Fox Petroleum Provides Alaskan Exploration Update

    LONDON, September 10 /CNW/ - Fox Petroleum Inc. (NASD OTC BB: FXPE -
News) is pleased to provide an overview of current operations and developments
on Alaska's Hydrocarbon rich North Slope region.

    Prudhoe Bay, the largest oil field in North America, is home to more than
3,898 exploratory wells, 170 drilling pads, and 25 production, processing, sea
water treatment and power plants. There are an estimated 25 billion barrels of
oil and 24.5 trillion cubic feet of natural gas trapped within the region's
geological formations roughly 9,000 feet below the surface.
( website) The United States Geological Survey for the
Northern Region of Alaska estimates the mean for technically recoverable,
undiscovered volumes of hydrocarbons to be 50 billion barrels of oil and 227
trillion cubic feet of natural gas. (Source: Petroleum News Vol.12 No.13)

    The 2007-2008 drilling season is expected to be one of the most active in
years due to the increased exploration programs by both major oil and gas
companies, and numerous independent exploration and development companies. At
present, the North Slope region is anticipating a combined 20+ well drilling
season, targeting both oil and gas prospects. Some of these projects are
outlined below.

    British Petroleum, the largest of the three primary players on the North
Slope (ConocoPhillips and ExxonMobil being the other two), will continue to
explore their "huge known Resource base" through the use of current
technology, suggests Daren Beaudo, spokesman for BP Alaska. (Source: Alaska
Business Monthly July 2007 - 1.html)

    (Due to its length, this URL may need to be copied/pasted into your
Internet browser's address field. Remove the extra space if one exists.)

    Chevron recently began the permitting process to drill up to 6 wells at
the White Hills Prospect, as part of their multiyear North Slope onshore oil
and gas exploration drilling program. (Source: Petroleum News Vol.12 No.13)

    Brooks Range Petroleum, a wholly owned subsidiary of Alaska Venture
Capital Group, is planning to invest at least $46 million over the next 3
seasons on North Slope exploration, beginning with 2 to 3 wells on the central
North Slope. It was confirmed in April that they had discovered "approximately
70 feet of oil-charged Ivishak sandstone formation", at their North Shore #1
target on the Central North Slope. The company has stated that their capital
investment in the region may reach between $500 million to $1 billion if
initial success is realized. (Source: Petroleum News Vol.12 No.13)

    Savant Alaska LLC with partner Truth North Energy Corp. have procured
necessary rigging equipment for a first quarter 2008 drill program on the
estimated 100 million barrel Kupcake Prospect in the Beaufort Sea. The Kupcake
well site is in 14 feet of water about three miles offshore in Foggy Island
Bay, approximately 8,000 feet west of British Petroleum's Liberty No. 1
discovery well. BP has pegged Liberty's recoverable oil at between 120-130
million barrels and is currently moving toward field development. (Source:
Petroleum News Vol.12 No.13 and Vol.12 No.37)

    Additionally, there is an expectation that Pioneer Natural Resources, (a
subsidiary of Italy's Eni SpA), may drill their Gwydyr Bay leases, and
Renaissance Umiat LLC, who is in the process of permitting 10-12 well
locations, may see 7-8 wells drilled this season. Estimates for the Umiat
prospects range from 70 to 100 million barrels of oil. Furthermore, Anadarko
Petroleum is rumoured to begin drilling the Gubik gas field and further
develop existing programs with partner ConocoPhillips. These groups are joined
on the North Slope by newcomers to the area such as Shell Offshore, Talisman
Energy subsidiary FEX, Kerr-McGee, Chevron, and Fox Petroleum. (Source:
Petroleum News Vol.12 No.13 and Alaska Business Monthly July 2007 - 1.html)

    (Due to its length, this URL may need to be copied/pasted into your
Internet browser's address field. Remove the extra space if one exists.)

    "We are very excited about the potential for our Alaskan acreage, and we
are eager to join the many other oil and gas companies in the region that will
be drilling throughout the 2007-2008 season. The North Slope of Alaska is
experiencing a resurgence as of late, in large part due to the known prolific
nature of the discoveries, the ever expanding understanding of the region's
geology, and of course, the insatiable world appetite for oil and gas." stated
Richard Moore, CEO of Fox Petroleum.

    Mike Rose, Geological Advisor to Fox Petroleum states, "Alaska has access
to World Class oilfields, facilities and infrastructure. Seeing these at first
hand and in full view from the adjacent Fox leases was truly exciting. We met
a number of the movers and shakers from the Alaskan oilpatch which has given
us both access to years of local experience, and insight towards the future
development of the leases."

    Following the August 20 to 23rd Fox Petroleum site visit to the Alaskan
properties, Management is anticipating the ability to have a preliminary drill
program for Fox's East Prudhoe Bay Unit available by late 2007, following the
completion of seismic technical analysis. Currently, Fox Petroleum is well
capitalised, having drawn just $3.2 million from their initial $8 million
financing with an option for a further $5 million. Fox is currently debt free.

    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 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
symbol FXPE.

    On behalf of the Board of Directors


    "Alex Craven"

    Alex Craven, Vice President, Finance

    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 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 define a
preliminary drilling program by late 2007 in Alaska. 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)

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