2010-06-21-2010-06-16

To acquire 100% working interest in 1,280 acres in CO Jolly Ranch oil shale project.

Pivately held, Colorado-based Running Foxes Petroleum Inc. plans to farm in to acreage held by Anadarko Petroleum Corp., The Woodlands, Texas, (NYSE: APC), through affiliates Anadarko E&P Co. LP and Anadarko Land Corp., to extend its operated Jolly Ranch oil shale project in Colorado.

Running Foxes joint-venture parnter Nighthawk Energy Plc (London Aim: HAWK) is participating in the transaction as part of a 50-50 joint-operating agreement with Running Foxes.

The acquired assets comprise Township 9 South, Range 56 West, Section 35, and Township 10 South, Range 56 West, Section 3, in approximately 1,280 acres held by Anadarko. The partners have also optioned two test wells to be drilled on the sections, which are near the joint venture's recently drilled potential producer, John Craig 7-2.

Running Foxes and Nighthawk have acquired and interpreted supplemental seismic data over the prospects as part of the JV's previously announced Limon 3-D seismic program. Running Foxes will operate the two wells if the option is exercised. Anadarko will retain a 20% royalty interest from production and the joint-venture partners will each retain a 50% interest in the wells.

The Jolly Ranch project is in Lincoln, Elbert, Washington, Crowley and Kiowa counties in the southeastern area of the Denver Basin and is host to conventional and nonconventional oil-producing zones targeting primarily Pennsylvanian-age formations, specifically the Marmaton formation and Cherokee and Atoka shales. Current acreage totals 416,000 gross acres (323,000 net acres).

Anadarko is a large U.S. independent and has oil and gas properties worldwide.