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Gold/Mining/Energy : FOX ENERGY FEC on ALBERTA -- Ignore unavailable to you. Want to Upgrade?

To: john who wrote (10)	1/14/2000 5:31:00 PM
From: CIMA	Respond to of 26

I met with the President of Fox, Don Holding, for a couple of hours on Thursday, Dec. 29,1999. I was impressed with him. He is very professional, suit and tie, extremely friendly, open and down-to-earth. He definitely has the "pedal to the metal". He's intensely focused on moving this company forward and quickly. This company is trading well below it's net asset value of .60/share. The discussion opened with Don explaining that several strategic initiatives have recently occurred that have significantly changed the course of the company going forward: 1) Debt has been reduced by $2M to approx. 8 months of cashflow. There are no principle repayments due on the debt in 2000 giving them the ability to internally finance their plans in 2000. 2) They acquired Petrohawk Energy, gaining 180 BOE, and enabling the company to exit 1999 at approx. 450 BOE. 3) In the 4th quarter they drilled 8 wells at 51% interest including one successful horizontal oil well, two completed oil and gas wells. 4) They are currently optimizing another 8 wells which has increased production. 5) They improved their hedged position on gas from $1.85 MCF to $3.01/MCF as of Nov. 1, 1999 and $3.20/MCF commencing Nov. 1,2000 for two years. 6) Improved CFPS projection to .12/share for the year 2000. 7) The Trans-Canada Pipeline 21 year gas contract expired Oct. 31, 1999. They will achieve a big increase in revenue due to the change in the spot market price over the years. 8) They expect to drill 25 wells and rework approx. 15 additional wells in 2000. 9) They project a doubling of production by in 2000 to 1000 BOE through drilling and a producing property acquisition. 10) Net Asset Value Per Share is estimated to be .60/share based on $20 WTI and $2.75/MCF. Both are quite a bit higher at this point in time. 11) They have approximately 14,000 net undeveloped acres of land for upside. 12) An aggressive IR campaign will commence near the end of January in Western Canada. The focus will be on brokers and analysts. Sorry about the delay, I've been really busy and out of town. I'm preparing two more posts, one focusing on the numbers and the other on the properties.

To: john who wrote (10)	4/5/2000
From: CIMA	Respond to of 26

Check the other thread for updates: Subject 20203

To: john who wrote (10)	5/21/2000 8:10:00 PM
From: CIMA	Respond to of 26

Wednesday May 3, 9:02 am Eastern Time Company Press Release Fox Announces Record Year-End Results CALGARY, Alberta--(BUSINESS WIRE)--May 3, 2000-- Fox announced record financial and operating results for the year ended December 31, 1999. The Company continues to show significant growth in the key aspects of its business, particularly oil and gas revenue, cash flow, net income, reserves and engineering valuation. Comparative Financial and Operating Highlights for the year ended December 31, 1999 1998 % Change Financial Oil and Gas Revenue $ 2,367,350 $2,023,618 +17 Net Earnings (Loss) $ 18,905 ($ 156,539) +112 Cash Flows from Operations $ 900,405 $ 658,361 +37 Per Share $ 0.044 $ 0.037 +19 Working Capital (Deficiency) $ 24,706 ($ 871,338) +102 Bank Debt $ 2,995,000 $ 3,650,000 -18 Total Assets $12,339,250 $10,267,165 +20 Shareholder's Equity $ 5,943,513 $ 4,672,808 +27 Average Shares Outstanding 20,568,860 17,763,359 +16 Operating Daily Production Oil & NGL's (Bbls/d) 101 107 -6 Natural Gas (Mcf/d) 1,672 1,922 -15 Barrels of Oil Equivalent (BOE/d) 268 300 -10 Exit Production at Year End (BOE/d) 465 295 +58 Reserves, Proved plus Risked Probable Oil & NGL's (Bbls) 464,800 126,500 +267 Natural Gas (MMcf) 12,684 11,060 +15 Barrels of Oil Equivalent (BOE) 1,733,400 1,232,500 +40 Reserve Engineering Valuation @ PV12% $19,715,900 $12,906,500 +53 Average Selling Prices Oil (per Bbl) $24.53 $17.34 +41 Natural Gas (per Mcf) $ 2.40 $ 1.85 +30 Barrels of Oil Equivalent (per BOE) $24.18 $18.51 +31 Operating Netback (per BOE) $14.69 $10.90 +35 Wells Drilled (Gross) 9 14 -36 Undeveloped Lands (Net Acres) 12,790 10,494 +22 Fox completed a merger with another public oil and gas company in the fall 1999 increasing its production, reserves and inventory of projects. Effective November 1, 1999 (finalized March 31, 2000), the Company purchased a 20% interest in the Long Coulee Unit No. 2 adding roughly 95 BOE/d of production and 253,000 BOE of total proved plus risked probable reserves based on an engineering report prepared by Paddock Lindstrom & Associates Ltd. The Company drilled eight successful shallow gas wells and participated in a horizontal oil well prior to year-end. Fox also tied-in an oil and gas well, and a gas well for production in November 1999. At year end, the Company had production of 465 BOE/d as a result of production increases due to the merger, new drilling and tie-ins, and property purchases. Fox sold four properties producing 65 BOE/d during 1999. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. -------------------------------------------------------------------------------- Contact: Fox Energy Corporation Donald R. Holding, 403/265-3627 403/265-3628 (fax) 888/720-2108 (toll free) fec@foxenergy.com www.foxenergy.com --------------------------------------------------------------------------------

To: john who wrote (10)	5/21/2000 8:16:00 PM
From: CIMA	Read Replies (2) \| Respond to of 26

Monday May 15, 2:10 pm Eastern Time Company Press Release Fox Completes Private Placement Financing CALGARY, Alberta--(BUSINESS WIRE)--May 15, 2000--Fox Energy Corporation (FEC.) announced that it has raised $150,000 through a fully subscribed private placement of 600,000 common shares at $0.25 per share with flow through features. The common shares are subject to a hold period of one year expiring on March 31, 2001. Issuance of the common shares is subject to final approval of The Canadian Venture Exchange which had conditionally accepted the private placement on March 30, 2000. The Company will use the proceeds together with discretionary cash flow to fund its $3,500,000 capital expenditure program for 2000. ``The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.'' -------------------------------------------------------------------------------- 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: 888/720-2108 E-mail: fec@foxenergy.com Website: www.foxenergy.com