Currently, the company is in discussions to acquire, develop and operate mid-sized onshore US assets.
The accumulation of the asset base is expected to take place over the next three months and development is expected to commence in early summer 2011.
Fox Petroleum president William Lieberman said the company believes that as the global economy improves and as trouble in the Middle East continues that commodity prices including the price of oil will skyrocket.
"It is a market that we do not want to miss out on. In the next three years we will see one hundred and fifty dollar oil," Lieberman said.
