SOURCE: Fox Petroleum, Inc.

Fox Petroleum, Inc.

February 03, 2011 07:30 ET

Fox Petroleum Outlines Oil and Natural Gas Acquisition Program

Company Intends Modest Acquisition Program to Acquire 10 to 15 Billion Cubic Feet Within North America

NEW YORK, NY--(Marketwire - February 3, 2011) - Fox Petroleum Inc. (PINKSHEETS: FXPT) announced today that the company intends a modest acquisition program of proven and behind pipe oil and natural gas assets. The company intends within twelve months to have 10 to 15 billion cubic feet of oil and natural gas under reserve.

"With the current economic recovery moving forward slowly, some significant oil and natural gas opportunities have become available with smaller and midsized operators being capital constrained due to lower gas prices, and high levels of leveraging with senior debt," said William Lieberman, President of Fox Petroleum

The company is currently under negotiations with four separate transactions to acquire, develop and operate midsized on shore North American assets. The accumulation of the asset base should take place over the next three to six months and development commence in early summer 2011. The company is currently using strict criterion for asset selection.

Lieberman added, "Canadian oil sands projects are at the top of our list as the United States will continue to rely on stable sources of supply. Oil and natural gas assets currently in Chapter 11 and projects with distressed opportunities located in Canada and within the United States are becoming very attractive for investment."

In addition to creating new partnerships focused on oil and natural gas assets, the company 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. The company intends to have its first PCAOB audit filed within two weeks.

About Fox Petroleum Inc. (PINKSHEETS: FXPT) www.foxpetro.net

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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