Fox Petroleum in Negotiations With Central Texas Oil Company
March 20 2012 - 8:55AM
Marketwired
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.
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.
Contact: Mr. J. Renfro Phone: (212) 560-5195 Email:
info@fox-petroleum.com Web: www.fox-petroleum.com