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    OTC Hot Stock – Fox Petroleum Stock continues Rally

    OTC Hot Stock – Fox Petroleum Stock continues Rally

    Fox Petroleum Inc. (PINK: FXPT) today announced the terms of its acquisition (announced yesterday) of Renfro Energy LC and Cameron Parish Pipelines LLC.

    Fox Petroleum today said that it will acquire Renfro and Cameron Parish for $300,000 in an all cash transaction. Renfro, which was formed as an asset holding company to house existing oil and gas assets in Texas, Oklahoma and for acquisitions identified in Louisiana, has bought and sold more than $6 million oil and gas properties. The company’s assets are located in Johnson Bayou, Louisiana. The current estimated recoverable reserves at the property is 40,000 barrels, with an additional 100,000 barrels of oil reserves from a behind pipe zone in one of the existing wells.

    James Renfro, president of Fox Petroleum, said that currently there are four wells on the property, two of which are oil wells; one is a salt-water disposal and one shut in well with future utility. Renfro said that the company fully expects that the two oil wells will produce between 15 to 20 barrels a day within 30 days.

    William Lieberman, CEO of Fox Petroleum, said that the company looks forward to the acquisitions that no doubt will add substantially to its bottom line in due course.

    Fox Petroleum, which rose sharply on Monday after the company announced the acquisitions, are continuing to rally in today’s trading. At last check, the stock was trading 19.35% higher at $0.0370, with volume up from daily average of 1.07 million to 7.03 million. In the last three trading sessions, the stock gained 136.67%.

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