True North Energy Corp.
True North Energy Announces it has Completed Initial Technical Assessment of Resource Potential of the Harriet Point Prospect in the Cook Inlet, Alaska
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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True North Energy Announces it has Completed Initial Technical Assessment
of Resource Potential of the Harriet Point Prospect in the Cook Inlet,
Alaska
Houston, Texas, USA. July 20, 2006. True North Energy Corp. (Frankfurt WKN:
A0JLX7, NASD OTC BB: TNEN.OB), a junior energy exploration company is
pleased to announce it has completed initial geological and geophysical
assessment of the resource potential of its Harriet Point Prospect in the
Cook Inlet area of Alaska.
The report estimates the resource potential of the Harriet Point Prospect
to be between 400 million barrels of oil in place and 1,600 million barrels
of oil in place. Potential recoverable oil resource is estimated between
180 million barrels and 700 million barrels of oil. True North Energy owns
100% of the 17,000 contiguous acres lease that covers the prospect.
True North Energy engaged a team of geoscientists led by Mr. Jerry Hodgden
of Hodgden and Associates to complete the assessment and the report.
Klipping and Associates completed the seismic interpretation and mapping of
the prospect for True North Energy.
The prospect assessment was based on Mr. Hodgden’s earlier geological work
and interpretations, the seismic data made available to Klipping and
Associates for use by True North Energy and the seismic data licensed by
True North Energy in 2006. The newly acquired seismic data produced more
detail and offered greater confidence in the existence of the previously
identified structures and it furthermore identified additional prospective
areas within the True North Energy acreage.
John Folnovic, True North Energy Corp. President and CEO, said: ‘This
initial assessment of the Harriet Point Prospect, although limited in
scope, is very encouraging and presents an excellent high reward – high
risk exploratory opportunity for us. We are planning to conduct further
seismic analysis to confirm and refine the current interpretation and to
further define the Harriet Point Prospect. We are in discussion with
seismic brokers to assist us in procuring additional seismic data. We have
also held preliminary discussions with several companies regarding
potential joint venture in the Cook Inlet area. We are certainly interested
in partnering on this prospect and selling down our 100% interest in order
to reduce our exploratory risk and exposure.’
Further Information
Shareholders and interested parties are encouraged to visit True North
Energy’s website: www.tnecorp.com and download True North Energy Corp.’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 Corp.
True North Energy Corp. is a publicly traded, independent oil and gas
exploration company, with headquarters in Houston, Texas. True North Energy
Corp. 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 Corp. trades on the NASD OTC BB
under the ticker symbol: TNEN.
John Folnovic, President and CEO
About Klipping And Associates
Klipping and Associates is an independent seismic consulting firm with
offices in Denver and Boulder, Colorado.
About Hodgden And Associates
Hodgden And Associates is an independent geological consulting firm based
in Golden, Colorado. The firm is lead by Mr. Hodgden, a Professional
Geologist and a 50 years industry veteran including over 25 years of
experience in the basins of Alaska. Mr. Hodgden had an ownership interest
in the Harriet Point lease prior to the purchase of the acreage by True
North Energy Corporation. He currently has an Overriding Royalty Interest
in the Prospect.
Forward-Looking Statements
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.
For further information, please contact:
True North Energy Corp.
Anthony Zelen
V.P. Corporate Communications
Tel. +1 (888) 567 0888
Anthony@tnecorp.com
www.tnecorp.com
AXINO AG
Silberburgstrasse 112
D-70176 Stuttgart
Tel. +49 (711) 25 35 92-30
Fax +49 (711) 25 35 92-33
info@axino.de
www.axino.de
(c)DGAP 21.07.2006
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