2011-01-12-2011-01-04-2011-01-04

Acquired the oil and gas rights on more than two dozen leases in Jackson County, TX.

Mogul Energy International Inc., Houston, (OTCBB: MGUY) has acquired the oil and gas rights on more than two dozen leases in Jackson County, Texas from an undisclosed seller.

The acreage will provide the first of two potential locations in Mogul's South Texas drilling program announced earlier this year.

In addition, Mogul entered a participation agreement and signed a joint-operating agreement with Fossil Oil Co. LLC and C.H. Squyres Family LLC to add adjoining acreage already leased and to participate equally in the drilling of the prospect. The additional acreage would add three to five prospective well locations. The combined leases total approximately 480 acres.

Mogul will be the operator of record for this prospect with the first well to be permitted and drilled by mid-February.

Mogul executive vice president Tim Turner says, "Our plan is to drill the initial well to a total depth of 7,400 feet and test multiple zones within the Frio formation that have been identified as productive or having the potential of being productive based upon the well data in the area."