Fox Petroleum Inc. announces the signing of an agreement entering into a 22.5% joint venture interest in the Multi-Pay Gas Well called the Spears Gas Unit 2, Well #1 in the Gomez Field, Pecos County, Texas. In consideration for the 22.5% joint venture interest in the well, Fox Petroleum is paying US$500,000 to acquire 22.5% of the Trius 72.75% working interest in the Spears Gas Unit 2, Well #1.
Fox Petroleum has signed the agreement with Trius Energy LLC to partner with them, Lakehills Production, Inc and Hunt Oil among others, on the reopening of the Spears Gas Unit 2, Well #1 in the Gomez Field of Pecos County Texas, with an estimated spud of November 15th, 2007. The Spears Gas Unit neighbours a number of well known producers of Oil and Gas including Chesapeake Energy, Chevron and Cimarex Energy.