2009-03-26-2009-02-12

To buy 40% membership interest in company.

Mogul Energy International Inc., Seattle, Wash., (OTCBB: MGUY) plans to acquire a 40% membership interest in San Luis Obispo, Calif.-based Excelaron LLC for $2.3 million. Excelaron is in the process of developing oil and gas leases in California and will use the cash to fund E&P. Mogul president Naeem Tyab says, "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."