Fox Petroleum Acquires Shell Oil Seismic Data For Catcher’s Mitt Prospect in Alaska’s Cook Inlet

Fox Petroleum Inc (OTCBB:FXPT) an independent oil and gas exploration and production company headquartered in London, England, focused on exploration and production in the USA and the UK, is pleased to announce that it has acquired a license to over 121 line miles of CDP seismic from Shell Oil Company covering Fox’s Catcher’s Mitt prospect. Hodgden and Associates have estimated the prospect’s potential at over 2.3 Trillion Cubic Feet (TCF) of recoverable gas.

Fox acquired twelve seismic lines from Shell that cover the Catcher’s Mitt prospect. The lines were originally laid out with the intention of defining the surface expression of the known Bell Island Anticline and associated features that are shown on the U.S. Geological Survey’s (USGS) geological map of the area. The lines tie into the British American #1 Bell Island Well and the Union of California & Halasko #1 Figure Eight wells, confirming the wells are in a downdip position from Fox’s proposed drilling locations on the structures. Both of the wells contained numerous and significant gas shows. Further reprocessing of the data is being carried out by Vector Seismic Processing Company in Denver, CO.

Jerry Hodgden, Fox’s Geological Consultant, said: “Although the seismic is still under examination, my preliminary observation is that there are two very large anticlinal structures present in the Catcher’s Mitt prospect area that could quite possibly contain over 2.3 TCF of recoverable gas. I’ve seen some areas in Alaska that are being drilled based on only 4 or 5 short lines. Fox was extremely fortunate to get this excellent and comprehensive seismic package of high quality data that is such a perfect fit to their project area.”

Fox plans to drill two wells to test both structures on it’s Catcher’s Mitt prospect this upcoming fall/winter season targeting gas sands. The wells will be spaced approximately three miles apart and will be located within a mile of the Enstar 20″ natural gas pipeline. The pipeline is a potential route for gas sales. Project permitting packages are expected to be submitted to various State, Federal and local governments by September 1, 2008. The review timeline is expected to take up to 90 days, with permits being issued in November, followed by commencing initial pre-drilling operations in late November to early December.

Bruce Webb, Fox’s Alaskan Land Consultant, said: “The 46,000 acre Catcher’s Mitt prospect is very exciting. With the declining natural gas production and reserves in the Cook Inlet, and the proximity of the Catcher’s Mitt to existing infrastructure, this project is important to the south central Alaskan gas consumers for both its size and ability to access the market quickly.”

Richard Moore, Fox’s CEO, said: “We are very pleased to receive these preliminary assessments based on the seismic data we were privy to through Shell. The quality of the seismic helped our Geological Consultants make an early estimate of what we can expect, and we are understandably eager for the drilling season to begin, having potential of over two trillion cubic feet of natural gas.”

Shareholders and prospective investors are encouraged to visit Fox Petroleum’s website: www.foxpetro.com and download Fox Petroleum’s Investor Summary. Please feel free to call investor relations toll-free at 1-888-369-4744 to receive a full corporate investor’s package.

About Fox Petroleum

Fox Petroleum Inc. is an Independent Oil and Gas Exploration and Production Company headquartered in London, England, the financial capital of Europe, with a further operations office in Anchorage, Alaska. Fox is focused on exploration and production in the USA (Alaska’s North Slope and Cook Inlet, Texas and Kansas), and also on the UK’s North Sea and Onshore. The Company’s shares are publicly traded on the NASD OTC BB under the ticker symbol FXPT.

On behalf of the Board of Directors

FOX PETROLEUM INC.

Alex Craven, Vice President, Finance

Legal Notice Regarding Forward-Looking Statements

Legal Notice Regarding Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements in this press release include that the two Catcher’s Mitt wells have a potential of 2.3 TCF; that further reprocessing is being done by Vector Seismic Processing Company of Denver, CO; that Fox plans to drill two wells on the Catcher’s Mitt Prospect this coming winter season; that permit packages will be send to the appropriate government entities by September 1, 2008; that the review timeline and permit distribution will take up to 90 days ending around November; that operations will be begin late November to early December.

Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company’s ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in filings on Edgar of other junior oil and gas exploration companies with the US Securities and Exchange Commission.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission (“SEC”) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this news release, such as “mid case recoverable reserve potential” and “reserves of natural gas” that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 10-KSB and quarterly reports on Form 10-QSB available from us or the SEC.”