Mogul Energy International Inc (MGUY)

Description:

Mogul Energy International, Inc. was formed as a Delaware Corporation on July 25, 2005. It is an independent oil and gas exploration Company, which is focused on exploration and acquisition of properties with potential for hydrocarbon (oil and gas) development. The Company's business strategy is to conduct exploration on its current properties for hyrdrocarbons and expand its business through development of those properties and, if warranted, the acquisition and development of other properties that have: low entry cost as measured on a dollar per barrel for proven and potential reserves; ready access to infrastructure allowing for production within a short time period without significant capital commitments; and ready access to local and export markets without the need for immediate investment in pipeline construction projects. To date, execution of the Company's business plan has largely focused on the acquisition of petroleum concessions in Canada and Egypt, as well two drilling programs in Saskatchewan, and a drilling program on the EWA Concession in the Gulf of Suez. It plans to establish a going forward exploration and development plan. The Company has engaged only in preliminary, exploratory activities, review of data pertaining to its properties, and the establishment of initial exploration plans. Initially, it plans to use third-party providers to engage in most if not all of any oil and gas producing activities in which it might engage if its properties reveal the potential for such activity in the future. The Company competes with major and independent oil and natural gas companies as well as smaller companies who are better financed than it is, for property acquisitions. It also competes for equipment and labor required for it to develop and exploit its properties. Many of its competitors have greater financial and other resources than it does. The Company's oil and gas operations in Canada are subject to local laws relating to the protection of the environment, including laws regulating removal of natural resources from the ground and the discharge of materials into the environment.