LONDON, Oct. 26 (UPI) -- London-based Fox Petroleum Inc. is set to acquire gas leases in Alaska.
The company agreed to 42,000 acres, containing the Catcher's Mitt Prospect, located in the Cook Inlet region on the south coast of Alaska. Fox already has a 32,000 acre Alaskan exploration portfolio.
All eight new gas prospect leases are located onshore, and in close proximity to many major production sites.
"This major acquisition provides us with a unique opportunity to have immediate impact in the Cook Inlet. The region has a proven gas history, an existing transportation infrastructure and a pressing industrial gas shortage that demands further development and production occur. Fox Petroleum is confident that we can take
advantage of the situation to quickly move our development plan forward," said Richard Moore, chief executive officer.
The oil and gas exploration company also has rights to a potential 373 million barrels of oil worldwide.
