Mogul Energy International (MGUY) 10-Q 2009 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended  March 31, 2009

333-138806

(Commission File Number)
 

MOGUL ENERGY INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

98-0461623

(I.R.S. Employer Identification Number)

520 Pike Street, Suite 2210

Seattle, WA 98101

(Address of principal executive offices)

(206) 357-4220

(Registrant's telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x      No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o	Accelerated filer  o
Non-accelerated filer   o     (Do not check if a smaller reporting company)	Smaller reporting company  x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o   No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:57,445,987 common shares issued and outstanding as of May 15, 2009.

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

Item 1.	Financial Statements
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.	Quantitative and Qualitative Disclosures About Market Risk
Item 4T.	Controls and Procedures
PART II
OTHER INFORMATION
Item 1.	Legal Proceedings
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.	Defaults Upon Senior Securities
Item 4.	Submission of Matters to a Vote of Security Holders
Item 5.	Other Information
Item 6.	Exhibits
SIGNATURES

Mogul Energy International, Inc.

(an exploration stage company)

Financial Statement Index

	Index
Balance Sheets	F-2
Statements of Operations	F-3
Statements of Cash Flows	F-4
Notes to the Financial Statements	F-5

Mogul Energy International, Inc.

(an exploration stage company)

Balance Sheets

(expressed in U.S. dollars)

	March 31,			December 31,
	2009			2008
Assets:
Current
Cash	$	74,256		$	845,251
Receivable		17,805			52,169
Subscriptions receivable		-			-
Investment - held for sale		253,930			556,444
Prepaid and Deposits		30,919			29,744
Total current assets		376,910			1,483,608
Non-current
Exploration and evaluation		629,058			435,512
Total Assets	$	1,005,968		$	1,919,120
Current Liabilities:
Accounts payable		179,031			559,262
Contingencies and commitments		-			-
Shareholders’ Equity:
Deficit accumulation during exploration stage	$	(6,381,614	)	$	(6,125,607	)
Common stock (Authorized: 100,000,000 shares, $0.0001 par value. Outstanding: 57,445,987 shares at 03/31/09 and 12/31/08)		5,744			5,744
Additional paid-in capital		7,066,537			7,066,537
Warrants & Options:		571,704			571,704
Preferred: 10,000,000 shares authorized, none issued		-			-
Foreign exchange adjustment		(127,784	)		(112,894	)
Other comprehensive income (loss)		(307,651	)		(45,626	)
Total Shareholders’ Equity		826,937			1,359,858
Total Shareholders’ Equity and Liabilities	$	1,005,968		$	1,919,120

F-2

Mogul Energy International, Inc.

(an exploration stage company)

Statements of Operations

For the Three Months Ended March 31, 2008 and 2009 and

For the Period July 25, 2005 (inception) to March 31, 2009

(expressed in U.S. dollars)

	Three Months Ended March 31, 2009			Three Months Ended March 31, 2008			Cumulative from July 25, 2005 (inception) to March 31, 2009
Expenses:
General and administrative	$	(261,384	)	$	(365,954	)	$	(3,103,473	)
Impairment		-			(46,667	)		(3,758,944	)
Other income and expenses
Gain on disposition exploration property		-			-			1,287,072
Gain on sale of investment held for sale		5,377			-			5,377
Interest Revenue		-			-			8,354
Settlement of lawsuit		-			-			(820,000	)
Net (loss) for the periods	$	(256,007	)	$	(412,621	)	$	(6,381,614	)
Basic earnings (loss) per share		(0.00	)		(0.01	)
Weighted average common shares outstanding		55,616,265			44,811,329

F-3

Mogul Energy International, Inc.

(an exploration stage company)

Statements of Cash Flows

For the Three Months Ended March 31, 2008 and 2009 and

For the Period July 25, 2005 (inception) to March 31, 2009

(Expressed in U.S. dollars)

	Three Months Ended March 31, 2009			Three Months Ended March 31, 2008			Cumulative from 7/25/05 (inception) to  March 31, 2009
Operating Activities
Net (loss) for periods	$	(256,007	)	$	(412,621	)	$	(6,381,614	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation (Office)					1,055			6,209
Impairment		-			46,667			3,758,946
Shares and options for services		-			18			523,103
Gain on disposition of exploration property		-			-			(607,039	)
Gain on investment held for sale		(5,377	)					(5,377	)
Changes in non-cash working capital
Accounts payables ( decrease) increase		(380,231	)		(160,184	)		179,031
GST receivable increase		34,364			27,120			(17,538	)
Prepaid		(1,175	)		(473	)		(30,919	)
Payable settlement		-			-			19,467
Litigation payable		-			-			-
Cash used in operating activities	$	(608,426	)	$	(498,418	)	$	(2,555,731	)
Investing Activities
Purchase equipment								(6,209	)
Investment held for sale		45,866						45,866
Exploration and evaluation		(193,546	)		(72,926	)		(4,499,916	)
Cash used for investing activities	$	(147,680	)	$	(72,926	)	$	(4,460,259	)
Financing Activities
Due to officers and directors		-			(160,402	)		-
Cash call payable - exploration		-			49,273			-
Loans from shareholders		-			(46,602	)		-
Proceeds from subscriptions receivable		-			454,824			462,324
Proceeds from sale of equity securities		-			404,373			6,642,811
Cash from financing activities	$	-		$	701,466		$	7,105,135
Other comprehensive loss		(14,890	)		8,196			(14,890	)
Increase in cash during periods		(770,995	)		130,122			89,176
Cash beginning of periods		845,251			227,227			-
Cash at end of periods	$	74,256		$	365,545		$	74,256
Interest and taxes paid during period	None			None			None

F-4

Mogul Energy International, Inc.

Notes to the March 31, 2009 and 2008 Financial Statements

NOTE 1 - Organization and Nature of Business

Mogul Energy International, Inc. (Company) was formed as a Delaware corporation on July 25, 2005 to engage in the business of oil and gas exploration.  The Company’s business activities included financing and acquiring drilling prospects and exploration for oil and gas.

The Company acquires low entry cost exploration prospects, as measured on a dollar per barrel for proven and potential reserves in proximity to producing oil fields, and exploring for oil and gas reserves.

In Management's opinion all of the adjustments necessary for a fair statement of the results of interim periods ended March 31, 2009 and March 31, 2008 have been made, such adjustments are of a normal recurring nature.

NOTE 2 - Capital Stock

Warrant and Options

The following are details related to warrants issued by the company to shareholders:

	March 31, 2009				March 31, 2008
	Shares		Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding warrants at beginning of the period		1,366,667	$	0.40		1,991,667		$	0.43
Warrants Granted		-		-		-			-
Exercised		-		-		-			-
Forfeited		-		-		-			-
Expired		-		-		(625,000	)	$	0.50
Outstanding at the end of period		1,366,667	$	0.40		2,021,669		$	0.40

Fair Value Assumptions – The fair value of warrants and options granted is estimated on the date granted using the Black-Scholes option pricing model with following weighted average assumptions used for the grants:

The following are details related to warrants issued by the company as finders’ fees:

	March 31, 2009
	Shares		Weighted Average Exercise Price
Outstanding warrants at beginning of period		950,106	$	0.20
Warrants granted
Exercised
Forfeited
Expired
Outstanding at the end of period		950,106	$	0.20

F-5

Mogul Energy International, Inc.

Notes to the March 31, 2009 and 2008 Financial Statements

1. For the period ended June 30, 2008, risk free rate was 2.71%, expected dividend yield was zero, expected life ranged from 18 months to 2 years, and expected volatility of 520%.

2. For the period ended December 31, 2007, risk free rate was 3.05%, expected dividend yield of zero, expected life of 2 years, and expected volatility of 82%.

A summary of the status of the warrants under various agreements follows for the quarter ended March 31, 2009:

Warrants Outstanding			Warrants Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price	Number Exercisable	Weighted Average Remaining Contractual Life (years)
$0.15 to $0.40	2,316,773	.497	$0.32	2,316,773	.497

For quarter ended March 31, 2008

Warrants Outstanding			Warrants Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price	Number Exercisable	Weighted Average Remaining Contractual Life (years)
$0.40	1.396,669	2.00	$0.40	1,396,669	2.00

Employee Stock Option Plan

On August 7th, 2007 the Company granted 2,250,000options to Directors and employees of the Company.  These options vest at a rate of 20% per quarter.  These options were fully vested as of August 7th, 2008.

The following table summarizes the continuity of the Company’s stock options:

March 31, 2009
	Options	Weighted Average Exercise Price	Weighted Average Remaining Life (years)
Options outstanding	2,250,000	$0.30	3.25
Exercised	-	-
Forfeited	-	-
Expired	-	-
Outstanding at the end of period	2,250,000,	$0.30	3.25

F-6

Mogul Energy International, Inc.

Notes to the March 31, 2009 and 2008 Financial Statements

The fair value of the options was calculated using the Black Scholes method: risk free rate 3.73%, share price $0.28, strike price $0.30, volatility 51% and dividend yield 0.00.

NOTE 3 - Oil and Gas Properties

Disposition of EWA Concession Agreement 20% Working

On March 21, 2008, the Company entered into an Agreement of Purchase and Sale with Egypt Oil Holdings Ltd. (Egypt Oil), Sea Dragon Energy Inc. (Sea Dragon) and Dover Investments Ltd.  The Agreement, with an effective date of March 21, 2008, was part of a larger transaction (the “Transaction”) that closed on April 24, 2008.  The Transaction resulted in the sale of the Company’s 20% working interest in the EWA Concession Agreement (Concession) to Sea Dragon in exchange for satisfaction of the Company’s outstanding “Cash calls payable” ($759,306) related to the Company’s drilling program on the Concession, a cash payment of $100,000 CDN plus 4,000,000 shares of Sea Dragon’s common stock, valued at an estimated $0.15 per share based on a recent share offering of Sea Dragon, a publicly traded Company.  Ninety percent of Sea Dragon’s shares received by the Company for this transaction have been placed in escrow.  The terms of the escrow call for the  release of these shares on the earlier of: (i) the Company announcing the drilling results of the second exploratory well drilled on the Concession (note 5); or (ii) July 31, 2009.

Saskatchewan Exploration Program

The Company commenced an exploration program in 2008 on its leased properties located in eastern Saskatchewan.

The first well encountered a heavily oil stained, marginal reservoir, within the Bakken interval.  This well has been suspended.  At December 31, 2008 a determination cannot be made about the extent of oil reserves that should e classified as proved reserves as a result pending further analysis expected to be completed in 2009.

The second well has been abandoned after encountering a wet zone at the Bakken reservoir level.  Reclamation costs associated with the abandoned well were estimated to be $26,186 and were classified to accounts payable and charged as impaired.

The Company’s exploration program previously announced. has changed significantly.  Further exploration in Saskatchewan has been postponed as the Company evaluates the results of the wells drilled to date.

Due to expiration of the leased property, a lack of cash and falling oil prices the Company has realized an impairment charge of $1,203,247 related to the expiration of substantially all leased property assets and their related acquisition costs previously capitalized on the balance sheet as Exploration and Evaluation.  A further impairment charge of $412,134 has been recognized for the dry hole and other related costs of the 2008 exploration.  The suspended well costs have been recorded as a capitalized asset pending determination of reserves.

F-7

Mogul Energy International, Inc.

Notes to the March 31, 2009 and 2008 Financial Statements

United States (Excelaron)

On February 12, 2009 the Company entered into an agreement with Excelaron LLC (“Excelaron”), California company, whereby Excelaron has agreed to permit the Company to subscribe for a 40% Members Percentage Interest in Excelaron.  In substance the subscription of this interest is contingent upon the Company making a $2,300,000 capital contribution to be used to acquire and develop oil and gas lease agreements that Excelaron has entered into.  These leases are located in California.  Should the Company not meet the contingent payment amounts its interest in Excelaron would be significantly reduced.  For every $250,000 invested below $1,000,000 the company would receive a 2% interest in Excelaron and a 5% for each $250,000 above $1,000,000.  As of March 31, 2009 no further investments have been made over and above the initial payment of $175,000.

NOTE 4 - Commitments

Office Lease

The Company rents office space in Seattle, Washington on a month-to-month basis for $400 per month, and $450 per month for office space in Vancouver, British Columbia, Canada.

In November, 2008, the Company entered into a 13 months lease for office space in Toronto, Ontario Canada at a net monthly cost of $3,954 Canadian Funds (approximately $US3,250).  This lease expires November, 2009.

NOTE 5 - Contingencies

Environmental Uncertainties

The Company may be exposed to financial risks in the oil and gas exploration business for pollution or hazards against which it cannot adequately insure or which it may elect not to insure. Incurring any such liability may have a material adverse effect on our financial position and operations.

Governmental Regulations and Licensing

In order to drill for, recover, transport or sell any gas or oil from the properties subject to the Company’s drilling rights, the Company will generally be required to obtain additional licenses and permits and enter into agreements with various landowners and/or government authorities. The issuance of these permits and licenses generally will be contingent upon the consent of the governmental authority having jurisdiction over the property, which entities have broad discretion in determining whether or not to grant such authority. These licenses, permits, and agreements will generally contain numerous restrictions and require payment of development and exploration fees and royalties typically based on the recoverable reserves or expenditures. The amount of any such fee and royalties and other terms will determine in part, the commercial viability of any extraction prospect.

NOTE 6 - Loss Per Share

Loss per share is calculated using the weighted average number of shares issued during the relevant period. The weighted average number of common shares was 55,616,265 for the period ended March 31, 2009.

NOTE 8 - Capitalized costs relating to the oil and gas acquisitions and exploration activity

Schedule “A” Canada
Costs at Dec. 31, 2006	$	441,106
Lease property acquisition costs		800,000
Less impairment during 2007		(37,860	)
Costs at December 31, 2007	$	1,203,246
Additions during 2008:		-
Lease property acquisition costs		15,612
Less accumulated depreciation, depletion, amortization and impairment		(1,615,381	)
Net book value December 31, 2008	$	435,512
Additions during 2008
Exploration		18,546
Net book value March 31, 2009
Schedule “B” United States*
Cost at January 1, 2009	$	-
Additions: payment for 40% of Excelaron (Contingent)		175,000
At March 31, 2009	$	175,000

F-8

Mogul Energy International, Inc.

Notes to the March 31, 2009 and 2008 Financial Statements

Mogul Energy International, Inc.

(an exploration stage enterprise)

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These statements relate to future events and/or our future financial performance.  Generally, you can identify forward-looking statements by terminology such as “intends,” "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", or "potential" or the negative of these terms or other comparable terminology.  To the extent that such statements are not recitations of historical fact, such statements constitute forward-looking statements that, by definition, involve risks and uncertainties.  These statements reflect only our current expectations and involve known and unknown risks, uncertainties and other factors, many of which are unforeseen, including the risks in Item 1A entitled "Risk Factors," that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  You should not place undue reliance on these forward-looking statements.  These forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby.  Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our unaudited interim financial statements are stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles. The following discussion should be read in conjunction with our unaudited interim financial statements and the related notes that appear elsewhere in this quarterly report.

In this Quarterly Report, unless otherwise specified, all references to "common shares" refer to common shares in the capital of Mogul Energy International, Inc., and the terms "we" "us" and "our" mean Mogul Energy International, Inc. (the “Company” and “Registrant”).

General Development of Business

We are a Delaware corporation formed on July 25, 2005, with our principal place of business in Seattle, Washington.  We also maintain an office in Vancouver, British Columbia and Toronto, Ontario, Canada.  We are an independent oil and gas exploration company established to take advantage of the low cost acquisition opportunities near other producing and proven oil fields. Since our formation, we have engaged in only limited activities related to the acquisition of our property rights and financing activities. To date, we have not generated any operating revenues.  The address of our website is www.mogulenergy.com. Information on our website is not part of this report.

We are an exploration company focused on exploration and acquisition of properties with potential for hydrocarbon (oil and gas) development.  Our business strategy is to conduct exploration on our current properties for hyrdrocarbons and expand our 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.

Initially, we intend to use third-party providers to engage in most if not all of any oil and gas producing activities in which we may engage if our properties reveal the potential for such activity in the future.

Material Changes in Financial Condition and Results of Operations

As at March 31, 2009, we had total assets of $1,005,968 as compared to $1,919,120 at December 31, 2008.  Non-Current assets increased with the addition of our investment of $175,000 for the initial disbursement required for our interest in Excelaron LLC.

Mogul Energy International, Inc.

Notes to the March 31, 2009 and 2008 Financial Statements

As at March 31, 2009, we had $179,031 in current liabilities relative to current liabilities of $559,262 at December 31, 2008. Our total liabilities decreased by approximately $380,231as we continue to pay payables from our drilling program that ended in December 2008.

 Our financial statements report a net loss of $256,007 for the quarter ended March 31, 2009, compared to a net loss of $412,621 for the comparable quarter in 2008.  Expenses predominately decreased due to a 29% decrease in professional costs and 56% due to decreased travel expenses compared to the same period in the prior year.

We have suffered recurring losses from operations. The continuation of our company is dependent upon our company attaining and maintaining profitable operations and raising additional capital.  In this regard we will need to continue to raise additional capital.

The continuation of our business is dependent upon obtaining further financing, a successful program of acquisition and exploration, and, finally, achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

No information is provided under this Item because the Company is a smaller reporting company.

Item 4T.  Controls and Procedures

Management’s Evaluation of Disclosure Controls and Procedures

As required under the Exchange Act, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as of the end of the period covered by this report, being March 31, 2009. We are responsible for establishing and maintaining adequate internal controls and procedures for the financial reporting of our company. Disclosure control and procedures are the controls and other procedures that are designed to ensure that we record, process, summarize and report in a timely manner the information that we must disclose in reports that we file with or submit to the SEC.  Our management has concluded, based on their evaluation, that as of March 31, 2009, as the result of the material weaknesses described below, our disclosure controls and procedures were ineffective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes.  For more information, see Item 9A – Controls and Procedures – in Part II of our Annual Report on Form 10-K for the year ended December 31, 2008.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the period covered by this report that have materially affected, or are likely to materially affect, the Company’s internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1.    Legal Proceedings

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in Item 1A – Risk Factors – in Part I of our Annual Report on Form 10-K for the year ended December 31, 2008.

Mogul Energy International, Inc.

Notes to the March 31, 2009 and 2008 Financial Statements

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

Between January 1, 2009 and March 31, 2009, the Company did not sell any equity securities of the Company which were not registered under the Securities Act.

Item 3.    Defaults Upon Senior Securities

None

Item 4.    Submission of Matters to a Vote of Securities Holders

None

Item 5.    Other Information

There have been no material changes to the procedures by which security holders may recommend nominees to the registrant’s board of directors.

Item 6.    Exhibits

Exhibit Number	Description
(3)	(i) Articles of Incorporation; and (ii) Bylaws
3.1	Certificate of Incorporation (1)*
3.2	By-laws (1)*
3.3	Form of Registration Rights Agreement with the Selling Shareholders (1)*
3.4	Form of Subscription Agreement ($0.001) (2)*
3.5	Form of Subscription Agreement ($0.15) (2)*
3.6	Form of Subscription Agreement ($0.40) dated for reference July 28, 2005 (2)*
3.7	Form of Subscription Agreement($0.40) dated for reference October 31, 2005 (2)*
3.8	Form of Subscription Agreement ($0.40) dated for reference January 19, 2006 (2)*
3.9	Form of Flow Through Subscription Agreement ($0.40) dated for reference February 8, 2006 (2)*
3.10	Form of Subscription Agreement for Unit Offering dated for reference April 11, 2006 (2)*
3.11	Form of Subscription Agreement ($0.15) dated for reference December 12, 2007 (incorporated by reference from our Current Report on Form 8-K filed on February 15, 2008)*
3.12	Form of Flow Through Subscription Agreement ($0.18) dated for reference December 12, 2007 (incorporated by reference from our Current Report on Form 8-K filed on February 15, 2008)*
(4)	Instruments Defining the Rights of Security Holders
4.1	2007 Stock Incentive Plan (incorporated by reference from our Current Report on Form 8-K filed on August 10, 2007)*
(5)	Opinion re Legality
5.1	Opinion of Sierchio Greco & Greco, LLP (3)*
(10)	Material Contracts
10.1	A Binding Farm-Out Agreement East Wadi Araba Concession dated August 6, 2005 (1)*
10.2	A Binding Joint Venture Agreement - Egypt dated August 7, 2005 (1)*
10.3	Farm-Out Agreement dated September 29, 2005 (1)*
10.4	Farm-out Agreement dated November 8, 2005 (1)*
10.5	Assignment Agreement-East Wadi Araba Concession dated December 9, 2005 (1)*
10.6	Assignment Agreement dated December 9, 2005 (1)*
10.7	Amendment to Binding Farm-Out Agreement East Wadi Araba Concession-Egypt dated March 30, 2006 (1)*
10.8	Assignment Agreement dated April 4, 2006 (1)*
10.9	Concession Agreement for Petroleum Exploration and Exploitation (the "Concession Agreement") between Dover, the Arab Republic of Egypt and the Egyptian General Petroleum Corporation (“EGPC”) dated July 18, 2002 (1)*

Mogul Energy International, Inc.

Notes to the March 31, 2009 and 2008 Financial Statements

10.10	East Wadi Araba Concession - Gulf of Suez, Egypt Amending Agreement dated April 13, 2006 (1)*
10.11	Deed of Assignment submitted May 30, 2006 (1)*
10.12	A Binding Agreement dated April 14, 2005 (1)*
10.13	Agreement dated October 2, 2006 with Ernie Pratt (2,3)*
10.14	Office Lease Agreement as amended (2)*
10.15	Promissory note dated April 1, 2006 in the aggregate amount of $113,791.35 (2)*
10.16	Assignment Agreement dated January 24, 2007 (2)*
10.17	Letter of Intent dated July 30, 2007 (incorporated by reference from our Current Report on Form 8-K filed on August 7, 2007)*
10.18	Form of Stock Option Agreement (incorporated by reference from our Current Report on Form 8-K filed on August 10, 2007)*
(14)	Code of Ethics
14.1	Code of Ethics(5)*
(23)	Consents of Experts and Counsel
23.1	Consent of Sierchio Greco & Greco, LLP (included in Exhibit 5.1) (3)*
23.2	Consent of Jorgensen & Co. (incorporated by reference from our Registration Statement on Form SB-2/A filed on May 8, 2007)  (1,2,3,4)*
23.3	Consent of Chapman Petroleum Engineering Ltd. (1,2,3,4)*
(31)	Certifications
31.1	Certification of Principal Executive Officer pursuant to Section 302
31.2	Certification of Principal Financial and Accounting Officer pursuant to Section 302
32.1	Certification of Principal Executive Officer and Principal Financial and Accounting Officer pursuant to Section 1350
(99)	Additional Exhibits
99.1	List of Freehold Properties Leases (1)*
99.2	Evaluation of Resource Potential East Wadi Araba Concession, Offshore Gulf of Suez, Egypt (1)*
99.3	Settlement Agreement dated January 24, 2007 (2)*

* Previously filed.

1 Filed with our Registration Statement on Form SB-2 on November 17, 2006, and incorporated herein by reference.

2 Filed with our Registration Statement on Form SB-2/A on February 6, 2007, and incorporated herein by reference.

3 Filed with our Registration Statement on Form SB-2/A on March 29, 2007, and incorporated herein by reference.

4 Filed with our Registration Statement on Form SB-2/A on April 25, 2007, and incorporated herein by reference.

5 Filed with our Annual Report on Form 10-K, for the year ending December 31, 2008, and incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MOGUL ENERGY INTERNATIONAL, INC.

/s/ Naeem Tyab

By: Naeem Tyab, President

(Principal Executive Officer)

(Principal Financial Officer)

Dated:  May 20, 2009