Fox Petroleum, Inc. (GM CE) (USOTC:FXPT)
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5 Years : From Aug 2010 to Aug 2015
Fox Petroleum Inc. (OTCQB: FXPT) (PINKSHEETS: FXPT) announced today that it is negotiating with a central Texas based oil company to take over existing operations of oil leases located in the Grand Cheniere Field in Cameron Parish, Louisiana.
Currently the property has one oil well that can produce approximately 10 barrels a day (bopd) and one salt water disposal well.
"This transaction should provide Fox with long term operating income as well as a small working interest ownership. An opportunity to purchase additional working interest and joint involvement in other projects is also contemplated," said James Renfro, President 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. Renfro Energy is currently investigating through 3-D seismic reserve potential of 200,000 to 500,000 barrels of oil.
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.
Mr. J. Renfro
Phone: (212) 560-5195