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

To: john who wrote (21)	7/13/2000 3:17:22 PM
From: CIMA	Read Replies (1) \| Respond to of 26

July 11, 2000 PRESS RELEASE Trading Symbol on CDNX -- FEC FOX INCREASES PRODUCTION, REDUCES DEBT AND COMPLETES NORMAL COURSE ISSUER BID Fox Energy Corporation announced that it has closed the sale of a 20% interest in a non-operated producing property in southeastern Alberta for a substantial gain over its original cost and reserve engineering valuation. The Company is scheduled to complete the purchase of a 100% operated interest and a 3.3% non-operated unit interest in two producing oil properties comprising 80 barrels of oil per day later this month. Upon completion of the second transaction, total daily production will be approximately 500 barrels of oil equivalent per day, and bank debt will be $2.3 million. The residual bank debt could be retired within eight months based on management’s cash flow projections for 2000 and 2001. The Company is projecting continued record growth with second quarter results due to be released in August based on commodity selling prices and increased production during the period. Fox plans to drill 14 wells in the balance of the year and to pursue additional producing asset acquisitions to accelerate growth in production and reserves in the short term. Since the fall 1999, the Company has repurchased 500,000 of its common shares pursuant to a normal course issuer bid representing all of the shares conditionally approved for repurchase by The Canadian Venture Exchange. Purchases and payments for the common shares were made by open market transactions in accordance with the by-laws and rules of the Exchange. 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.”