Fox Petroleum Acquires Shell Oil Seismic Data For Catchers Mitt Prospect in Alaskas Cook Inlet

Fox Petroleum Acquires Shell Oil Seismic Data For Catchers Mitt Prospect in Alaskas Cook Inlet

Wednesday, August 20th 2008

Fox Petroleum Inc. an independent oil and gas exploration and production company headquartered in London, England, focused on exploration and production in the USA and the UK, is pleased to announce that it has acquired a license to over 121 line miles of CDP seismic from Shell Oil Company covering Fox’s Catcher’s Mitt prospect. Hodgden and Associates have estimated the prospect’s potential at over 2.3 Trillion Cubic Feet (TCF) of recoverable gas.

Fox acquired twelve seismic lines from Shell that cover the Catcher’s Mitt prospect. The lines were originally laid out with the intention of defining the surface expression of the known Bell Island Anticline and associated features that are shown on the U.S. Geological Survey’s (USGS) geological map of the area. The lines tie into the British American #1 Bell Island Well and the Union of California & Halasko #1 Figure Eight wells, confirming the wells are in a downdip position from Fox’s proposed drilling locations on the structures. Both of the wells contained numerous and significant gas shows. Further reprocessing of the data is being carried out by Vector Seismic Processing Company in Denver, CO.

Jerry Hodgden, Fox’s Geological Consultant, said: “Although the seismic is still under examination, my preliminary observation is that there are two very large anticlinal structures present in the Catcher’s Mitt prospect area that could quite possibly contain over 2.3 TCF of recoverable gas. I’ve seen some areas in Alaska that are being drilled based on only 4 or 5 short lines. Fox was extremely fortunate to get this excellent and comprehensive seismic package of high quality data that is such a perfect fit to their project area.”

Fox plans to drill two wells to test both structures on it’s Catcher’s Mitt prospect this upcoming fall/winter season targeting gas sands. The wells will be spaced approximately three miles apart and will be located within a mile of the Enstar 20” natural gas pipeline. The pipeline is a potential route for gas sales. Project permitting packages are expected to be submitted to various State, Federal and local governments by September 1, 2008. The review timeline is expected to take up to 90 days, with permits being issued in November, followed by commencing initial pre-drilling operations in late November to early December.

Bruce Webb, Fox’s Alaskan Land Consultant, said: “The 46,000 acre Catcher’s Mitt prospect is very exciting. With the declining natural gas production and reserves in the Cook Inlet, and the proximity of the Catcher’s Mitt to existing infrastructure, this project is important to the south central Alaskan gas consumers for both its size and ability to access the market quickly.”

Richard Moore, Fox’s CEO, said: “We are very pleased to receive these preliminary assessments based on the seismic data we were privy to through Shell. The quality of the seismic helped our Geological Consultants make an early estimate of what we can expect, and we are understandably eager for the drilling season to begin, having potential of over two trillion cubic feet of natural gas.”

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 and Cook Inlet, Texas and Kansas), and also on the UK’s North Sea and Onshore. The Company’s shares are publicly traded on the NASD OTC BB under the ticker symbol FXPT.

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