Fox Petroleum Inc. (FXPE.OB) provided an update of the company’s current operations and developments in the company’s wholly owned Gomez Field. In this update, the company discussed how drilling activity for the Spears Gas Unit 2 were able to commence ahead of schedule, closing on November 1st. The company was able to purchase all necessary equipment to completely redevelop this well ahead of schedule, attributing to the rapid redevelopment.
The reworking of the Spears Gas Unit 2 represent Fox Petroleum’s inaugural drilling exploration program. The management team continues to make excellent progress on this project and the overall completion of operations are expected to occur within the next 2 – 3 weeks. Subsequently, Fox Petroleum also believes that the company will be able to implement an aggressive exploration program within the year 2008. This exploration program will be able to provide further revenue stream in the short term, with significant potential.
“This is a very exciting period for Fox Petroleum, as we begin the transition to the production stage of our operations; the value the company possesses has never been greater. Along with other major acquisitions that Fox has made in recent weeks, the Spears Gas Unit has provided an excellent opportunity for us to demonstrate the low risk, high return mentality that Fox encompasses” states Fox Petroleum’s CEO Richard Moore.
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