Fox Petroleum Secures Rig for Bourbon Prospect

Fox Petroleum has signed a Letter of Commitment (LOC) with Senergy, an international integrated oil services company, to utilize the Byford Dolphin semisub to drill a well on the company's Bourbon prospect. Fox has secured the drilling rig for a 22-day slot in the fourth quarter of 2008. Fox Petroleum has a 46% interest in the UK North Sea Block 211/17, which contains the Bourbon Prospect.

Richard Moore, Fox's Chief Executive Officer, said, "We believe the 211/17-3 well drilled in the 1980s to be an unrealized discovery well. Fox plans to move up-dip from the #3 well, which we believe encountered an oil-water transition zone. This well, if successful, should prove up the recoverable resources estimate recently prepared by Aimwell Energy Ltd. in excess of 160 million barrels of oil recoverable - mean case."

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