VANCOUVER, British Columbia, March 6, 2007 (PRIME NEWSWIRE) -- Trent Moore, Director, VP Oilfield Services, on behalf of the Board of Directors:
Running Fox Resource Corp. (TSX-V:RUN) (Pink Sheets:RFXRF) (Frankfurt:C8Q) has completed the acquisition of 100% of a private oilfield services company that will augment and expand Running Fox's Oilfield Services and Technology Division, previously announced on February 8, 2007.
The acquired company now operates as a subsidiary of Running Fox and had past year revenues of approx. $3.5 Million, with approx. $1.1 Million EBITDA, excluding one time bonus. The common shares issued as part consideration in the acquisition have the following hold periods: 500,000 expiring June 20, 2007; 500,000 expiring Oct. 20, 2007; 500,000 expiring Feb. 20, 2008; and 500,000 expiring June 20, 2008.
The experienced management team of the private company have become part of the Running Fox family, expanding the effective geographic coverage area of oilfield service operations into Southern Alberta and opening up new opportunities for acquisitions and organic growth. Additionally, Southern Alberta is not subject to the normal slowdowns during spring breakup, nor is there generally a requirement for road and ground freeze-up prior to mobilizing equipment and commencing oilfield work.
Collectively, this effectively gives Running Fox/Claymore another active annual area and season with which to mobilize men and equipment, driving oilfield service growth. Claymore and the new company will team up to bid on larger projects, and have already started to share equipment, keeping the iron busy.
Running Fox is a Canadian small-cap company with three active divisions:
1. Energy Sector Oilfield Services, Construction and Technology;
2. Mineral Exploration: Uranium and an Advanced High-Grade Gold
Project;
3. Oil and Natural Gas Exploration and Production.
Running Fox' first nine months consolidated revenues were $5.150 Million, with more cash-flowing acquisitions being reviewed and negotiated.
On behalf of the Board of Directors: Trent Moore, Director, VP Oilfield Services, Running Fox Resource Corp. 403-742-0500, www.foxgold.ca
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