True North Energy Signs Louisiana Development Agreement
True North Energy Corporation (OTCBB: TNEN), an independent oil and gas exploration company, today announced it has entered into a development agreement with BP America Production Company ("BP") to drill a test well targeting Tuscaloosa Sands at the depth of approximately 21,000 feet in the Pointe Coupee Parish, Louisiana.
True North Energy Corporation paid 16.67% of the total $15,700,000 well drilling cost. Drilling has commenced on the initial well and is nearing the objective depth. The well is expected to be logged within the next three weeks. BP is the operator of the Pointe Coupe Tuscaloosa project.
"This project gives True North Energy access to a number of high quality development projects in the Tuscaloosa Trend in which we expect to be able to participate. We are delighted to be working with BP, a world class organization and the industry leader in the Tuscaloosa Trend, and we look forward to deliver a safe and successful project for our shareholders," 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 petroleum 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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