FOX RETAINS FINANCIAL ADVISOR TO MAXIMIZE SHAREHOLDER VALUE
Calgary, Alberta - Thursday, August 23, 2001, 2:36 PM EDT
Fox Energy Corporation today announced that its Board of Directors
has approved retaining Waterous & Co. ("Waterous") as its exclusive
financial advisor and agent to undertake a process to maximize
shareholder value through the sale of the Company, subject to
shareholder and regulatory approval.
Fox has achieved record operating and financial results in the past
year. The prospects for continued growth are very promising in
light of the Company's recent drilling successes in the Wood River
and North Veteran areas of Alberta. The Management and Board of
Directors believe that the current market price of the Company's
shares does not reflect its underlying net asset value and growth
potential. Accordingly, they have determined that Fox's strong
financial and operating performance, and growth potential may
provide opportunities for the sale of the Company at a price that
will maximize shareholder value.
Waterous will assist Fox in identifying and evaluating potential
sale opportunities. There is no assurance that a sale transaction
will be completed or as to the timing thereof. Fox plans to
continue its exploration and development program while sale
opportunities are being considered.
Waterous expects detailed information to be available during the
week of September 3, 2001 with proposals due October 11, 2001. All
confidential and non-confidential information will be posted on the
Indigopool.com website at: www.indigopool.com. Parties wishing to
register an interest with regard to Fox should contact Waterous
directly.
For further information contact:
Donald R. Holding, Adam R. Waterous, Partner,
President & C.E.O. Waterous & Co.
1400, 444 - 5th Avenue SW 600, 301 - 8th Avenue SW
Calgary, Alberta, Canada T2P 2T8 Calgary, Alberta, Canada T2P 1C5
Telephone: (403) 265 - 3627 Telephone: (403) 265 - 8077
Fax: (403) 265 - 3628 Fax: (403) 269 - 8355
E-mail: fec@foxenergy.com Website: www.waterous.com
Website: www.foxenergy.com |
