LONDON, December 11 /CNW/ - Fox Petroleum Inc. (OCTBB:FXPE) is pleased to
announce Richard Moore, Chairman and CEO of Fox Petroleum, along with Michael
Rose, a Geological and Exploration Advisor for Fox Petroleum, will be
presenting at the Prospex 2007 Exhibition in London, UK, on December 11th &
Prospex is an oil and gas prospector's exhibition based in London, which
showcases all aspects of the oil and gas industry with the aim of attracting
corporate investment, and also to provide a networking forum for companies
working within the many different sectors of the O&G industry. This event also
provides a forum in which companies can showcase cutting edge advances in
industry related technology.
The event, which is spread over 2 days, consists of various exhibition
stands as well as a series of short lectures and presentations by various
delegates within the industry.
Richard Moore, Chairman and CEO of Fox Petroleum will be presenting a
brief lecture on "Fox Prospects in the UK, Alaska, and Texas" at Prospex this
year. Michael Rose of Aimwell Energy, a Geological and Exploration Advisor for
Fox Petroleum will also be presenting at the show alongside notable presenters
such as Maersk Oil, Endeavour Energy, TGS, and others.
Fox Petroleum will deliver a presentation that will highlight the
significant land holdings and prospects that the Company is currently involved
in, specifically the North Slope and Cook Inlet regions of Alaska, the North
Sea, and Texas.
Fox Petroleum will be promoting all areas of its business, but will focus
on three major prospects within Fox's extensive land portfolio. The prospects
of particular focus will include the North Sea "Bourbon Prospect" UKCS Block
211/17 South, the North Sea, "Anglesey Prospect" UKCS Block 14/9a and 14/14b,
and Alaska's Cook Inlet "Catchers Mitt Prospect".
Bourbon Prospect. Block 211/17 south
The Bourbon prospect is estimated to have a potential reserve (mid case)
of 167 million barrels of recoverable oil (mmbo). The prospect is located in a
geological structure of the North Sea known as the Brent Sandstone in the
southern part of block 211/17. The Brent Sandstone consists of tilted fault
blocks that are favourable for trapping hydrocarbon deposits, and is believed
to be one of the lowest risk exploration plays in the North Sea. The prospect
is considered to be of low risk due to this geological formation and also as a
result of the shows and potential oil-water contact in the SW of the block,
where the 211/17-3 well was previously drilled and is interpreted to have
already tested the oil-water transition zone of an accumulation. We believe
this to be an unrealised discovery
Secondary prospectivity is located in the Statfjord and Cormorant
sandstones, which are located directly below the Brent Sandstone. Estimates
for these additional targets are a possible reserve of 30 million barrels (mid
case). Further exploration possibilities are recognized in Upper Jurassic
sandstones, which represent an additional potential (mid case) of 278 and 45
million barrels of recoverable oil respectively in 2 separate targets, both
within the 211/17 block.
Anglesey - Blocks 14/9a 14/14b
The UK's North Sea production in 2006 amounted to 1.58 million
barrels/day of oil and 2.73 trillion cubic feet of natural gas for the year,
with North Sea oil and gas discoveries estimated at the equivalent of at least
500 million barrels.
Fox Petroleum is actively Involved In this highly productive region. The
company owns a 33.33% stake with an option to acquire up to 60% on a Central
North Sea License, containing Fox's Anglesey Prospect covering roughly 37,000
acres. Blocks 14/9a and 14/14b were recently merged into the single P.1211
The TRACS 2007 report concluded that Fox's Anglesey Prospect represents
mid case recoverable reserves of 134 million barrels of oil.
Production & Discoveries
Fox's Anglesey Prospect is located 12 miles north of the 639 million
barrel Claymore field operated by Talisman Energy Inc. Production began in the
Claymore field three years after its discovery in 1994. In 2006, the field
produced 1.39 million barrels, bringing its total production to date to 87.54
Location & Infrastructure
Fox's Anglesey Prospect is situated on the west flank of the Witch Ground
Graben an extensional basin trending front northwest to southeast and lying
between the Moray Firth and the Viking Graben.
The Prospect is favourably located on the principle migration route out
of the Graben that sourced the Claymore field hydrocarbons. In addition,
existing industry infrastructure is nearby, allowing any discovery to be
The Catcher's Mitt Prospect
The Catcher's Mitt leases are large high impact multi layered gas
prospects located on the east coast of the Cook Inlet, West of Anchorage
Alaska. The area is experiencing a recent renaissance in infrastructure
development and exploration activity.
Fox Petroleum owns oil and gas leases covering approximately 42,000 acres
of Alaska State Lands in townships in the Matanuska-Susitna Borough, west of
the town of Wasilla, AK and between the Susitna River and the Little Susitna
These leases were taken over what is called the Catcher's Mitt Prospects.
The prospects consist of two parallel north northeast-south southwest trending
anticlines that are bordered by north northeast-south southwest striking
faults that are splay faults emanating from the regional Castle Mountain Fault
to the north of the area of interest.
Two wells have been drilled on these prospective leases. In the spring of
1962 British American Oil Producing Company drilled the No. 1 Bell Island well
on the Susitna Flats slightly east of the Susitna River (Susitna Meridian).
This well was drilled to a depth of 11,326' and encountered shows of oil in
the Bell Island Sand at 9,900' +/- and gas shows at approximately 8,000' and
6,500'. The gas shows were also reported to be Ethane and Propane.
Union Oil Company of California & Halasko (Michael Halabuty) drilled
their Figure 8 - Unit 1 to a depth of 10,632' in January and February of 1976.
Numerous shows were recorded and Union was reportedly interested in drilling
up dip from it.
The prospects at Catcher's Mitt are considered to be prospective for gas
in the Tertiary age sands of the Sterling, Beluga and Tyonek Formations with
the possibilities for oil in the lower Tyonek, Bell Island Sands (Hemlock
equivalent) and the West Foreland Formation. In this area these horizons are
underlain by the Chickaloon Formation which has occasional shows in low
permeability. The Cretaceous Matanuska is below the Chickaloon.
Preliminary observations by Hodgden and Associates suggest that figures
in the region of one to two trillion cubic feet of gas and in excess of ten
million barrels of oil are quite possible. The prospect has the added
attraction of having the Enstar Pipeline running directly through the leases,
which could potentially take gas to commercial and domestic end users.
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.
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 and 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
On behalf of the Board of Directors
FOX PETROLEUM INC.
Alex Craven, Vice President, Finance
NASD OTC BB: FXPE
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 9,000 acres and drill a well in the 2008-2009 season.
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)