Fox Petroleum Inc. Announces U.K. North Sea Joint Venture

    LONDON, August 1 /CNW/ - Fox Petroleum Inc. (OTCBB: FXPE - News)
(hereafter "FOX") is pleased to announce the successful acquisition of a
33.33% joint venture interest in the Central North Sea Licence P.1211 Blocks
14/9a and 14/14b, off the east coast of the United Kingdom which contains the
Anglesey Prospect. The blocks cover an area of 37,065 acres.

    Fox Petroleum has signed a Farm-in Agreement with Granby Oil and Gas plc
and Atlantic Petroleum as a co-venturer in this licence, having received
approval from the Secretary of State for BERR (formerly DTI) in the UK. As
part of the agreement, Fox Petroleum maintains the option to increase its
stake from 33.33% up to 60% after completion and appraisal of seismic data.

    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
approximately 12 miles north of the 639 million barrel Claymore Field,
operated by Talisman Energy, who has also operate block 14/14a where oil has
been discovered immediately south of Fox's P.1211 Licence.

    TRACS International Ltd were engaged to prepare a competent person's
report on the Anglesey Prospect. In April of 2007, the report estimated that
the Anglesey Prospect could represent total potential reserves of up to 234
million barrels of recoverable 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 recently completed the
acquisition of seismic data on the areas of interest in the licence. This data
is currently being processed by Fugro, one of the world's leading geophysical
consulting companies in the oil and gas sector. We anticipate a 60 day
processing period. Pending final analysis of all relevant data, Fox expects to
be able to define a drilling location in the third quarter of 2007, and
commence drilling in the second half of 2008.

    Richard Moore, CEO of Fox Petroleum states, "We are very pleased and
excited to complete this agreement with Granby Oil and Gas and Atlantic
Petroleum. The Anglesey Prospect is a high impact project that lies within a
prolific trend of viable oil and gas discoveries. We look forward to
completing the seismic analysis and defining drill targets for exploration and

    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 has established an
operations office in Anchorage, Alaska. Fox's projects include the current
acquisition of 32,000+ acres of mineral rights in Alaska's North Slope
estimated to represent a potential of up to 160 million barrels of oil (LAPP
Resources, Inc.), and a 33.3% ownership stake in a 37,000+ acre UK North Sea
block which could potentially hold up to 234 million stock tank barrels of oil
(TRACS International Ltd). 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"

    Alex Craven, Vice President, Finance


    (*) stock tank barrel: a measure of the volume of treated oil stored in
stock tanks

    Legal Notice Regarding Forward-Looking Statements

    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, including, but not
limited to, the Company's belief that we will successfully close the
acquisition of leases for oil and gas properties in Alaska, earn into leases
in the UK, that we can participate in the exploration of those properties, and
that we will maintain our management team. 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 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,
and the likelihood that no commercial quantities of oil or gas are found or
recoverable. 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 Toll Free: 1-888-FOX-4744 (1-888-369-4744)

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