Mogul to Focus Exploration Efforts on Saskatchewan Properties
Mogul Energy intends to focus on exploration of its leased oil and gas exploration properties in Saskatchewan, Canada, by financing a planned winter drill program. The Company has a 100% interest in sixty-eight separate freehold oil and gas exploration leases on approximately 9,300 acres situated in South East Saskatchewan. In connection with the financing and exploration of the Saskatchewan Properties, the Company has commissioned an independent evaluation of reserve potential and intends to seek a cross-listing of its shares on the TSX Venture Exchange, subject to TSX-V approval.
The Company previously executed a Letter of Intent with Sea Dragon Energy, a private Canadian company, to execute a business combination that would increase the Company's interest in the EWA Concession from 20% to 60%. However, after further analysis and negotiation, Sea Dragon and the Company have agreed not to proceed with the business combination contemplated by the LOI. As such, the Company does not intend to complete the business combination contemplated in the LOI, and intends to focus on its planned Saskatchewan drilling program.