SOURCE: Fox Petroleum, Inc.

January 31, 2011 07:30 ET

Fox Petroleum to Create Oil and Gas Joint Venture Partnerships

Increase in Oil Price Is Driving Demand for US-Based Targets

NEW YORK, NY--(Marketwire - January 31, 2011) -  Fox Petroleum Inc. (PINKSHEETS: FXPT) announced today that it is actively seeking joint venture partners for the development of oil and natural gas assets.

The company currently is speaking with potential acquisitions targets to acquire, develop and operate mid sized on shore US assets. The accumulation of the asset base should take place over the next three months and development commence in early summer 2011. The company is currently using strict criterion for asset selection. 

"We are looking for assets that are simple geologically and geophysically to understand, that are close to or within reasonable distance of pipelines and associated infrastructure and we are not looking for stranded assets," said William Lieberman, President of Fox Petroleum. "We believe that as the global economy improves and as trouble in the Middle East continues that commodity prices including the price of oil will skyrocket and it is a market that we do not want to miss out on. In the next three years we will see One Hundred and Fifty dollar oil," he added. 

The company is currently focused on projects based in Michigan, Texas, Louisiana, and is looking actively at offshore.

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.

About Fox Petroleum Inc. (PINKSHEETS: FXPTwww.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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