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

To: john who wrote (18)	6/27/2000 4:55:00 PM
From: CIMA	Respond to 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.?

To: john who wrote (18)	6/27/2000 5:09:00 PM
From: CIMA	Respond to of 26

Corporate Update June 26, 2000 Fox Energy Corporation is a junior exploration and production company trading on the Canadian Venture Exchange under the symbol ?FEC?. The Company currently produces approximately 500 barrels of oil equivalent per day from several projects in eastern Alberta and southwestern Saskatchewan. It has over 14,000 net acres of undeveloped land on its core properties. Fox participated in seven wells during the first half of the year resulting in two new producing gas wells and four oil wells for drilling success of 86%. The Company has plans to drill a total of 24 wells on seven existing projects in 2000. The Company recently signed an agreement to purchase an interest in two producing oil properties, comprising daily production of 80 barrels per day. One property has up to six development drilling locations and additional optimization upside. Fox has entered into an agreement to sell a non-operated interest in a producing property for a substantial profit over its cost base effectively reducing its bank debt by 45% to $2.3 million. The residual bank debt could be retired with discretionary cash flow in eight months based on management?s cash flow projections for 2000. Fox?s management expects to achieve cash flow of $0.15 per common share based on its pro forma estimates for 2000. Gross oil and gas revenue, cash flow and net income increased by 142%, 266%, and 922% respectively for the first three months of 2000. Based on its performance Fox Energy had an estimated net asset value of $0.69 per share at the end of March 2000. Continued record growth is anticipated with projected second quarter results due to be released in August. The Company currently has 24.6 million common shares issued and outstanding. Fox plans to drill 14 wells in the third quarter and to pursue additional producing asset acquisitions to accelerate growth in production and reserves in the short term. For further information, contact: Fox Energy Corporation Donald R. Holding, President & C.E.O. 1400, 444 ? 5th Avenue SW Calgary, Alberta T2P 2T8 Telephone: (403) 265 ? 3627 Facsimile: (403) 265 ? 3628 Email: 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?