Fox Eyes North Sea in UK Offshore Round, Awaits UK Gov Decision

Fox Petroleum Inc. and partner Aimwell Energy have applied for a number of blocks in the latest UK offshore license bidding round. The UK Government has announced that it had received a record number of applications when the round closed in late May.

Fox has concentrated on two proven areas of the North Sea: the Moray Firth and East Shetland Basins. Numerous Cretaceous and Jurassic oilfields exist in the Moray Firth, including the biggest North Sea discovery of recent times, the Buzzard Field. The East Shetland Basin in the Northern North Sea is home to the giant Brent and Magnus Fields amongst many others and is also the location of Fox's Bourbon prospect in 211/17.

The UK government will review all the competing work programs and interview applicant companies before announcing the successful bidders later in 2008.

"We are pleased to have the opportunity to apply for further offshore blocks in the UK North Sea," said Fox President and CEO Richard Moore. "Our team is very familiar with the potential in the area, as we've already positioned ourselves favorably with Fox's Bourbon prospect in 211/17. Adding prospects within the Moray Firth and East Shetland Basins would greatly enhance our portfolio and offshore presence."