Fox Petroleum Inc. (FXPE.OB) announced that it has signed an agreement to acquire approximately 5,000 acres of additional land in the company’s already pertinent North Slope Property. This will increase land acreage from 32,000 acres to 37,000 acres, which is a significant development for the company.
According to the terms of this agreement, Fox will acquire a 100% working interest on these new leases leases; on which there is a 5% ORRI to the original assignees, Mr Daniel Donkel and Mr Samuel Cade, and a state royalty of 16.67%.
“We’re delighted to announce that we have signed the agreement to acquire this acreage. Lying between two very significant North Slope Discoveries, we feel this is a hugely prospective area. Should we make a discovery, the local infrastructure should make field development both economically viable and relatively quick to tie into.” stated Alex Craven, Vice President, Finance.
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