VANCOUVER, British Columbia, Oct. 18, 2005 (PRIMEZONE) -- The following is a press release issued by Running Fox Resource Corp. (TSX-V:RUN).
The operator of the Pincher Creek well, Choice Resources (TSX-V:CZE) recently announced that drilling of the previously discussed horizontal well at Pincher Creek is proceeding. The well is being drilled in an under-balanced situation with natural gas.
The current production from the well is conserved and processed through a closed system into the operator's plant. Rates and pressures are managed with various injection rates of gas and liquid to maintain control of the well. It is premature to predict the final well capability at this time and more information will be released as data becomes available.
Running Fox has a 30% gross working interest in this first section and well until payout, and a 15% interest after payout. Running Fox also owns a 30% gross option interest in 27 additional sections of the Pincher Creek Gas Field with a healthy combination of development and exploration drill targets and opportunities, much of which has seismic coverage.
Corporate Appointments: Running Fox has appointed Mr. Boyd Evans as Vice President Acquisitions and Mr. Buck Kilgour as Vice President Oilfield Operations.
Vice President Acquisitions, Mr. Boyd Evans, from Alberta, has been involved in the oil and gas sector since 1974 and is the founder of several successful Alberta based companies including Canex Financial Services. In Canada, he has directly raised in excess of $100 million and currently is an advisor to Canada West Finance.
In addition, Mr. Evans has comprehensive international financing experience including numerous oil and gas related financings from Middle Eastern financial centers such as Dubai, United Arab Emirates. Mr. Evans was responsible for mergers and acquisitions for the Lord Beaverbrook Group based in London, England. He also founded successful oil and gas service and supply companies currently operating in South America and Mexico.
Vice President Oilfield Operations, Mr. Buck Kilgour, also from Alberta, has been actively engaged in the oil and gas industry for some 35 years. He brings to Running Fox comprehensive experience in production, oilfield services, and logistics. He has successfully worked throughout Western Canada, the Canadian Arctic, Africa, the Far East and Russia.
Mr. Kilgour has enjoyed significant involvement with numerous international oil and gas companies, including Amoco Eurasia and Dynex International, where he was the Vice President of International Operations.
Mr. Kilgour is currently the President of Swanberg International.
The Company has also granted 150,000 incentive stock options to Officers and consultants exercisable at $0.45 per share.
On behalf of the Board of Directors,
Steven Schurman, CEO, P. Geol., Running Fox Resources, www.foxgold.ca