Fossil Bay Resources Ltd.
Fossil Bay Resources Ltd. Sets Strategy
HOUSTON,
TX, November 8, 2000 -- Fossil Bay Resources Ltd. (CDNX: FBR,
FBR.V, OTC: FBYRF), made public its strategy going forward after
a series of high-level management meetings. Strategic initiatives,
it was announced, will be based on growth through corporate and
asset acquisitions, focused primarily in North America.
As previously reported,
FBR is presently drilling a 14 well program in the Cessford Area
of Southeastern Alberta, which was acquired with FBR's purchase
of Blue Sky Resources, Ltd. in July this year. FBR recently sold
40% of its interest in the area to reduce debt by 50% and fund
its drilling program. FBR expects to generate cash flow of $25,000
(CDN) per month once the new wells are brought on stream. This,
when combined with other interests in the Cessford Field, should
produce cash flow roughly totaling $100,000 (CDN) per month net
to FBR. In addition, through organization changes at Blue Sky,
expenses have been reduced by $150,000 annually. Other opportunities
in the Cessford Area are also being evaluated.
For more information
on Fossil Bay Resources Ltd., contact Jeff Brommer of Investments
101, Ltd. at 630-761-8062, or Todd Thoman, Vice President of
Corporate Communications, Fossil Bay Resources Ltd. at 713-652-2777,
or visit the company's web site at www.fossilbayresources.com.
The Canadian Venture
Exchange has neither approved or disapproved the contents hereof.
This document includes
forward looking statements made under the "safe harbors"
provision of the Private Securities Litigation Reform Act of
1995. Such forward looking statements are generally identifiable
by the use of the words such as "believe", "expect",
"intend", and other words of a similar nature. These
statements are based upon management's current expectations,
estimates and projections that are subject to risks and uncertainties,
including, but not limited to: success of negotiations, availability
of financing, political, currency, regulatory, competitive and
technological developments. Consequently, actual results could
differ materially from those forward-looking statements. Fossil
Bay Resources Ltd. does not undertake, and specifically disclaims
any obligation to update any forward looking statements, which
speak only as of the date made.
