SOURCE: Fox Petroleum, Inc.

March 23, 2011 08:25 ET

Fox Petroleum Signs Letter of Intent With Camelot Oil Energy S.A.

Recoverable Reserves of Columbian Oil Project Could Reach 3.5 Million Barrels in First Year

NEW YORK, NY--(Marketwire - March 23, 2011) - Fox Petroleum Inc. (PINKSHEETS: FXPT) announced today that it has signed a Letter of Intent with Camelot Oil Energy S.A. to develop and finance oil projects located in Latin America.

Camelot Oil Energy S.A. is active in Exploration & Production "E&P" of crude oil concessions mainly in Colombia and Peru. Camelot has negotiated the exclusive rights for a participation of 70% in the Oil Concession Block VMM12 (in the Valle Medio Magdalena in Colombia).

Based on positive seismic results and exploration wells during the exploration process in the VMM12 oil concession, recoverable reserves could reach 3.5 million barrels by the end of next year and 17,500,000 barrels by late 2013, with an estimated book value (assets) of $367,000,000 given the proper geological assessment.

The Oil Concession Block VMM12 in Colombia was awarded, in 2009, to Conequipos, for thirty years by the Colombian Government agency: ANH. Camelot has exclusivity on the Concession. Subject to positive seismic results, and exploratory wells, the anticipated oil reserves, by the end of the 3rd year, could be in the vicinity of 50 million barrels of oil of which 17 million barrels would be recoverable.

Camelot Oil expects the Valle Medio project to take part over four phases and expects to start phase one, initial seismic work during the third quarter of 2011.

Fox Petroleum is actively seeking acquisitions for oil and natural gas projects in development. In addition to its oil and natural gas projects Fox Petroleum is actively seeking partnerships and operates a plastics recycling facility focused on petroleum-based compounds.

About Fox Petroleum Inc. (PINKSHEETS: FXPT)

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 manufacturers, 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.

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