True North Energy Announces Operations Update
True North Energy Corporation (OTCBB: TNEN), an independent oil and gas exploration company, is pleased to provide an Operation Update on its recent activities.
BP America Production Company ("BP") test well, A. Major Heirs No. 1 located in Pointe Coupee Parish, Louisiana targeting Tuscaloosa Sands, reached its objective zones at a measured depth of approximately 18,900 feet. The Test Well has been logged and evaluated and it was determined to be non-productive. The well is being plugged and abandoned by the operator, BP. The Test Well was drilled pursuant to a Development Agreement made effective as of January 1, 2007 between the Company and BP. We had 8.75% working interest in the well.
"This well completes all our obligations with respect to non-operated drilling participation commitments. We are disappointed with results from the non-operated part of our portfolio of prospects. We are currently focusing our resources to complete previously announced acquisitions along with a new round of financing and development plans for our operated assets, including Alaska," said John Folnovic, True North Energy President and CEO.
Shareholders and interested parties are encouraged to visit True North Energy's website: www.tnecorp.com and download True North Energy Corporation's Information Package. Please feel free to call shareholder relations toll-free on 1-888-567-0888 to receive a corporate information package. Alternatively, sign up at the website to receive news on the company as it becomes available.
About True North Energy Corporation
True North Energy Corporation is a publicly traded, independent oil and gas exploration company, with headquarters in Houston, Texas. True North Energy Corporation is focused on development of company's core asset in Alaska. The company is strategically located in the Cook Inlet and Beaufort Sea areas of Alaska and has commenced technical evaluation of its 34,850 acres of land holdings. True North Energy Corporation trades on the NASD OTC BB under the ticker symbol: TNEN.
John Folnovic, President and CEO
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, the Company's belief that True North Energy Corporation can identify and successfully negotiate leases for oil and gas properties in Alaska, and that the Company can participate in the exploration of those properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission.
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