RUNNING FOX RESOURCE CORP.: High Impact Alberta Natural Gas Down-Spacing Horizontal Well Proceeding

8/18/2005, 8:00 AM (Source: GlobeNewswire)
RUNNING FOX RESOURCE CORP. RUN Shares issued 20,925,724 16/08/05 close $0.26 August 18, 2005 Wayne Waters, on behalf of the Board of Directors reports:

As previously announced, the Company had elected to participate as to
a 30% gross interest in the first Section of its Pincher Creek Gas
Field Leasehold., with Choice Resources (TSXV - CZE) of Calgary,
Alberta as the operator. After payout, the interest converts to a 15%
net interest.

The first well in the program at 1-5-3 of 28 is a horizontal well
currently drilling at 2,212 metres, with Precision Drilling Rig #645.
Total well depth is 4,579 metres, including the horizontal leg.

The well is a down-spacing exploitation well, with a potential
resource base between 30 billion cubic feet and 80 billion cubic
feet.
Possible production rates are targeted to be between 10 and 35
Mmcf/day plus btu-rich liquid condensates.

A comparable well located just north at 6 -19 has produced almost 75
billion cubic feet to date and continues at 1.2 Mmcf approx. per day.

All equipment, separators, and facilities are in place and as this is
a down-spacing well, the gas pipeline is currently operational and
within 50 metres of the drill rig.
Natural gas is currently $9.68 per mbtu spot price, and slightly
lower for September delivery.

The Pincher Creek Gas Field Leasehold Option covers 27 additional
sections and encompasses numerous development and exploration
targets, in addition to the existing Section being earned by
participating in the down-spacing exploitation well.
Further information on this Project and the Company' other projects
are available at the Company's website: www.foxgold.ca

Private Placement Completed

The Company has completed its recently announced non-brokered private
placement to raise $2,175,000. All securities issued under the
private placement are restricted until December 3, 2005.

On behalf of the Board of Directors, Wayne Waters, Director.

The Company relies on legislation applicable to forward looking
statements We seek safe harbour.
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