Fox Takes Major Stake in Alaska's Prolific Gas Region

Fox Petroleum has signed an agreement to acquire approximately 42,000 acres containing the Catcher's Mitt Prospect located in the Cook Inlet region on the south coast of Alaska, adding to their existing 32,000 acre Alaskan North Slope exploration portfolio.

Fox has signed an agreement to acquire a 100% working interest in approximately 42,000 acres of high impact gas prospects in the Kenai Peninsula region of Alaska's Cook Inlet. Fox Petroleum's eight new leases are located onshore, and are in close proximity to many major production sites. Two wells, the BA Bell Island well and the Unocal Figure Eight well, drilled on the structure down-dip demonstrated gas shows.

"This major acquisition provides us with a unique opportunity to have immediate impact in the Cook Inlet," said CEO Richard Moore. "The region has a proven gas history, an existing transportation infrastructure and a pressing industrial gas shortage that demands further development and production occur. Fox Petroleum is confident that we can take advantage of the situation to quickly move our development plan forward."