Fox Petroleum Announces Purchase Agreement With Planned 2008 Onshore 10 Well Drilling Program in Kansas, USA

2008-02-29 17:28:34 -

www.foxpetro.com - Fox Petroleum Inc. (OTCBB:FXPE) (hereafter "Fox") is pleased to announce that it has entered into a purchase agreement for 3 lease blocks over which a 10 well drilling program is planned. The program pertains to three leases totaling 320 acres in the Geneseo-Edwards field located in Ellsworth County, Kansas. An estimate on the cost of the program pegs each well at $182,000, for a total cost of $1.82 million. Fox plans to implement the program through 2008.

Targeting the Arbuckle formation, Hodgden and Associate estimate the 10 well program will yield in excess of 50,000 barrels per well. They have estimated a reward to risk ratio at approximately 22.5 to 1.

Richard Moore, CEO stated that "This program fits in with our strategy of low risk, secure oil and gas exploration and production and sits well with our other onshore US properties. It will be instrumental in increasing both production and revenue for the company."

Alex Craven, Vice President, Finance noted, "This multi-well program should establish quick cash flow for Fox Petroleum. The Arbuckle formation program is about as low risk as can be found, with a high payoff potential. As infield development goes, there are very few programs that one could call lower risk than this. Implementation of the program should further establish Fox as a viable and serious member of the oil and gas community."

Further Information

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 a Oil and Gas Exploration and Production 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 producing 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

FOX PETROLEUM INC.

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.

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, 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.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this news release, such as "mid case recoverable reserve potential" and "reserves of natural gas" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 10-KSB and quarterly reports on Form 10-QSB available from us or the SEC." Fox Petroleum Inc. Investor Relations Alex Craven, Vice President, Finance, +1-888-FOX-4744 (1-888-369-4744) ir@foxpetro.com www.foxpetro.com Fox Petroleum Inc. (OTCBB:FXPE) (hereafter "Fox") is pleased to announce that it has entered into a purchase agreement for 3 lease blocks over which a 10 well drilling program is planned. The program pertains to three leases totaling 320 acres in the Geneseo-Edwards field located in Ellsworth County, Kansas. An estimate on the cost of the program pegs each well at $182,000, for a total cost of $1.82 million. Fox plans to implement the program through 2008.

Targeting the Arbuckle formation, Hodgden and Associate estimate the 10 well program will yield in excess of 50,000 barrels per well. They have estimated a reward to risk ratio at approximately 22.5 to 1.

Richard Moore, CEO stated that "This program fits in with our strategy of low risk, secure oil and gas exploration and production and sits well with our other onshore US properties. It will be instrumental in increasing both production and revenue for the company."

Alex Craven, Vice President, Finance noted, "This multi-well program should establish quick cash flow for Fox Petroleum. The Arbuckle formation program is about as low risk as can be found, with a high payoff potential. As infield development goes, there are very few programs that one could call lower risk than this. Implementation of the program should further establish Fox as a viable and serious member of the oil and gas community."

Further Information

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 a Oil and Gas Exploration and Production 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 producing 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

FOX PETROLEUM INC.

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.

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, 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.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this news release, such as "mid case recoverable reserve potential" and "reserves of natural gas" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 10-KSB and quarterly reports on Form 10-QSB available from us or the SEC."

Fox Petroleum Inc.
Investor Relations
Alex Craven, Vice President, Finance,
+1-888-FOX-4744 (1-888-369-4744)
ir@foxpetro.com
www.foxpetro.com