2009-08-18-2008-01-01

To acquire 46% WI on Block 211/17 South covering southern half of block, comprises 3 prospects with 500 MMBO estimated.

Fox Petroleum Inc., London, (OTCBB: FXPE) plans to acquire a 46% working interest on Block 211/17 South in the U.K. North Sea through a joint venture with Petrofac Energy Developments Ltd., London, (LSE: PFC) and privately held Valiant Petroleum Ltd., Surrey, U.K., for an undisclosed price. The farm-in agreement covers the southern half of the block and comprises three prospects with estimated reserves of 500 million barrels of oil. After farm-in, in which Fox is required to drill an exploration well during 2008, Fox Energy Exploration Ltd. will own 46%, Petrofac 24% and Valiant 30%. In a separate agreement, Fox will transfer 4.6% carried interest (10% of its acquired interest) to Aimwell Energy Ltd., Hertfordshire, U.K., which provided technical support in defining and developing the prospect. The project adds 24,500 acres in addition to the 37,000 acres Fox owns in the Central North Sea. The primary target for an exploration well will be the Bourbon prospect. In return for the interest, Fox will pay 89% of costs for an exploration well that will be drilled to approximately 10,300 feet.