEO Tim Turner said, "I am very pleased with the production results from the first two wells that Mogul drilled in the N.E. La Ward Field area of Jackson County, TX. The North Pasture Prospect, in San Patricio County, is a continuation of the drilling program we are putting into place in South Texas and we look forward to our continued success with this and future prospects currently being developed at this time."

Mogul will operate the Kunitz well with a 25.00 percent carried working interest. Other working interest owners in the North Pasture Prospect are Global Oil & Gas Resources, Inc. with 45.75 percent, Zaz Holdings, LLC, with 7.50 percent, RDR Capital Investors, LLC, with 7.50 percent, Marek Contract Services, Inc., with 2.25 percent, and Dolomiti Partners, LLC, Peter C. Jackson, Plastiform Packaging, Inc. and Indian Lane Assoc., LLC each with a 3.00 percent interest.

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.