True North Energy Corp.
True North Energy Announces McLean No 1 Well Cased and Ready for Completion
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 McLean No 1 Well Cased and Ready for Completion
Houston, Texas, USA. July 27, 2006. True North Energy Corporation
(Frankfurt WKN: A0JLX7, NASD OTC BB: TNEN.OB), a junior energy exploration
company is pleased to announce that Arco McLean No 1 Well Re-entry reached
target depth of 12,490 feet on July 21, 2006. The well, the first in the
Company’s Live Oak County Prospect area in Texas, has been logged,
evaluated, and cased, and is ready for completion operations. Bayou City is
the acting operator on the well.
Original prognosis on the well re-entry estimated potential productivity of
the targeted Wilcox sand, in the Arco McLean No 1 Well, at 2 mmscfd(i).
John Folnovic, True North Energy Corporation President and CEO, said: ‘The
well logs show better than anticipated net pay and sand porosity. The
completion operations, including fracturing the well, will take about three
to four weeks to complete at which point we will be able to flow test the
well. If the well tests as anticipated, the project will deliver quick cash
flow and proven reserves to the company and contribute to the funding of
the recently undertaken evaluation of our core assets in Alaska.’
True North Energy’s has a 16.67% working interest in the well before payout
and a 12.5% working interest after payout.
The test results from this initial well, supplemented with available
seismic, will help to define additional potential Wilcox locations within
the Prospect area. True North Energy has an option to participate in the
drilling of any subsequent wells within the Prospect area.
The Wilcox Trend sands in the area have documented productive wells dating
back to 1960. The play has been recently rejuvenated by significant field
discoveries along the trend with some wells reporting initial rates of 7
MMCFD.
This program represents True North Energy’s continued efforts to add cash
flow and proven reserves while simultaneously diversifying its portfolio.
Further Information
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 developing the company’s core assets in Alaska.
The company is strategically located in the Cook Inlet and Beaufort Sea
areas of Alaska and has commenced technical evaluation of its 34,000 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
About Bayou City Exploration
Bayou City Exploration, Inc. is an oil and gas exploration firm focused in
proven geologic trends in East Texas, the Gulf Coast of Texas and
Louisiana. Based in Houston, Texas, Bayou City Exploration Inc. trades on
the NASD OTC BB under the ticker symbol: BYCX.
(i) million standard cubic feet per day
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 28.07.2006
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