VANCOUVER, British Columbia, July 26, 2006 (PRIMEZONE) -- Running Fox Resource Corp.'s (TSX-V:RUN) (Pink Sheets:RFXRF) (Frankfurt:C8Q) Steven Schurman, CEO, reports:
For the six month period ended May 31, 2006 the Company revenue was $3,559,297 with net income for the same period of $679,956. For the three month period ended 31 May 2006, the Company revenue was $1,809,456 with net income of $244,454, with continued natural gas sales and oilfield service demand.
Running Fox is in the business of exploring, developing and producing oil and natural gas interests in Canada and operating in the oilfield service sector, earning revenues from gas pipeline tie-in, facilities construction, and servicing of oil and natural gas wells in addition to the construction of field locations, gas plants, oil and gas battery facilities. Running Fox contracts out services to other energy producers. Visit www.foxgold.ca for further information on 100% owned subsidiary, Claymore Field Services, which continues to operate at full current capacity, and is building a strong equipment inventory.
Second quarter net income was lower due to the effects of spring breakup and timelines between invoicing and receipt of revenues. Natural gas sales prices were also lower than in prior periods. Financial statements are filed on SEDAR.
Combining current natural gas sales and its energy sector field service revenues, Running Fox consolidated gross revenues are anticipated to grow, with significant profit margins, all prior to new wells being brought on stream and prior to planned organic growth.
Running Fox is well leveraged to natural gas prices and additionally, Running Fox's 50% interest in the high-grade Brett Gold Project provides upside and leverage to the gold sector.
Running Fox is reviewing more cash-flowing acquisitions in the energy sector, and anticipates further leasehold acreage transactions for more drilling prospects in Alberta.
On behalf of the Board of Directors; Steven Schurman, CEO, U.S. Professional Geologist www.foxgold.ca
The Company relies on legislation applicable to forward looking statements, and seeks safe harbour. The TSX-V has neither approved nor disapproved of the contents of this news release.