Fox Petroleum Announces Progress Update on Seismic Analysis for North Sea Anglesey Prospect

    LONDON, December 19 /CNW/ - Fox Petroleum Inc. (OTCBB:FXPE) (hereafter
"FOX") is pleased to announce an update on the seismic data analysis of the
Anglesey Prospect located in the Central North Sea License P.1211 Blocks 14/9a
and 14/14b, off the east coast of the United Kingdom. The data which is being
analyzed comes from the Fox Petroleum commissioned offshore seismic survey,
and has provided a clearer portrait of the opportunity that is presented in
the Anglesey Prospect.

    The data was collected by Fugro, one of the world leaders in seismic
surveys and data acquisition. Using advanced technology, it will provide more
detailed information so that the company can move forward with a drilling
program for the coming drilling season in 2008. Having spent more then $2
million on seismic data in the North Sea, Fox Petroleum has an opportunity to
move ahead with more confidence that hydrocarbons may be present in a
commercial volume.

    The Claymore field, which is operated by Talisman Energy, has estimated
reserves of more then 630 million barrels of oil and is located approximately
12 miles south of the Anglesey Prospect. The seismic interpretation suggests
that the Claymore hydrocarbons are in a migration route and will be a source
of a deposit located within the Anglesey prospect. The seismic data that has
been collected has been extensively processed by Fugro, one of the world's
leading geophysical consulting companies in the oil and gas sector. The
results produced by Fugro have defined the prospect's structures, in which
TRACS International Ltd stated the potential reserves could reach 213 MMBL or
more, earlier this year.

    The results of the analysis provide a better understanding of the
geological structures contained in the prospect. The seismic data gives a more
concise outline of the fault blocks and will help define a target area for
drilling. Based on the seismic data, the southern and central sections of the
block will be considered the most likely areas for an initial well. These
sections of the prospect are considered to be of the lowest risk for primary
exploration of the project.

    Now the data interpretation is underway, Fox will be moving forwards
aggressively for the 2008 drilling season, and have already begun negotiating
drilling slots for the up coming year. The Anglesey Prospect will be of high
priority for Fox Petroleum in the coming months, and will be running in
parallel to other significant projects including the Catcher's Mitt Prospect
in Alaska's Cook Inlet and the Bourbon Prospect also located in the North Sea.

    Commenting on the developments, Richard Moore Fox Petroleum CEO states
"The seismic data was a solid investment for Fox, and will allow us to move
forward with great confidence. This information has highlighted our initial
beliefs; the Anglesey Prospect could have an immense amount of hydrocarbons,
and has the potential to be one of the most profitable projects in the North
Sea at the current time."

    About the Anglesey Prospect

    The Anglesey Prospect is situated in the North Sea on the west flank of
the Witch Ground Graben, an extensive basin trending from the Northwest to the
Southeast and lying between the Moray Firth and Viking Graben. It is located
12 miles north of the 639 million barrel Claymore Field, operated by Talisman
Energy, who has also discovered oil immediately south of Fox's 14/14 Block, in
Well 14/14-1.

    Fox's partner, Granby Oil and Gas, engaged TRACS International Ltd to
prepare a geological report to help define the Anglesey Prospect. In April of
2007, the report concluded that Fox's license represents recoverable reserves
of up to 213 million barrels of oil. At $60 per barrel, Fox's 33.33% interest
could potentially amount to approximately $4.68 billion.

    As per our joint venture agreement, we have completed the acquisition of
seismic data over the license block. This data has been processed by Fugro,
one of the world's leading geophysical consulting companies in the oil and gas
sector. Pending final analysis of all relevant data, Fox expects to be able to
define a drill site in the first quarter of 2008, and commence drilling
programs in the second half of 2008.

    Alex Craven, Vice President, Finance of Fox states, "The results of the
seismic survey have been highly impressive. Fugro have acquired top quality
data, processed it with the highest standards, and our own interpretation has
reinforced our beliefs in terms of the prospectivity of Anglesey. We look
forward to drilling in the hope of a sizeable discovery."

    Further Information

    Shareholders and prospective investors are encouraged to visit Fox
Petroleum's website: and download Fox Petroleum's Investor
Summary. Please feel free to call investor relations toll-free at
1-888-369-4744 to receive a full corporate investor's package.

    About Fox Petroleum

    Fox Petroleum Inc. is an Oil and Gas Exploration Company headquartered in
London, England, the financial capital of Europe. Fox also has an operations
office in Anchorage, Alaska. Fox's current targets include mineral rights to
32,000+ acres in Alaska's North Slope estimated to represent a potential of up
to 160 million barrels of oil (LAPP Resources, Inc.), and the rights to a
33.33% ownership stake in a 37,000+ acre UK North Sea license which could
potentially hold up to 213 million barrels of oil (TRACS International Ltd).
Fox has a 22.5% carried interest in JV of an onshore Texan gas well, and has
also signed agreements to acquire roughly 14,000 acres on the North Slope and
approximately 42,000 of land onshore in the Cook Inlet containing the
Catcher's Mitt Prospect. Fox has also recently signed an FIA for 46% of the
211/17 South block containing the Bourbon Prospect, estimated by Aimwell
Energy Ltd to have a mid case recoverable reserve potential of 167 mmbo. The
Company's shares are publicly traded on the NASD OTC BB under the ticker
symbol FXPE.

    On behalf of the Board of Directors


    Alex Craven, Vice President, Finance


    Legal Notice Regarding Forward-Looking Statements

    Legal Notice Regarding Forward-Looking Statements in this news release
that are not historical facts are forward-looking statements that are subject
to risks and uncertainties. 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. Forward looking statements are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "aims", "potential", "goal", "objective",
"prospective", and similar expressions or that events or conditions "will",
"would", "may", "can", "could" or "should" occur. Information concerning oil
or natural gas reserve estimates may also be deemed to be forward looking
statements, as it constitutes a prediction of what might be found to be
present when and if a project is actually developed.

    Forward-looking statements in this news release include that our mineral
rights in Alaska's North Slope is estimated to contain a potential of up to
160 million barrels of oil; that UK North Sea license which we own a 33.33%
ownership could potentially hold up to 213 million barrels of oil; that the
Spears Gas Well is estimated to be spudded within this quarter of 2007 or
could become Fox Petroleum's first production well; that acquisition of the
22.5% joint venture interest in the Spears Gas Well could result in short term
revenue, production or bookable reserves; that the revenue potential of the
Spears Gas Well could cover the investment in a matter months; that Spears Gas
Well could potentially produce up to 3,000 MCFGPD or greater; we could
potentially drill a well on the Catcher's Mitt prospect in 2008; there will be
sufficient capacity in the pipeline from Catcher's Mitt if gas is produced; we
will be granted rights to explore the all acreage from the relative governing
bodies; the 211/17 south block is estimated to have a potential of over 0.5
billion barrels of oil; the Bourbon prospect has potential of 167 mmbo; the
Liassic/Triassic Statfjord, and the Triassic Cormorant sandstone total
possible reserve of 30 mmbo; the Upper Jurassic Magnus, and the Ptarmigan
sandstones, represent an additional total potential of 278 and 45 mmbo; Fox
may be able to tie into existing infrastructure; an exploration well is
planned on 211/17 South for 2008; Fox will be able to define a well location
on the acreage and drill a well in the 2008-2009 season; Fox will be able to
define and drill a well on Anglesey in 2008.

    Actual results may differ materially from those currently anticipated due
to a number of factors beyond the reasonable control of the Company. It is
important to note that actual outcomes and the Company's actual results could
differ materially from those in such forward-looking statements. Factors that
could cause actual results to differ materially include misinterpretation of
data, inaccurate estimates of oil and natural gas reserves, the uncertainty of
the requirements demanded by environmental agencies, the Company's ability to
raise financing for operations, breach by parties with whom we have
contracted, inability to maintain qualified employees or consultants because
of compensation or other issues, competition for equipment, inability to
obtain drilling permits, potential delays or obstacles in drilling operations
and interpreting data, the likelihood that no commercial quantities of oil or
gas are found or recoverable, successful closing of the acquisition of joint
venture partnership interest in the Spears Gas Well, the 211/17 South JV, the
Cook Inlet and North Slope lease acquisitions, and our ability to participate
in the exploration of, and successful completion of development programs on
all aforementioned prospects and leases. Additional information on risks for
the Company can be found in filings on Edgar of other junior oil and gas
exploration companies with the US Securities and Exchange Commission.

For further information:

For further information: Fox Petroleum Inc. Investor Relations Alex
Craven, Vice President, Finance 1-888-FOX-4744 (1-888-369-4744)

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