Fox Petroleum Inc. 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.