Fox Petroleum to Raise $40,000,000 USD Under New Subscription Agreement

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London --(www.USEquityNews.com)-- 11/28/2008 - Fox Petroleum Inc. (OTCBB: FXPT) is pleased to announce the offering of Subscription for new shares in the capital of the Company to raise US$40m


Under the terms of a Subscription Agreement between the Company and Carbon Energy Investments Limited ("Carbon") dated 5 November 2008, Carbon has agreed to subscribe for 80 million new shares at a subscription price of 50 cents per share raising a total of US$40m for the Company.

The Subscription Agreement provides for the subscription to take place in stages with the sum of US$20m being subscribed on or before 7 December 2008, US$15m on or before 31 January 2009 and the balance of US$5m on or before 21 March 2009.

The proceeds of the subscription will be used to fund the Company's projects with US$20m being made available to fund the Company's forthcoming drilling programme for the Bourbon concession in the UK North Sea.

Shareholders and prospective investors are encouraged to visit Fox Petroleum's website: www.foxpetro.com and download Fox Petroleum's Investor Summary. Please feel free to call investor relations toll-free at 1-888-369-4744 to receive a full corporate investor's package.

About Fox Petroleum

Fox Petroleum Inc. is an Independent Oil and Gas Exploration and Production Company headquartered in London, England, the financial capital of Europe, with a further operations office in Anchorage, Alaska. Fox is focused on exploration and production in the USA (Alaska's North Slope and Cook Inlet, Texas and Kansas), and also on the UK's North Sea and onshore. The Company's shares are publicly traded on the NASD OTC BB under the ticker symbol FXPT.

Contact Information:
Investor Relations
Alex Craven,
+1-888-FOX-4744 (1-888-369-4744)
ir@foxpetro.com
www.foxpetro.com

U.S. Equity News
Tel: (626) 961-8039
Email: info@usequitynews.com

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