Fox Petroleum Inc. provides an overview of it’s current operations and developments in the Gomez Field, in Pecos County Texas.

Drilling activities commenced ahead of schedule on November 1st, for the reworking of the Spears Gas Unit 2, Well #1. The area has been set, and all of the necessary equipment has been brought to location in order to re-complete the deep development well.

Fox Petroleum is pleased to announce that workover activities are reaching the final stages in anticipation of production. With operations beginning ahead of schedule, the operator has taken additional measures to ensure an exhaustive and comprehensive technical assessment of all aspects of the downhole conditions.

The operator has been able to move forward with confidence having confirmed our downhole situation and position, utilizing the original logs which have been calibrated and correlated to data from current downhole operations. Right now we are completing the extraction of the original tubing, milling through packers and thoroughly cleaning up the hole in anticipation and preparation for a smooth production completion when we reach target depth later this month.

The reworking of the Spears Gas Unit 2, Well #1 represents Fox Petroleum’s inaugural exploration program. The team continues to make excellent progress on the project and the completion of reworking operations is expected to take place in the next 2-3 weeks.

With the potential for production before the end of the year, Fox Petroleum is looking forward to implementing an aggressive exploration program for the year 2008 with significant income streams in the short term, and the opportunity for additional projects in the area.

“This is a very exciting period for Fox Petroleum, as we begin the transition to the production stage of our operations; the value the company possesses has never been greater. Along with other major acquisitions that Fox has made in recent weeks, the Spears Gas Unit has provided an excellent opportunity for us to demonstrate the low risk, high return mentality that Fox encompasses” states Fox Petroleum’s CEO Richard Moore.

The company will be providing additional information and updates as they are made available.

Tags: Fox Petroleum Inc.