VANCOUVER, British Columbia, July 10, 2006 (PRIMEZONE) -- Steven Schurman, CEO reported restated First Quarter Revenues of $1,749,839.
Running Fox has filed its Restated First Quarter financials, which are available on SEDAR.
For the period ended 28 February 2006, the Company had gross revenues of $1,749,839 for the period and achieved a net income of $419,369. 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, etc., adding revenues to Running Fox by contracting out the 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.
Combining current natural gas sales and its energy sector field service revenues, Running Fox's consolidated gross revenues are anticipated to grow each month, with significant profit margins, all prior to new wells being brought on stream and prior to planned organic growth.
Drilling Update, Completion in Gas and Oil Zones
Current drilling operations include drilling a 4,000-metre well on the prospect at Section 18, Township No. 63, Range No. 4, west of the sixth meridian, close to the Alberta border with British Columbia. With drilling by Precision Drilling, the well has been drilled to total depth, it had been fully cased, and completion operations are underway. The first goal is to complete in the productive Wabamun formation, with several secondary zones of interest including productive oil bearing zones. Infrastructure is comprehensive in the area, with natural gas sales lines nearby.
Corporate Update
Running Fox has elected Trent Moore and Chris Loosley to the Board of Directors. Appointments: Chris Loosley is appointed as the Chief Financial Officer, and Steve Schurman as Chair of the Audit Committee, which also includes Wayne Waters and Trent Moore.
Running Fox is well leveraged to natural gas prices and management believes that prices will strengthen. Additionally, Running Fox's 50% interest in the high-grade Brett Gold Project provides upside and leverage to the gold sector.
Now that the World Cup is finished, management continues work on further acquisitions and long-term cash flow developments which will be announced in due course.
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.