posted
A great company on the rise. A Good long term play to ride out and enjoy. Predicted to trade in the 7's by the end of 2008.
Fox Petroleum, Inc. (FXPE), an exploration stage company, engages in the acquisition, exploration, development and production of American and international oil and gas projects. Fox Petroleum was incorporated in the state of Nevada on November 4, 2004 under the name Nova Resources Inc. At inception, they were an exploration stage company engaged in the exploration of mineral property. On February 5, 2007, they changed their name to Fox Petroleum Inc. to better reflect the new direction of its business. On April 17, 2007, they incorporated another wholly owned subsidiary, Fox Petroleum (Alaska) Inc., in the State of Alaska in order to carry out its Alaska operations after completing the Lease Purchase and Sale Agreement with Fox Petroleum LLC. On May 17, 2007, they incorporated another wholly owned subsidiary, Fox Energy Exploration Limited, in England andWales to hold assets in the United Kingdom under the Farm-In Agreement with Granby Enterprises Limited and Atlantic Petroleum UK Limited. On August 14, 2007, the company completed the acquisition of 11 oil and gas leases from Fox Petroleum LLC under the Lease Purchase and Sale Agreement entered into on May 29, 2007. Pursuant to the terms of the Lease Purchase and Sale Agreement, Fox Petroleum LLC caused the registered owners of the oil and gas leases to transfer the legal ownership of the leases to the company. The assignments of these leases to its wholly owned subsidiary, Fox Petroleum (Alaska) Inc., were completed on August 9, 2007, and were effective August 1, 2007. As a result, FXPE acquired a combined 100% working interests in 11 state-issued oil and gas leases subject to a royalty to the State of Alaska of 16.66667% and a private royalty equal to 5% in Alaska's North Slope hydrocarbon province. The agreement was for 12 oil and gas leases, but the 12th lease was unissued and the title still remained with Alaska Department of Natural Resources. The company expected to obtain the 12th lease once it is issued by Alaska Department of Natural Resources, as the original assignees have notice of high bidder. On July 31, 2007, through its wholly owned UK subsidiary, Fox Energy Exploration Limited, FXPE completed the acquisition of the farm-in interests under the Farm-In Agreement dated June 8, 2007 with Granby Enterprises Limited and Atlantic Petroleum UK Limited. Pursuant to the terms of the Farm-In Agreement, they acquired from Granby Enterprises Limited and Atlantic Petroleum UK Limited a total of 33.33% interests in a UK Petroleum Production License P1211 covering two blocks located in the UK North Sea. In consideration for the farm-in interests, they agreed to fund 100% of the high resolution 2D seismic survey and pseudo 3D processing over the UK North Sea license and its 33.33% share of the license budget costs from June 1, 2007. In addition to the acquisition of the 33.33% interests in the license, they were granted an exclusive, non-transferable option to acquire an additional 26.67% interest in the license. The option will continue to be valid and exercisable until 28 days after receiving the processed seismic data from the high resolution 2D seismic survey and processing. To acquire the additional 26.67% interest in the license, they will have to pay 46.67% of the cost of an exploration well in addition to its existing obligation to fund 33.33% of the cost of the exploration well under the Farm-In Agreement.
-------------------- *We Can Make Money Together* Posts: 3 | From: Louisville | Registered: Feb 2008
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