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PROMISSORY NOTE

Principal Sum: $50,000 May 23rd, 2008   London, UK

To: EuroEnergy Growth Capital S.A.   Salduba Building, Top Floor,   53rd East
Street, Urbanizacion   Obarrio Panama 5

          FOR VALUE RECEIVED, Fox Petroleum Inc. (the “Borrower”) promises to
pay on the earlier of (i) the date that the Borrower obtains equity financing
from a third party in the minimum amount of $1,000,000 net to the borrower, or
(ii) May 23rd, 2009 (the “Payment Date”) to the order of EuroEnergy Growth
Capital S.A., the principal sum of $50,000 (the “Loan”) in lawful currency of
the United States.

          For the period from the date of advance of the Loan up to and
including the Payment Date interest will accrue on the Loan on the balance of
principal outstanding at the rate of 10% per annum, calculated and compounded
monthly not in advance, until paid. Interest will be payable in a balloon
payment on the Payment Date.

          The undersigned may at any time and from time to time prepay in whole
or in part the said principal sum without notice or bonus or penalty.

          Presentment, protest, notice of protest and notice of dishonour are
hereby waived.

IN WITNESS WHEREOF the Borrower has duly executed this Promissory Note as of the
date first written above.

Fox Petroleum Inc.         Per: /s/ Alex Craven   Alex Craven

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