Running Fox First Six Months Revenues $3.56 Millionadmin
Friday, August 1st 2008
Trent Moore, Vice President, reports: Running Fox management is pleased to release 2008 first six months financial statements on SEDAR, ending May 31, 2008.
For the six period ended 31 May 2008, the Company’s revenues were $3,568,772 and earnings (EBITDA) were $106,732. This compares favorably to 2007 revenues of $2,986,631 and an EBITDA loss of $440,037 for the 2007 comparative period. The second quarter three months are typically the Company’s slowest revenue generating period due to the annual spring thaw breakup road bans on the movement of heavy equipment.
The revenues were generated from natural gas and condensate production and from oilfield services. The improvement was mainly due to the increase in oilfield services being offered by the Company’s subsidiaries, and to increased natural gas prices.
Overall, during the period and compared to the prior period, field service labour and expenses have decreased.
On the technology side, the Company has tested its Version3 Wire Dryers, its largest drill-fluid recyclers utilizing proprietary technology. These units were recently out on a field test in Northern BC with a large international energy company to demonstrate the technology. Further third-party electrical and hydraulic component modifications will be installed prior to the next commercial demonstration, although recent improvements in concept were validated.
Running Fox is a Canadian growth-oriented small cap company that also owns oil and gas, uranium, and high grade gold projects.
The Company has 41.2 million shares issued and outstanding after recent acquisitions.
On behalf of the Board of Directors: Trent Moore, VP, Running Fox Resource Corp. 403 742 0527 www.foxgold.ca