FOX ENERGY FEC on ALBERTA Message Board

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Gold/Mining/Energy : FOX ENERGY FEC on ALBERTA

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To: john who wrote (18)	6/27/2000 4:55:00 PM
From: CIMA	of 26

FOX ENTERS INTO TWO MAJOR TRANSACTIONS FOR THE PURCHASE AND SALE OF ASSETS Fox Energy Corporation announced that it has entered into two separate agreements, both governing the purchase and sale of producing assets. The combined consideration for the two transactions is $3.55 million. The Company has signed an agreement to purchase a 100% operated interest and a 3.3% non-operated unit interest in two producing oil properties situated in east central Alberta. The properties have combined daily production of roughly 80 Bbls/d. The operated property has additional drilling locations and optimization potential which Fox plans to undertake this year. The transaction has an effective date of June 1 and is expected to be completed no later than August 15, 2000. The second transaction involves the sale of the Company?s non-operated 20% interest in the Long Coulee Unit No. 2 comprising net daily production of approximately 105 BOE/d. The effective date of the transaction will be July 1, with closing to occur on July 4, 2000. Both transactions are subject to various conditions relating primarily to title and environmental due diligence which must be either satisfied or waived prior to finalization of the applicable purchase and sale. In accordance with the confidentiality provisions of the Agreements, no additional information may be disclosed by the parties at this time. Upon completion of the two transactions, Fox?s bank debt will be reduced from $4.2 million to approximately $2.3 million representing a 45% reduction. The estimated bank debt to cash flow ratio will be 0.7 : 1 based on management?s cash flow projections for 2000. For further information contact: Donald R. Holding, President & C.E.O. #1400, 444 ? 5th Avenue SW, Calgary, Alberta T2P 2T8 Telephone: (403) 265-3627 Facsimile: (403) 265-3628 Toll Free: 1-888-720-2108 E-mail: fec@foxenergy.com Website:www.foxenergy.com ?The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.?

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