RUN Running Fox Resource Corp

Steven Schurman, CEO, US Prof. Geologist, Director, reports:

Further to the Company's news release of July 30, 2009, a new black shale,
natural gas production opportunity appears to be developing in southwest Alberta
where Running Fox (TSX VENTURE:RUN) (PINK SHEETS:RXFRF) (FRANKFURT:C8Q) has an
interest in the 28 square mile Pincher Creek Natural Gas Project. Similar to
many sedimentary basins in the United States with black shale that are currently
experiencing extensive exploration drilling for natural gas, it has been
recognized that the Jurassic-age Fernie Group in Alberta also contains thick
sequences of highly organic, shale, natural gas source rock.


Since 2005, Running Fox has participated in the development of the Pincher Creek
project and since that time has been producing natural gas and condensates. Over
the years, the Pincher Creek project has yielded average revenue of $1 million
per year to Running Fox's interest from a conventional gas zone in the
Livingston Formation.


As with the U.S. black shale projects, the Fernie Group shale in Alberta is not
only the source of the natural gas but also acts as the reservoir rock for the
natural gas. The presence of natural gas in shale formations has been known for
many years but only in the past decade have gas well completion techniques been
developed that can successfully recover the natural gas from "tight" shale
formations in commercial quantities.


Shales are tight, and gas typically flows through fractures, and additional
manmade frac operations can open new fractures in some cases over 2,000 ft from
the well bore, as noted by global oilfield services giant Schlumberger Ltd.


Some new technological advances for shale development are:



-  3-D seismic in determining lateral length and placement;
-  Multilaterals (drilling several laterals from a single well pad);
-  Multiple frac stages within a lateral;
-  Real-time microseismic monitoring to image hydraulic-fracture
   treatments;
-  Simul-fracs (simultaneous hydraulic fracturing of offset parallel
   horizontal wells about 1,000 feet apart);
-  Seismic technology is playing an increasing role in shale gas appraisal
   and development.



Generally, the industry has been driven by technological advances in horizontal
drilling and fracture stimulation techniques.


In the U.S., some of the best known black shale natural gas producing formations
include the Barnett Shale, New Albany and Bakken formations where gas resources
can be up to 100 Bcf per section. The recognition that black shale is also
present in the Canadian sedimentary basins has sparked strong interest in
exploring Canadian shale formations such as the Fernie Group.


Importantly, Shell Canada Ltd (Royal Dutch Shell) acquired Duvernay Oil Corp
which had a large block of land covering the Alberta Montney Shale in a deal
worth $5.9 billion in cash and debt.


In the Pincher Creek project area, the Fernie Group shale is from 300 to 500
feet in thickness and when the initial Pincher Creek discovery well was drilled
in 2005 it was noted that there were numerous strong gas kicks and anomalies
detected as the well logging tools passed through the Fernie Group shale. In
2005 the Fernie Group shale gas anomalies were an interesting natural gas
occurrence but recent shale fracturing and well completion techniques developed
in the U.S. shale gas plays suggest that the gas anomalies found in the Fernie
Group in the Pincher Creek project area may also be a strong candidate for
economic gas development.


Running Fox is now evaluating the extent of the Fernie Group shale in the
Pincher Creek project area and is formulating a path forward to determine
testing and development of shale natural gas in the Project.


Additionally, there are financial incentives provided by the Alberta government
that apply to the development of unconventional natural gas from shale
formations in Alberta.


Significantly, the whole area is developed with existing infrastructure,
pipelines, and processing plants with excess capacity which will assist the
economics of a new shale play in the area.


Shale natural gas drilling and production in Alberta is also expected to
increase the need for oilfield services. Running Fox's subsidiary, Alberta-based
Claymore Oilfield Services Group, is well positioned to benefit from any
increase in natural gas drilling and production by providing technical expertise
related to the Alberta natural gas and oil industry, manpower, and field
equipment.


The Company has upside leverage to important commodities including oil and gas,
uranium and gold.


2008 revenues exceeded $9.3 million.

Running Fox is a Canadian growth-oriented small cap company developing four key
divisions:




-  Uranium and Gold Exploration Mineral Projects
-  Oil and Natural Gas Exploration and Production
-  Energy Sector Oilfield Services and Technology, and
-  Environmental Services - Encapsulation and Remediation



The Company has approximately 41 million shares issued and outstanding and
trades on the Toronto Stock Exchange- Venture.


The Company relies on legislation applicable to forward looking statements,
seeking safe harbour.

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