Mogul Energy Successfully Completes the Drilling of the Stafford Well #1, Jackson County, Texas
07 März 2011 - 3:50PM
Marketwired
Mogul Energy International, Inc. ("Mogul") (OTCBB: MGUY)
(FRANKFURT: BKX) announces today an offsetting discovery at the La
Ward NE Field area in Jackson County, Texas. Mogul successfully
completed the drilling of the Stafford Well #1 on March 6th and has
been running tests over the weekend. The well, located just
approximately 10 miles south of Ganado, was drilled to a total
depth of 7,400 feet.
Initial open-hole logging indicates multiple productive zones
from the Frio formation with both oil and gas shows. The deepest
prospective oil zone shows a structural sand 10 feet higher to an
offsetting productive well with a sand thickness of 5 ½ feet with a
33% porosity and 20% water saturation. The cumulative thickness of
these productive sands was greater than originally expected.
Additional tests and analysis of the several other productive zones
will continue while the casing is installed, cemented and surface
equipment are put into place. Mogul will evaluate the results of
this well for potential offsetting locations in the near
future.
Chairman of the Board Naeem Tyab said, "I am very pleased with
the results of the initial well in our South Texas drilling
program. A great deal of gratitude goes to our engineering team,
our geologists, the drillers and everyone involved in this
effort."
President and CEO Tim Turner said, "Our discovery near the La
Ward NE Field is an important development for our Company. Current
plans consist of completing the well for both oil and gas
production with connections to nearby infrastructure, and we
anticipate the first production from this well in a matter of
weeks. We look forward to continuing this success with our other
South Texas prospects currently being developed."
Mogul operates the Stafford well discovery with a 15.00 percent
working interest. Other interest owners in the discovery are Fossil
Oil Company, LLC with 33.33 percent, C. H. Squyres Family, LLC with
33.33 percent, Aura Oil Holdings Ltd. with 8.33 percent, Global Oil
& Gas Resources, Inc. with 5.00 percent, Dolomiti Partners, LLC
with 2.5 percent and Indian Lane Assoc., LLC with 2.50 percent.
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
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