Running Fox Resource Corp.

Running Fox Resource Corp.

July 10, 2007 20:59 ET

Running Fox 2006 Results: $6,350,000 Revenues, Growth in Income, Growth in Assets


Trent Moore, Vice President, reports:

Running Fox has filed its 2006 fiscal year financial statements to November 30, 2006 on SEDAR.

Revenues for the past year were $6,348,832.00.

Net income, after tax effects and excluding amortization (a non-cash charge), was $1,295,745.00

Consolidated revenues were increased from last year with partial revenues provided from two 100% owned subsidiaries, being approx 10 months of Claymore Field Services revenues, and one month of Claresholm Rentals and Oilfield Services, with the balance being natural gas and condensate sales from Running Fox's Alberta natural gas project.

The full effects of both operating subsidiaries will be accretive to 2007 revenues and cash flow, with other new acquisitions being discussed and analyzed.

Concurrently, in the past year, the energy and field services group has added expertise and experience with successful S.A.G.D. (steam assist gravity drainage) pad/field construction for the heavy oil/ oil sands segment which has been active. Other conventional oilfield services include, but are not limited to, pipelines, gas plants, compressor stations/plants, oilfield batteries, oilfield flow-lines, tie-ins, facilities, and related construction.

In the past year, Running Fox has also added to its mineral exploration division, notably with several uranium prospects and properties, with field programs to commence July/August.

The Company and its subsidiaries have also developed new and exciting energy sector technology that recycles expensive oil based drilling fluids, saves drilling operations money, and helps the environment by reducing contaminated waste sent to landfills.

The energy sector in Canada experienced a significant slowdown due to natural gas prices and the resulting reduction in new gas wells being drilled in the period. Being adaptive has allowed Running Fox to diversify its income streams and its growth and enterprise value.

Running Fox now has a solid platform for continued growth in all of its three divisions and remains leveraged to uranium, gold, and energy prices.

Management apologizes for the delay in the filing of the 06 statements, due to the hospitalized illness in the independent audit team. Delays were also due to accounting complexities associated with the integration of two new operating subsidiaries which had not been audited before this audit. Steps are being taken to improve areas of the Company that need to be improved.

Running Fox is a Canadian growth-oriented energy sector small cap company with three distinct divisions:

1. Energy Sector Oilfield Services and Technology;

2. Oil and Natural Gas Exploration and Production; and

3. Uranium and Gold Exploration Mineral Projects.

On behalf of the Board of Directors: Trent Moore, V.P.

Contact Information

  • Running Fox Resource Corp.
    Trent Moore
    (403) 742-0500