Fox Petroleum (fka FXPT)

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

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 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

FOX PETROLEUM INC.

“Alex Craven”

Alex Craven, Vice President, Finance

NASD OTC BB: FXPE

* 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