Fox Petroleum (fka FXPT)

[paulde]

Fox Petroleum Inc. Announces Completion of Major Acquisition on Alaska's North Slope
9:00a ET August 14, 2007 (Business Wire)
Fox Petroleum Inc. (NASD OTC BB: FXPE - News) is pleased to announce that it has successfully completed the acquisition of approximately 32,000 acres of prime land in Alaska's North Slope region in and near Prudhoe Bay.

Alaska's North Slope area is a prolific basin with 23 producing hydrocarbon fields that produce 16% of the domestic oil supply for the US, at a rate of over 800,000 barrels of oil per day. Prudhoe Bay, which adjoins the majority of Fox's leases, is the largest oil field in North America at over 200,000 acres, and with roughly 1,100 active well sites. Operated by BP, it has produced over 10 billion barrels of oil equivalent to date, and averages production in excess of 400,000 barrels of oil per day.

East Prudhoe Bay Prospect

The larger of Fox's two parcels of land, the East Prudhoe Bay Prospect, represents 26,789 acres of contiguous land in close proximity to major players such as Exxon Mobil, BP, Chevron and ConocoPhillips.

The area's hydrocarbon prospectivity is highly encouraging based on the production of two analog wells - the Delta State 2 Well producing oil within the Fox lease block, and Amoco's Foggy Island Bay State 1 Well producing oil and gas, which lies approximately one-half mile to the east of Fox's property.

Arco Pipeline Prospect

The Arco Pipeline prospect is a 5,701-acre parcel of land located near the key existing transportation infrastructure of the Trans Alaskan Pipeline and Alaska's all-weather Dalton highway. The Pipeline State 1 Well is located in the southeast corner of the Arco Pipeline Prospect, and has recorded oil and gas shows at three separate intervals between 7,800 and 10,400 feet. Fox's prospect is neighboured by ENI, Italy's largest energy company.

Report & Potential Reserves

Fox Petroleum engaged LAPP Resources, Inc. to prepare a geological report on the Alaska North Slope leases. Based on well production within and around Fox's Alaskan acreage, the April 2007 LAPP report estimated the leases could potentially represent up to 160 million barrels of oil or $9.92 billion at $62/barrel.

Exploration Plans

Fox is currently conducting a technical work program using the existing surface and sub-surface data from the region to facilitate a better understanding of its hydrocarbon potential. It is anticipated that the data analysis period will take 60 to 90 days. Fox expects to define several test well targets, which would hopefully be drilled in a timely manner commencing in the first part of 2008.

"Formal conclusion of this acquisition is an extremely important step forward for Fox, and we look forward to completing the technical work already underway with the focus on seeing these prospects fully appraised and drilled in the near future." says CEO, Richard Moore.

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 or to sign up to receive current and breaking news from the company.

About Fox Petroleum

Fox Petroleum Inc. (OTCBB:FXPE) 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 projects 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 a 33.3% ownership stake in a 37,000+ acre UK North Sea block which could potentially hold up to 213 million barrels of oil (TRACS International Ltd). The Company's shares are publicly traded on the NASDAQ OTC BB under the ticker symbol FXPE.

On behalf of the Board of Directors

FOX PETROLEUM INC.

"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, 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, 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.

SOURCE: Fox Petroleum Inc.

Fox Petroleum Inc. Investor Relations Alex Craven Vice President, Finance Toll Free: 1-888-FOX-4744 (1-888-369-4744) [e-mail] http://www.foxpetro.com