This is a printer friendly page!
New revolutionizing technology and the acquisition of Claymore
Field Services has positioned Running Fox Resources for growth in the oil field services
sector as the company continues to find new oil and gas exploration projects with high
growth potential
Natural Resources
Energy/Mineral Exploration
(RUN-TSXV)
Running Fox Resource CP
Bay #5, 112th Street &
Highway 12, Box 1316
Stettler, AB Canada T0L 2L0
Phone: 403-742-0500
Steven Schurman
CEO and Director
Interview conducted by:
Lynn Fosse, Senior Editor
CEOCFOinterviews.com
March 15, 2007
BIO:
Steven Schurman - Chief Executive Officer, Director
Member of A.I.P.G. (U.S.) Certified Professional Geologist (# 4964)
Mr. Schurman graduated in 1974 from Colorado State University with a Bachelor of Science
degree in Geology. From 1974 until the present, Mr. Schurman has worked in the mineral and
oil and gas exploration and development field.
Mr. Schurman, and companies he has been involved with have assembled exploration land and
explored for minerals and oil and gas throughout North America.
Mr. Schurman has been extensively involved and has drilled and completed many oil and
natural gas wells, and produced those wells. He has been involved with natural gas
pipeline design, easements, and construction for Running Fox’s previous 80 kilometre
natural gas pipeline gathering system in Tennessee. Mr. Schurman independently consults on
a limited basis for oil and gas and mineral resource exploration and development and is
also involved in resource site reclamation
CEOCFO:
Mr. Schurman, will you tell us about your background with Running Fox?
Mr. Schurman: “I am professional
geologist. I have been involved in the oil & gas and mineral exploration business,
some say since dirt was invented, but it has only been since 1975.”
CEOCFO:
Will you tell us about Running Fox?
Mr. Schurman: “Running Fox is junior
resource company and the management team is a fairly strong group of individuals who have
been around the block a couple of times. Our goal is to create a company, not a
promotional organization to sell some stock. We are here to create a company that focuses
on the development of oil, gas, gold, and in addition to that, we have just purchased a
unit called Claymore Field Services which is an oil field services company and it is doing
quite well.”
CEOCFO:
Running Fox has several endeavors; why is that a good fit for you?
Mr. Schurman: “We have re-evaluated
that and we have been looking at spinning off the gold property. We have a gold property
in southeastern British Columbia with multiple, very high-grade gold veins that has about
a million ounce of gold potential reserve. Many investors like to see either a pure gold
company or a pure oil company. The business of crossing over a few commodities seems to
distress people. Therefore, we have been looking at spinning off the gold projects into a
separate company and then proceeding with the oil/gas and oil field services under the
Running Fox company.”
CEOCFO:
You are both in exploration and field services in the oil and gas area; how would you like
to see the growth in these areas?
Mr. Schurman: “Regarding oil and gas
exploration and development, Running Fox has a working interest in some very substantial
acreage positions in Alberta drilling for oil and gas. We have minority interest, so we
are not the operator, but we are participating in property positions that are owned by
major oil and gas companies such as Shell (Royal Dutch Shell PLC) and Suncor. We are
looking at continued drilling on these holdings for continued financial growth. The gas
market has been a bit battered lately by low prices, but I think the recent cold weather
will turn that around. The oil and gas business is not going to go away for a very long
time.”
CEOCFO:
Tell us about your new technology to treat drill cuttings.
Mr. Schurman: “We have developed a
process to remove drill cuttings from oil-based drilling fluids which are very expensive.
In many cases, you have to utilize oil-base drilling fluids to limit formation damage when
drilling. Utilizing water based drilling fluids can cause formation damage in
clay-rich shales so you go to the oil-based drilling fluid. The big problem is getting the
cuttings out of the oil based drilling fluids as they come back to the surface.
We have developed a technology that extracts the
cuttings from the drilling fluids including incredibly fine-grained cuttings. Anybody can
filter big chunks out of drilling fluids but the very fine cuttings are difficult to get
out and this technology does exactly that. We have one unit in the field, a second being
manufactured and we are getting calls everyday asking, “Can you get me one.” We
have a patent pending on this technology and it is just another arrow in our quiver of
good things that are happening with the Fox.”
CEOCFO:
Are you able to ramp up to respond to the daily inquiries about your new process?
Mr. Schurman: “Yes, that is where we
are going. It is one of those ideas where you say - Why didn’t I think of that?
Is not a very difficult piece of machinery to manufacture, so we can put them out quickly
and that is exactly what we intend to do.”
CEOCFO:
I would imagine that your long history in the industry makes it easy for people to pay
attention.
Mr. Schurman: “Oh sure. Several of us
are well known in the oil patch and in the gold business and we do get calls on a regular
basis.”
CEOCFO:
Are you looking to add anything on the exploration side or are you focusing on the service
side?
Mr. Schurman: “We are always looking
for new properties to participate in. We just did a private placement for $2.4 million and
the idea is to take that $2.4 million and make it into a lot more. Our goal will be to
drill some more on the gold property, drill some more on the oil and gas properties,
acquire some new oil and gas properties and then grow the oil field services
business.”
CEOCFO:
What do you look for in new properties?
Mr. Schurman: “We look for low-risk
properties. There is the familiar adage that you can go out and buy goat pasture anywhere
but it is the good properties that make you money and the good properties are
characterized by having low-risk opportunities. To me a good oil and gas property would be
a land position with many acres and includes some development acreage where you can drill
a low risk wells next to a couple of producing wells. With the undeveloped acreage you
have the upside where you can find a new target that is not even identified yet and
develop it into a new, producing oil or gas field.”
CEOCFO:
Your mission is to be a leader in the oilfield construction industry; how do accomplish
that?
Mr. Schurman: “We strive to be an
honest and hard working company that’s bringing a new technology to the industry.
When you start doing all of that, you will become a leader.”
CEOCFO:
Is that organic growth and do you see acquisitions of other oil field services companies?
Mr. Schurman: “I think that if a good
opportunity was to present itself, we would certainly take advantage of it. Claymore Field
Services is focused in the Alberta area. However, there is plenty of oil and gas
exploration going on in the United States. Maybe we can look at taking Claymore to the US
to grow the company’s oil field services unit.”
CEOCFO:
Why should potential investors be interested in Running Fox?
Mr. Schurman: “We have a good
management team of experienced guys. Our focus is to create a company that generates value
for our investors and to continue to grow in the oil/gas field as well as the gold market.
We also want to acquire good business opportunities like Claymore Field Services and grow
them when we can. The idea is to identify good opportunities with good value, not pay a
lot of money for these opportunities and grow the opportunity into a thriving
business.”
disclaimers
Any reproduction or further distribution of this
article without the express written consent of CEOCFOinterviews.com is prohibited.
|
