LONDON - (Business Wire) Fox Petroleum Inc (OTCBB: FXPT) an independent oil and gas exploration and production company headquartered in London, England and focused on exploration and production in the USA and also in UK
’s North Sea, is pleased to announce it has commenced drilling in Kansas on the first of its 10-well drilling program in the Geneseo-Edwards Field located in Ellsworth County.
Spudding of the first well took place on September 17, 2008 after adverse weather conditions had delayed mobilization of the drilling rig. It is estimated that the well will reach Total Depth (TD) by Sunday 21 September.
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 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. The Company's shares are publicly traded on the NASD OTC BB under the ticker symbol FXPT.
On behalf of the Board of Directors
FOX PETROLEUM INC.
Alex Craven, Vice President, Finance
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 in this press release include that the first well will hit TD by Sunday.
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
