Fox Hopeful about Bourbon with Dana Discovery So Close, Drilling Planned

Fox Petroleum Inc received news of the announcement by Dana Petroleum PLC of the discovery of the East Rinnes Oil Field in Block 210/24a in the UK Northern North Sea. The discovery is roughly only 15 miles from Fox Petroleum's Block 211/17 Bourbon Prospect.

"We are pleased to see the new information pertaining to oil discoveries near our Block 211/17 Bourbon Prospect," said Fox CEO Richard Moore. "While we continue to assess our property and analyze the results of third-party reports, the Bourbon Prospect's future becomes clearer. So far the results we've seen have been positive."

Dana Petroleum has reported that the East Rinnes discovery well, 210/24a-11z, was drilled to a total measured depth of 6,935 feet (6,144 feet true vertical depth subsea) and encountered a full Brent reservoir sequence. Early analysis asserts that the East Rinnes oil is similar to the high quality crude discovered at West Rinnes which flowed at an equipment-restricted rate of 7,800 bopd, being produced by Dana at the nearby Hudson oil field. The East Rinnes well encountered excellent quality sands in the Lower Brent reservoir with the Upper Brent less well developed.

The latest Dana discovery adds to other recent discoveries in the area such as Causeway and Kerloch in block 211/22, which adjoins 211/17 immediately to the south.

Recent wells drilled on Causeway include, 211/23d-17Z tested at 14,500 bopd from the Brent formations, 211/22a-6 tested at 6,300 bopd from the Brent formations and 211/22a-7A not tested but similar rates are expected to those measured in 22a-6 (6000 - 7000 bopd).

In addition, other wells on Antrim's Causeway structure have tested 8,100 bopd (suspended in 1992) and 5,500 bopd (abandoned in 1984). Cumulative test rates from the structure now exceed 35,000 bopd with an expected additional 6000 - 7000 bopd from the untested 22a-7A well. Antrim's next step is expected to be the submission of a Field Development Plan (FDP) to the UK authorities, complete the Causeway development drilling in 2008 and start production facility construction on approval of the FDP, also expected in 2008.

The Dana operated Kerloch well, 211/22a-10 was drilled to a total depth of 12,282 feet in December 2007 and encountered a full Brent reservoir sequence, as predicted prior to drilling. The top of the Brent sandstone section came in approximately 60 feet high to prognosis. The well discovered an oil column of some 116 feet in the Ness Formation and a number of oil samples were taken. The crude oil gravity is around 32 degrees API with a gas-oil ratio in line with other discoveries in the area. The Kerloch well was designed as a slim-hole finder well with a long open hole section being drilled to TD. Given the successful gathering of comprehensive data, including cores, wireline logs, reservoir pressure measurements and fluid samples, the joint-venture group decided not to carry out a drill stem test in this well as there have been a considerable number of tests of the Brent sands in neighbouring wells in the area, including the Causeway wells.

Fox Petroleum, through its wholly-owned UK subsidiary, Fox Energy Exploration Limited, has a farm in agreement with Valiant Petroleum Limited and Petrofac Energy Developments Limited on License P1455 pertaining to the 211/17 South block, adjacent to Dana and Antrim's Block 211/22. Under the agreement, Fox will be entitled to a 46% share in the southern section of 211/17 block by paying 89% of the cost of drilling a well on the structure which should commence before December 31, 2008. A letter of commitment has been signed with Senergy Drilling Services, an international rig operating company, to utilize the Byford Dolphin rig for up to a 22-day slot in November of 2008.

"These three significant discoveries in such close proximity to our Bourbon Prospect show further evidence of the potential we're looking forward to tapping on our Block," added Richard Moore. "By year end, we should have results of our own to announce regarding the further development of the proposed Bourbon field."

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