VANCOUVER, British Columbia, July 27, 2007 (PRIME NEWSWIRE) -- Trent Moore, Vice President, reports:
Running Fox (Pink Sheets:RFXRF) (TSX-V:RUN) (Frankfurt:C8Q) has filed its second quarter financial statements on SEDAR, ending May 31, 2007.
The Company revenue was $2,925,465 with net income (loss) for the period of ($263,308). For the comparable six-month period ended 31 May 2006, the Company revenue was $2,181,476 with net income of $1,056,489. For the three month period the revenue was $902,519 and the loss was ($877,528). For the comparable three month period the revenue was $1,809,456 and the income was $244,455. The main difference in the period was due to reduced natural gas prices and the slowdown in the Alberta energy sector. This sector has now begun to recover.
Efforts were successful to more recently diversify the service offering into active sectors such as the oil sands, including the S.A.G.D. pad project constructed for a major energy company. Manpower focus was also directed to developing the Company's proprietary technology.
The Company has designed and substantially built its third and largest Wire Dryer drill-fluid recycler utilizing its patent-pending recycling technology. This increased investment of time, effort and money has negatively effected cash flow for now, but that is to be expected as new technologies do take time to add to revenues: we have to spend to get something better in the future.
The lowered past quarter results are offset by the fact that the oilfield services subsidiaries represent only one division of Running Fox.
In any event, and on the upside, both subsidiaries in the oilfield service sector are now back to almost full capacity and employment. Assets are growing and we anticipate a revenue catch-up over the next couple of quarters.
Incentive Stock Options Grant To Directors, Management, Employees, and Consultants:
Pursuant to its Rolling 10% Incentive Stock Option Plan, the Company has granted 2,000,000 incentive stock options to directors, management, employees, and consultants, exercisable for one year at $1.00 per common share subject to regulatory approvals.
Running Fox is a Canadian growth-oriented small cap company developing four key divisions:
1. Energy Sector Oilfield Services and Technology; 2. Oil and Natural Gas Exploration and Production; 3. Uranium and Gold Exploration Mineral Projects; and 4. Environmental Services: Encapsulation and Remediation.
On behalf of the Board of Directors: Trent Moore, VP, Running Fox Resource Corp.
403-742-0500 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 this news release.