Fox provides results from Bourbon prospect

Fox Petroleum Inc provides evaluation results for the Bourbon prospect located in the central North Sea. Analysis of the report shows that Fox’s 46% stake in the Bourbon prospect could amount to a high estimate of almost 54 million stock tank oil initially in place (STOIIP).

As part of the farm-in agreement, Fox will be working with its joint-venture partners Valiant Petroleum Ltd and Petrofac Energy Developments Ltd to develop the project during 2008. Pursuant to the agreement, Fox agreed to obtain a 46% working interest in the project and as a part of the consideration for the interest, Fox agreed to pay for 89% of an exploration well which is planned to be drilled in 2008.

Valiant Petroleum has contracted the oil services company RPS Energy to do a full analysis of the hydrocarbon bearing and economic potential of the Bourbon prospect as part of a competent persons report on Valiant’s entire portfolio. RPS Energy provides technical and operational advice and input on commercial energy projects located around the world, from the start of a project right through the life cycle to completion.