Fox Petroleum Books Drilling Rig for Offshore UK North Sea Bourbon Prospect.LONDON -- Fox Petroleum Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FXPT) (hereafter "Fox") is pleased to announce that it has signed a Letter of Commitment (LOC LOC - lines of code ) with Senergy, an international integrated oil services company, to utilize the Byford Dolphin The Byford Dolphin is a semi-submersible Norwegian oil exploration rig converted from a diving rig. It floats in the North Sea to find and drill crude oil deposits. Built on the “Aker H-3” design, the rig is operated by Dolphin Drilling, a Fred Olsen subsidiary. semi-submersible drilling rig to drill a well on the company's Bourbon prospect. Fox has secured the drilling rig for a 22-day slot in the fourth quarter of 2008. Fox Petroleum has a 46% interest in the UK North Sea Block 211/17, which contains the Bourbon Prospect. Richard Moore Richard Moore can refer to:
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 Investor relations The process by which the corporation communicates with its investors. toll-free at 1-888-369-4744 to receive a full corporate investor's package. About Fox Petroleum Fox Petroleum Inc. is an Independent Oil and Gas Exploration and Production Company headquartered in London, England, the financial capital of Europe, with a further operations office in Anchorage, Alaska. Fox is focused on exploration and production in the USA (Alaska's North Slope North Slope, Alaska: see Alaska North Slope. and Cook Inlet Cook Inlet Inlet, Gulf of Alaska in the northern Pacific Ocean. Bounded by the Kenai Peninsula on the east, it extends northeast for 220 mi (350 km), narrowing from 80 to 9 mi (129 to 14 km). Anchorage is situated near its head. , Texas and Kansas), and also on the UK's North Sea. The Company's shares are publicly traded on the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors FXPT. 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 in this press release include that we secured the drilling rig for a 22-day slot in the fourth quarter of 2008; that the well drilled in the 1980s is an unrealized discovery well; that we will move up-dip from the #3 well; and that should prove up the recoverable resources estimate recently prepared by Aimwell Energy Ltd. in excess of 160 million barrels of oil recoverable.. 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. 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." |
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