Running Fox Resource Corp.

Running Fox Resource Corp.

March 30, 2009 20:32 ET

Running Fox 2008 Results: Revenue Up 45 % to $9.383 Million, EBITDA Up 128 % (before one-time writedowns)

CALGARY, ALBERTA--(Marketwire - March 30, 2009) - Running Fox Resource Corp. (TSX VENTURE:RUN) (PINK SHEETS:RFXRF), (FRANKFURT:C8Q) -

Trent Moore, Vice President, reports:

Running Fox has filed its 2008 fiscal year financial statements on SEDAR.

Revenues for the year increased 45 % to $9,383,075. This compares favorably to $6,485,909 for the comparable period in 2007.

The Company's income from operations (EBITDA) before writedowns increased 128 % to $563,887. This compares favorably to $246,600 for the comparative period in 2007.

Including the one-time write downs, interest, tax effects, amortization and depletion, the net loss was $1,254,364.

(The Company booked one-time write downs of $929,322, and amortization and depletion of $1,163,710)

- Where the Company provides "Non-GAAP Financial Measures", readers should note that the Non-GAAP Financial Measures do not have a standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers.

Consolidated revenues and EBITDA were increased from last year even though the Alberta oil and gas industry was effected by low natural gas prices and the excessive Alberta royalty regime.

New initiatives by the Alberta Government are being favorably received and the recent life in the price of oil has encouraged management and other participants in the industry.

On behalf of the Board of Directors: Trent Moore, VP, Running Fox Resource Corp.

The Company relies on legislation applicable to forward looking statements, seeking safe harbour.

Contact Information

  • Running Fox Resource Corp.
    Trent Moore
    (403) 742-0527