True North Energy Corp.
OTC Bulletin Board : TNEN

True North Energy Corp.

May 31, 2006 08:30 ET

True North Energy Corp. Begins Trading and Provides Project Overview

HOUSTON, TEXAS,--(CCNMatthews - May 31, 2006) - True North Energy Corp. (OTCBB:TNEN), an energy exploration company focused on America's Last Energy Frontier - Alaska, is pleased to announce its common stock has begun trading and takes this opportunity to provide an operational overview for the first half of the year 2006.

True North Energy Corp. was founded with the specific aim of securing and developing a vast portfolio of oil and gas properties in "America's Last Energy Frontier - Alaska". True North Energy is poised and positioned strategically in the Cook Inlet of Alaska and is ready to begin exploration of its 22,977 prime oil and gas land holdings.

Max Pozzoni, President and Chief Financial Officer of True North Energy Corp., states: "We are delighted that True North is now listed on one of America's premier exchanges. As we move forward and execute our strategic plan to demonstrate the resources of True North's Alaskan oil and gas rights portfolio, a national stock listing places us in an excellent position. This is an important benchmark in the growth of our company and further symbolizes our pledge to enhance shareholder value for current and future investors."

Projects

True North Energy has the exclusive oil and gas rights to 22,977 acres of prime land in the oil & gas rich Cook Inlet region, located in the southern part of the Alaskan state. True North's leases in the Cook Inlet comprise the Harriet Point prospect (17,166 acres) with an estimated 300+ million barrels of potential oil reserves. The region has been a major production area in Alaska for many years already.

In addition, True North Energy's North-South Beluga prospect (5,811 acres) is strategically located around the immense Beluga River gas field owned by ChevronTexaco and ConocoPhillips. It is anticipated that this field may have as much as 900+ Billion Cubic Feet of cumulative gas production.

The Cook Inlet has witnessed a new found demand for exploration as major players such as ConocoPhillips, Chevron-Unocal and Forest Oil have aggressively built up large acreage positions.

President and Chief Financial Officer, Max Pozzoni, added: "We are also in the process of establishing a new Alaskan field office in Anchorage that is well-situated geographically to support our exploration endeavors."

Further Information

Shareholders and prospective investors are encouraged to visit True North Energy's website: www.tnecorp.com and download True North Energy Corp.'s Investor Summary. Please feel free to call investor relations toll-free on 1-888-567-0888 to receive a full corporate investor's package. Investors should take note that some of the key players within the Alaskan frontier include but are not limited to; BP plc (NYSE:BP), Royal Dutch Shell plc, (NYSE:RDS.A)(NYSE:RDS.B), Chevron Corporation (Unocal) (NYSE:CVX), ENI SpA (NYSE:E) , Forest Oil Corporation (NYSE:FST), Exxon Mobil Corporation (NYSE:XOM), ConocoPhillips (NYSE:COP) , Anadarko Petroleum Corporation (NYSE:APC), Pioneer Natural Resources Co. (NYSE:PXD) and Swift Energy Co. (NYSE:SFY).

About True North Energy Corp.

True North Energy Corp. is a publicly traded independent oil and gas exploration company with headquarters in Houston, Texas and an oncoming exploration office in Anchorage, Alaska. True North Energy Corp. aims to secure and develop a vast portfolio of oil and gas properties in "America's Last Energy Frontier - Alaska". The company is strategically placed in the Cook Inlet and is ready to begin exploration of its 22,977 acres of prime oil and gas land holdings. True North Energy Corp. trades on the NASDAQ OTC BB under the ticker symbol: TNEN - "True North Energy Corp. - Exploring America's Last Energy Frontier".

On behalf of the Board

Max Pozzoni, President, CFO and Director

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 Corp. can identify and successfully negotiate leases for oil and gas properties in the 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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