Running Fox to Take On Alberta Oilfield Services Company
Running Fox Resource is on a roll. Not only has the company crafted developments of assets and cash flow in key areas that promise to perpetuate returns throughout the year, it has also entered an agreement to acquire a Alberta oilfield services company.
"The Alberta company brings strong personnel and technical expertise, and a significant equipment and asset base to Running Fox," the company stated in a press release covering the acquisition. "This transaction also adds in-house personnel and specialty equipment capabilities for growth in Running Fox's oil and natural gas exploration and production unit."
Running Fox will acquire 100% of the private company and operate it as a subsidiary. The consideration to acquire the company includes 2.4 million common shares, which is subject to TSX-V approval.
To further increase returns and improve operations, Running Fox will expand its operational horizons with key developments in specific divisions. The company stated that development upgrades include energy sector oilfield services and environmentally beneficial technology; oil and natural gas exploration and production; and other environmental services involving encapsulation and remediation for oil and gas.
Prior to these recent moves, Running Fox enjoyed revenues of $4.5 million for the first nine months of 2007. The company reported that full-year earnings results will soon be released.
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