HOUSTON, Feb. 21, 2012 – Mogul Energy International, Inc. announces its third successful well in South Texas with the completion of Kunitz Well #1 in San Patricio County, TX. The well, located approximately five miles northwest of Sinton, was drilled to a total depth of 7,859 feet.
Mogul successfully completed the drilling of the Kunitz Well #1 on Friday, February 17th and ran an initial open-hole log, which indicated potentially productive zones from the Frio formation. The well was successfully drilled to a depth of 7,859 feet, logged, tested and casing was run and successfully cemented in place. Efforts are underway to analyze all prospective zones as additional cased hole logs are run and surface completion efforts are coordinated. Formation and production volumes will be forthcoming and an announcement will be made when initial testing of the well has been completed.
Chairman, Naeem Tyab said, “We are pleased with the developments of our third producing well in the South Texas area. The Kunitz Well #1 and the subsequent wells that we anticipate drilling in the area, will significantly add to the reserve growth of our company. The Company expects to participate in several additional development wells to offset this successful discovery.”
Mogul is the operator of record of the Kunitz Well #1 and has a carried 25 percent working interest in the project. The North Pasture Prospect well had 100 percent participation from all of the working interest owners, who are: 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.