Fox Petroleum Announces Terms of Oil and Gas Acquisitions
September 13 2011 - 8:00AM
Marketwired
Fox Petroleum Inc. (PINKSHEETS: FXPT) announced today that it is
acquiring Renfro Energy LLC and Cameron Parish Pipelines LLC for
three-hundred thousand dollars ($300,000) in cash.
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 the heart of the Johnson Bayou, Louisiana
on the northern flank of the Cameron Meadows Salt Dome.
In 2003, Renfro Energy LLC obtained a new lease on the property
and began operations. Estimated recoverable oil reserves from the
current zones are 40,000 barrels with an additional 100,000 barrels
of oil reserves from a behind pipe zone in one of the existing
wells.
"Currently there are four wells on the property, two oil wells,
one salt-water disposal and one shut in well with future utility,"
said James Renfro, President of Fox Petroleum Inc. "We fully expect
that the two oil wells within thirty days expect to be producing
between fifteen to twenty barrels a day or close to six hundred
barrels per month," he added.
Mr. William Lieberman, CEO of Fox Petroleum, said, "We look very
forward to these acquisitions that no doubt will add significantly
to the bottom line of Fox Petroleum in due course. We feel that we
are paying a very decent price for long term assets that have great
value. We are very confident in working with Mr. Renfro in all
capacities, and feel that all shareholders will benefit in the long
term. This is strictly a cash deal to start, Fox Petroleum is
giving up no equity at this time."
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.
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. Molloy Phone: (212) 560-5195 Email:
info@fox-petroleum.com Web: www.fox-petroleum.com