Fox completes North Slope acreage buy

London-based Fox Petroleum Inc. said July 14 that it has completed its acquisition of some 32,000 acres of oil and gas leases on Alaska’s North Slope.

The company also said it is conducting technical work on existing surface and subsurface data; the analysis is expected to take 60 to 90 days.

Fox said it “expects to define several test well targets, which would hopefully be drilled in a timely manner commencing in the first part of 2008.”

The acreage the company acquired consists of 12 State of Alaska oil and gas leases formerly held by Samuel H. Cade (75 percent) and Daniel K. Donkel (25 percent). Fox said in July that it would issue 20,000 restricted shares in exchange for the lease rights.

Eleven of the tracts are east and southeast of the Prudhoe Bay unit and south of the Duck Island unit. A single tract is farther south, west of the trans-Alaska oil pipeline.

In addition to the newly acquired Alaska acreage, the company has rights to earn-in to a 33.3 percent ownership stake in a 37,000-plus-acre UK North Sea block.

—Kristen Nelson