SOURCE: Fox Petroleum, Inc.

February 23, 2011 09:00 ET

Fox Petroleum Acquires Ontario Plastic Recycling Assets

Company Expects to Finalize First Oil and Natural Gas Acquisition by End of First Quarter

NEW YORK, NY--(Marketwire - February 23, 2011) - Fox Petroleum Inc. (PINKSHEETS: FXPT) announced today that it has finalized its purchase of the recycling assets associated with Resource Polymers Inc. of Hamilton, Ontario Canada.

The acquisition was completed by a share exchange agreement in the summer of 2010 but closed this week after final receipt of the companies PCAOB audit. The company exchanged 1,750,000 shares of restricted common stock and assumed the debts of Ontario Inc. when the transaction was announced.

The company which is only a holding company for the assets associated with its recycling operations was incorporated in Ontario in 2002 and has been operational for eight years. The company is currently working on finalizing its PCAOB audit of the operations business Resource Polymers and expects this audit to be finalized in the upcoming month.

"This was the first step to finalizing the share exchange agreements between Fox Petroleum and the companies associated with Resource Polymers," said William Lieberman, President of Fox Petroleum Inc.

In addition to its plastics recycling operations Fox Petroleum is actively seeking partnerships and joint ventures across a variety of oil and natural gas projects located within North America including the Fayetteville shale. The company expects to make its oil and gas acquisition by the end of the first quarter. 

The company plans to file a super 8-k in the upcoming days to announce the change in financials.

About Fox Petroleum Inc. (PINKSHEETS:

Fox Petroleum Inc is focused on acquiring, developing and operating plastic recycling operations throughout North America. The company is currently expanding its Oil and Natural gas portfolios. With a focus on plastic waste compounds and the aggregating of plastic scrap products for manufactures. Fox Petroleum's goal is to become an important partner for leading recycling companies who need proficient services. The company expects its Canadian subsidiary which will become carbon neutral will process up to 30 Million pounds of post industrial and post consumer scrap plastics per year with revenues approaching Five million dollars per year at these processing levels. Fox Petroleum is aggressively seeking additional acquisition targets in the plastics recycling market place to increase its processing capacity and the company is currently speaking to Fortune 500 companies in the automotive and beverage industries to process plastic waste streams and fulfill circular recycling streams

Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; and other risks detailed in the Company's filings with the Securities and Exchange Commission.

These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

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