Mogul Energy International, Inc. ("Mogul") (OTC.BB:MGUY - News) (Frankfurt:BKX - News) recently acquired the oil and gas rights on more than two dozen leases in Jackson County, Texas. The acreage will provide the first of two potential locations in Mogul's South Texas drilling program announced earlier this year.In addition, Mogul entered into a Participation Agreement and signed a Joint Operating Agreement (JOA) with Fossil Oil Company, LLC and the C. H. Squyres Family, LLC to add adjoining acreage already leased and to participate equally in the drilling of the prospect.

The additional acreage would add three to five prospective well locations. The combined leases total approximately 480 acres.Mogul will be the operator of record for this prospect with the first well to be permitted and drilled by mid-February, 2011. [Read the full article]

Diamond Offshore Drilling Inc. said Monday that it will spend $590 million on a new drilling rig that's capable of operating in 12,000 feet of water.The Houston oil and gas driller said a subsidiary has hired Hyundai Heavy Industries Co. to build the ultra-deepwater drillship. The rig is expected to be completed in 2013.Diamond Offshore operates around the world, including off the coasts of Brazil, Indonesia, Australia and the U.S. When the U.S. shut down deepwater operations last year, the company moved two of its Gulf-based rigs to foreign waters.Copyright © 2010 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten, or redistributed without the prior written authority of The Associated Press.Quotes delayed, except where indicated otherwise. Delay times are 15 mins for NASDAQ, NYSE and Amex. See also delay times for other exchanges. [Read the full article]

www.wallstreetequityresearch.com gives shareholders valuable insight on oil & gas drilling & exploration stocks Dune Energy Inc. (OTC.BB:DUNR - News) and Alamo Energy Corp. (OTC.BB:ALME - News). Sign up today at www.wallstreetequityresearch.com to receive free research reports on these equities.Oil prices recently hit a two year high, and are now hovering over around the $90 a barrel mark. A decrease in U.S. stockpiles coupled with a recovering economy has helped push oil prices up. Gasoline at the pump is up more than 15% over last year, and if crude prices continue to rise so too will gas prices. While this has some in the industry worried that higher fuel prices will decrease demand, increased oil consumption in China may keep demand high. [Read the full article]