Mogul Energy International, Inc. Announces the Completion of the Amended and Restated Definitive Agreement Transaction
28 Abril 2010 - 2:50PM
Marketwired
Mogul Energy International, Inc. ("Mogul") (OTCBB: MGUY), is
pleased to announce that, further to its press release dated April
1, 2010, it has completed the transaction pursuant to the amended
and restated definitive qualifying transaction agreement (as
amended, the "Definitive Agreement") with each of United
Hydrocarbon Corporation ("UHC"), Excelaron LLC ("Excelaron"), Vesta
Capital Corp. ("Vesta") and others in connection with a proposed
"Qualifying Transaction", within the meaning of the policies of the
TSX Venture Exchange (the "TSXV").
Pursuant to the terms of the Definitive Agreement the Company
sold its 40% interest in Excelaron for the equivalent of
approximately US$1,000,000, to UHC and for the reimbursement of
US$425,000 for advances made to Excelaron.
Mr. Naeem Tyab, the Company's President, stated: "Following the
successful completion of the sale of our interest in Excelaron, we
intend to focus our immediate efforts primarily on on-shore,
by-passed and offset discovered hydrocarbons in the United States."
Mr. Tyab noted that, "Preliminary investigations have resulted in
several potential oil and gas prospects in the upper Texas Gulf
Coast area with several additional regions and prospects still
pending further evaluation. However, additional work is necessary
to high-grade the immediate list of prospects, lease the relevant
acreage and prepare several drilling and completion programs, which
Mogul either intends to drill or will cause to be drilled via
farm-out to their operators."
Information concerning Mogul Energy
International:
Mogul Energy is an oil and gas exploration company headquartered
in Seattle, Washington.
The common shares of Mogul Energy are quoted on the OTC Bulletin
Board system under the symbol 'MGUY,' and the Frankfurt Stock
Exchange 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 the U.S.A. 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: Company Contact Naeem Tyab Mogul Energy
206-357-4220 naeem@mogulenergy.com http://www.mogulenergy.com
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