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

To: CIMA who wrote (16)	5/21/2000 8:21:00 PM
From: CIMA	Respond to of 26

Thursday May 18, 3:58 pm Eastern Time Company Press Release Fox Announces First Quarter Results CALGARY, Alberta--(BUSINESS WIRE)--May 18, 2000--Fox Energy Corporation (CDNX:FEC. - news) is pleased to announce its financial and operating results for the three months ended March 31, 2000. Fox achieved record performance in all key aspects of its business for the first three months of 2000 compared to any prior quarter in its corporate history. Gross oil and gas revenue, cash flow and net income increased by 142%, 266% and 922% respectively for the first three months in 2000 compared to the same period in 1999. Higher production volumes and stronger commodity prices accounted for the significant increase in operating results for the quarter. Comparative Highlights for the three months ended March 31, (Unaudited) 2000 1999 % Change Financial Gross Oil and Gas Revenue $ 1,136,188 $ 468,778 142 Cash Flow from Operations $ 551,661 $ 150,537 266 Per Share - Basic $ 0.023 $ 0.008 188 Net Earnings (Loss) $ 247,211 $ (30,063) 922 Per Share - Basic $ 0.010 $ ( 0.002) - Net Capital Expenditures $ 1,768,383 $ 229,897 669 Bank Debt $ 4,200,000 $ 3,715,000 13 Total Assets $16,098,895 $ 9,915,684 62 Weighted Average Shares 23,936,024 19,292,357 24 Operating Daily Production Oil & NGL's (Bbls/d) 189 116 63 Natural Gas (Mcf/d) 1,918 1,744 10 Barrels of Oil Equivalent (BOE/d) 381 290 31 Exit Production (March 31) 446 307 45 Average Selling Prices Oil (per Bbl) $ 36.10 $16.76 115 Natural Gas (per Mcf) $ 2.95 $ 1.87 58 Barrels of Oil Equivalent (per BOE) $ 32.80 $17.94 84 Operating Netback (per BOE) $ 21.42 $10.13 111 Reserve Additions, Proved + Probable (BOE)* 253,000 0 - Wells Drilled (Gross) 5 0 - *Note: Long Coulee Unit No. 2 Reserves only Fox participated in the drilling of five wells during the quarter resulting in two gas wells and one oil well. The Company has an average interest of 20% in two gas wells drilled and cased at Craigend, Alberta. Fox has a 7.45% interest in two horizontal wells drilled at Steelman Unit No.7 situated in southeastern Saskatchewan. One well was completed, equipped and tied-in for production as an oil well in late March. The remaining well is currently being reworked and tested for commercial production. One well was dry and abandoned. Optimization initiatives at the Battle Creek and Veteran projects resulted in higher daily production toward the end of the quarter. Average daily production rose 31% to 381 BOE/d for the three month period up from 290 BOE/d for the comparable period in 1999. Fox completed the acquisition of a 20% interest in the Long Coulee Unit No. 2 on March 31, 2000 for $1,500,000. The incremental production from Long Coulee and optimization activities resulted in higher daily production of 446 BOE/d by March 31, 2000. The Company will continue to build on its drilling and acquisition initiatives undertaken in the first three months of the year. ``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