Mogul Energy International, Inc. Announces New Vice President of Business Development

SEATTLE, WA--(Marketwire - September 24, 2008) - Mogul Energy International, Inc. (OTCBB: MGUY) (FRANKFURT: BKX) announced its new Vice-President of Business Development, Mr. William Divine. While Mogul prepares for its drill program in Saskatchewan and continues to expand its operations into international markets, Mr. Divine will play an integral role and advise on all future aspects of business development as well as negotiate new opportunities.

William Divine has 27 years of experience at all levels of the oil and gas industry. He has expertise in the divestiture of major oil and gas companies and owns and operates his own domestic and international properties. Mr. Divine has focused on international consulting that identifies concessions opportunities for individual companies for the past 20 years. Mr. Divine maintains close contact with a number of government ministries regarding international oil and gas opportunities. He assists in conducting studies to determine the commercial potential of the upstream opportunities and negotiates the concession contract agreements to secure the rights to develop these opportunities. He has also been conducting extensive research by identifying the undeveloped oil and gas discoveries worldwide.

Information concerning Mogul Energy International:

Mogul Energy is an oil and gas exploration company with headquarters in Seattle, Washington. Mogul also has a 100% working interest in oil and gas leases on approximately 9,300 acres of land in South East Saskatchewan, Canada.

Mogul Energy is a Delaware corporation with its principal place of business in Seattle, Washington. The common shares of Mogul Energy 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 Energy can be found in the Company's filings with the U.S. Securities and Exchange Commission (http://www.sec.gov).

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, including, but not limited to, the Company's ability to negotiate, enter into, perform and consummate the business combination described in this release. Inherent in the Company's business plan is a belief that Mogul Energy can successfully explore oil and gas properties in Egypt and Canada, and that the Company 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 Energy'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 Energy International, Inc. assumes no obligation to update or supplement such forward-looking statements other than as required by law.

Contact Information: Contact Information: Company Contact: Naeem Tyab Mogul Energy 206-357-4220 naeem@mogulenergy.com http://www.mogulenergy.com