VANCOUVER, British Columbia, Sept. 22, 2006 (PRIMEZONE) -- Running Fox Resource Corp. (Pink Sheets:RFXRF) (TSX-V:RUN) (Frankfurt:C8Q) has completed its $500,000 private placement financing by three members of the management team for 625,000 units at 80 cents per unit, with each unit comprising a flow-through common share and a share purchase warrant. Each warrant is exercisable into a further common share in the first year at $1.10 and $1.50 in the second year. The securities have now been issued and have a four-month trade restriction expiring January 5, 2007.
Running Fox is a small-cap cash flow company producing and drilling for oil and natural gas in Alberta. It also owns 100% of Claymore Field Services, operating a full-service oilfield service company for natural gas tie-ins, etc. It also owns 50% of a high-grade gold project in British Columbia. New projects are being reviewed although there is no assurance that any new transaction will occur.
The company's first six month revenues were $3.56 million with net income of $680,000.
Combining current natural gas sales and its energy sector field service revenues, Running Fox's 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, visit www.foxgold.ca for further information.
Running Fox is well leveraged to an eventual strengthening in 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 reviewing further leasehold acreage transactions for more oil and gas drilling prospects in the United States.
On behalf of the Board of Directors, Steven Schurman CEO, U.S. Professional Geologist.
The TSX-V has not approved nor disapproved of this press release. We seek safe harbour for any forward-looking statements.