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Gold/Mining/Energy : Fox Energy Corp. - FEC on ASE -- Ignore unavailable to you. Want to Upgrade?

To: john who wrote (18)	12/8/1999 1:27:00 PM
From: CIMA	Read Replies (1) \| Respond to of 54

FOX ENERGY CORP ("FEC-V;FXNRF-L") - Recent Financial and Operating Results Fox Energy Corporation announced record results in several key financial and operating areas during the third quarter compared to the prior quarters of 1999. The Company closed an amalgamation with another company and completed two significant financings during the year. For the three months ended September 30th, the Company realized gross oil and gas revenues of $581,606 resulting in cash flow of $243,953 and net income of $36,853. Oil and gas revenues improved by 7% to $1,582,509 for the first nine months in 1999 compared to $1,475,449 in 1998 primarily due to stronger commodity prices. Operating netbacks were $15.95/BOE during the quarter, and $13.06/BOE for the first nine months of 1999 representing a 23% increase over the prior period in 1998. Since December 31, 1998, bank debt has been reduced by 45% to $1,990,000 at September 30, 1999 primarily through two financings and the sale of a minor property. Effective November 5, 1999, the amalgamation of Petrohawk Energy Ltd. into Fox was completed. The transaction increased Fox's daily production initially by 60 BOE/d with an additional 85 BOE/d having recently been placed on stream. The Company's operating activities to date have increased total daily production to approximately 450 BOE/d. Fox operated the drilling of eight natural gas wells at 51% on the Medicine Hat Hilda Project and participated at 15.5% in a successful horizontal oil well at Battle Creek, Saskatchewan. Four additional wells in which the Company has interests have recently been placed on production contributing to the higher production rate. Fox is planning an aggressive capital expenditure program in the year 2000 on existing and new projects which will be funded primarily with discretionary cash flow. The Company continues to evaluate both merger and asset acquisition opportunities with the objective of accelerating growth in the short term. TEL: (403) 265-3627 Donald R. Holding, President & CEO FAX: (403) 265-3628 TOLL FREE: (888) 720-2108 EMAIL: fec@foxenergy.com INET: www.foxenergy.com ______________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106