NEW YORK, NY--(Marketwire -09/29/11)- Fox Petroleum Inc. (OTCQB: FXPT.PK - News) (Pinksheets: FXPT.PK - News) announced today that Cameron Parish Pipelines LLC has re-acquired all four wells that are in the Cameron Meadows Field that were previously orphaned by Louisiana's Office of Conservation.
"This action is consistent with our strategy to acquire Renfro Energy's Cameron Parish School Board lease and fully develop and exploit potential oil reserves from 200,000 to 500,000 barrels," said James Renfro, President of Fox Petroleum.
The company has announced that Well Serial numbers, 215451, 216036, 224358, and 235233 all located in the Cameron Parish School Board property are available on http://sonris.com/ for further viewing.
"We are continuing our efforts to raise funding in order to consummate the acquisition and development of these properties and we expect to begin audits on both acquisitions within the next ten days," said William Lieberman, Chief Executive Officer of Fox Petroleum.
Renfro Energy LLC is a Dallas, Texas based limited liability company formed in March, 2002 as an asset holding company to house existing oil and gas assets located in Texas, Oklahoma and for acquisitions identified in Louisiana. Since 1995, Renfro Energy LLC and its predecessor company have bought and sold over $6 million of oil and gas properties through approximately fifteen acquisitions. The assets are located in Johnson Bayou, Louisiana on the northern flank of the Cameron Meadows Salt Dome.
Fox Petroleum expects to complete the transaction of both Renfro Energy LLC and Cameron Parish Pipelines LLC by October 31, 2011 upon completion of PCAOB audits.
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.
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