VANCOUVER, British Columbia, Feb. 8, 2007 (PRIME NEWSWIRE) -- Steven Schurman, P.Geol. (US), on behalf of the Board of Directors:
Running Fox Resource Corp. (Pink Sheets:RFXRF), (TSX-V:RUN) (Frankfurt:C8Q) has agreed to acquire 100% of a private oilfield services company that will augment and expand Running Fox's Oilfield Services and Technology Division. The acquired company will operate as a subsidiary of Running Fox. Terms include one million cash and two million common shares, subject to TSX Venture Exchange approval. The management team of the private company will stay on to join and enhance the Claymore team, expanding the effective geographic coverage area of oilfield service operations.
Running Fox is a Canadian small-cap company with three divisions:
1. Oil and Natural Gas Exploration and Production;
2. Energy Sector Oilfield Services, Construction and Technology; and
3. Mineral Exploration: Uranium and an Advanced High-Grade Gold
Project.
Running Fox first nine months consolidated revenues were $5.150 Million, with more cash-flowing acquisitions being reviewed.
On behalf of the Board of Directors: Steven Schurman, C.E.O, P.Geol.
The Company relies on legislation for forward looking statements, seeking safe harbour.