Running Fox Resource Corp.
TSX VENTURE : RUN
OTC Bulletin Board : RFXRF
FRANKFURT : C8Q

Running Fox Resource Corp.

November 22, 2006 09:00 ET

Running Fox- More Progress: New Technology Prototype Rig-Mounted Ahead of Schedule

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 22, 2006) - Running Fox Resource Corp. (TSX VENTURE:RUN) (OTCBB:RFXRF) (FWB:C8Q) Trent Moore, VP, reports:

Further to news dated November 8, 2006 announcing that Running Fox's Claymore division has successfully designed and developed a new technology for recycling expensive oil-based drilling fluids, the Company is pleased to announce that the commercial-scale unit has been rig-mounted approximately 10 days ahead of schedule.

The application is designed to be suitable everywhere wells are drilled for oil and natural gas using oil-based drill fluids. Running Fox confirms that it intends to bring onstream further broader applications of this technology and other innovative ideas being planned and bench-scale tested.

The commercial-scale unit compliments conventional drilling rig equipment to make drilling operations cost effective and more environmentally friendly, reducing the volumes of drilling fluids sent to landfills or disposal sites, and reducing the costs associated with oilfield waste.

Several interested industry observers will be visiting the site and assessing this independent trial and test of the new technology and process which is expected to save $2,000 per day for an average well by retaining two cubes of drilling fluids in addition to reducing manpower and equipment costs.

The unit, which is designed for both onshore and offshore drilling, is the first commercial scale prototype known to exist anywhere in the world and is patent pending.

The exact coordinates for the independent field test will not be disclosed at this time, however the Company can confirm that it is located within Alberta, where it was developed.

Running Fox is an energy sector Canadian small cap company with three distinct divisions:

1. Oil and Natural Gas Exploration and Production;

2. Energy Sector Field Services and Construction; and

3. Advanced High-Grade Gold Project in British Columbia.

The combined market cap for Running Fox's three divisions is currently less than $30 million Canadian. First nine months consolidated revenues were $5.150 Million, with net income prior to adjustments of $884,000. Visit www.foxgold.ca for further information.

Revenues from its service division may in the future include incremental revenues from each commercial scale unit to be rig-mounted and put to work. The potential market for this 100%-owned technology is quite large. Initially, units will be built in-house by the Company's team, but larger unit volumes will be handled by outsourcing the manufacturing.

Trent Moore, Vice President, comments: " Its an exciting time for the Fox and for our new technology, putting the proof in the pudding will be rewarding, we are making progress."

On behalf of the Board of Directors:

Trent Moore, VP, Running Fox Resource Corp.

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.

Contact Information

  • Running Fox Resource Corp.
    Trent Moore
    VP
    (403) 742-0500
    Website: www.foxgold.ca