LONDON, September 5 /CNW/ - Fox Petroleum Inc. (NASD OTCBB:FXPE - News)
is pleased to provide an overview of Management's Alaskan property visit and
an overview of current operations on Alaska's North Slope and in the United
Kingdom's North Sea.
Following a very successful site visit to Alaska's North Slope and the
Fox Petroleum lease properties, management is pleased to report that the
company is progressing on schedule with seismic data acquisition, and has
further identified potential rig availability for the Fox prospects once
confirmed and ready for drilling. Management is very optimistic with the North
Slope properties, as they exist in close proximity to existing infrastructure,
utilities, roads, pipelines and current producing fields.
"The infrastructure existing around the Fox lease area is very conducive
for our prospect development, and there is much capacity yet to be accounted
for, so any possible oil well production from Fox will be readily serviced. It
was truly outstanding to touch down on our acreage and visually experience
what we feel to be an amazing location." stated Richard Moore, CEO of Fox
Fox Management met with a number of significant oil and gas individuals
and groups such as senior staff from BPXA (British Petroleum Exploration
Alaska) and Pioneer Natural Resources while on site, and was able to access
expert local input on seismic data, drilling operations, regional geology and
area geophysics. As a result of these meetings, Fox has entered into formal
relationships with two such experts in these areas. Management is currently
reviewing several new Alaskan prospects, including acreage in the Cook Inlet
region, with close proximity to Anchorage.
"I was extremely pleased to have had an opportunity to spend time with
the people at The Petroleum Club of Anchorage, and enjoy the centuries worth
of local experience that they shared with us. I would also like to thank the
very competent people at Air Logistics for their sensational helicopter
charter on our property visit. " added Richard Moore, CEO.
Furthermore, BPXA are planning to use a northern section of the Fox East
Prudhoe Bay Prospect for their Oil Spill Response Mutual Aid Drill starting
today. This is an annual exercise involving the North Slope operators,
sponsored by BPXA, in which tactics for recovering oil from spillages are
demonstrated. We feel these environmental precautions are extremely important
and essential to ensuring the oil and gas development on the North Slope does
not adversely affect the natural surroundings.
"Seeing the production on and around our Leases in Alaska is very
exciting. We are surrounded by some very significant players, and the
opportunity to meet the number of experienced veteran Alaskan oil and gas
people was invaluable to moving our agenda forward. I look forward to building
on these relationships and remain truly excited about the future development
potential of our leases in Alaska, and other possible future Alaskan
opportunities." stated Alex Craven, Vice President, Finance of Fox Petroleum.
North Sea Prospects
Fox Petroleum is pleased to announce that Seismic data acquisition for
the North Sea prospects has been completed at a cost very close to the
original budget. Initial comments from our geophysical consultant suggest that
the data is of very good quality and far superior than the existing historical
records. Fox hopes to identify a drilling location by late October, upon
receipt of the interpreted seismic data. Currently, we are in talks with
several drilling services companies, as we further clarify rig availability.
Shareholders and prospective investors are encouraged to visit Fox
Petroleum's website: www.foxpetro.com 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 or to sign up to
receive current and breaking news from the company.
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
33.3% 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).
The Company's shares are publicly traded on the NASD OTC BB under the ticker
On behalf of the Board of Directors
FOX PETROLEUM INC.
Alex Craven, Vice President, Finance
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 can participate in the exploration of
those properties; the future development potential of our leases in Alaska,
and other possible future Alaskan opportunities; and that we hope to identify
a drilling location by late October in the North Sea. 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, 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 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)