Mogul Energy Commences the Drilling of the Kunitz Well #1, San Patricio County, Texas and the Results of the Werland Heirs Well in Aransas County, Texas

HOUSTON, Feb. 6, 2012 – Mogul Energy International, Inc. (“Mogul”) (otcbb:MGUY) today announced the commencement of drilling operations on its fourth well with the spudding of the Kunitz #1 in the North Pasture Field, San Patricio County, Texas about 5 miles northwest of the town of Sinton. Drilling is expected to take between 18 and 20 days to reach the target depth of 7,850 feet.

The North Pasture Prospect well has 100% participation of all working interest owners. The leases currently have the following working interest owners, all of whom are participating in the well: Global Oil and Gas Resources, Inc.; RDR Capital Investors, LLC; and Merek Contract Services, Inc.; Dolomiti, LLC, Plastiform Packaging, Inc., and Indian Lane, LLC, and P. C. Jackson. Mogul has a 25% carried working interest in the well and is the operator of record.

The Werland Heirs No. 1 which was recently drilled to approximately 9,600 feet in Aransas County, came in structurally as predicted, but hydrocarbon volumes in the prospective zones were calculated to be too low, making the well uneconomic to complete. The Mud Flats Prospect is still considered to be prospective and is currently being studied by Mogul personnel for alternative drilling locations on the adjoining acreage based on the information garnered from this well.

Mogul President and CEO, Tim Turner made the following statement. “While we are disappointed in the recent well, the area in San Patricio County in which we are working is very attractive. Mogul is drilling relatively shallow inexpensive wells with multiple pays and we are hoping that we will find excellent reserves to further develop for Mogul and its partners.”