High North Resources Ltd.
TSX VENTURE : HN

High North Resources Ltd.

February 05, 2014 08:08 ET

High North Resources-Corporate Update

CALGARY, ALBERTA--(Marketwired - Feb. 5, 2014) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

High North Resources Ltd. (TSX VENTURE:HN) (the "Company" or "High North") is very pleased to announce that it has begun receiving sales revenue from the Company's first two Montney horizontal wells. Wells 9-2-76-21W5M and 16-2-76-21W5M are flowing oil with combined preliminary rates exceeding a total of 350 barrels of oil per day over a seven day period. In addition, the solution gas is being flared after recovery of a nominal amount of condensate.

Rates have been restricted due to surface facility constraints. In addition, both wells are still in their clean-up period, with 30 to 60 percent of their frac water remaining to be recovered. Once surface facility constraints have been resolved and the remaining frac water has been recovered, specific flow rates for each well will be released.

The Company is proceeding to equip both wells with pumping equipment and additional tankage.

A third Montney horizontal well located at 9-26-75-21W5M also produced oil after completion, but is currently shut-in to conduct a pressure build-up survey as required by the Alberta Energy Regulator (AER). Production testing is slated to commence in the later part of February 2014.

Forward-looking Statements and Information

This news release contains certain statements that may be "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. In particular, but without limiting the foregoing, this news release contains forward-looking statements or information pertaining to, among other things, the restriction of preliminary rates due to surface facility constraints, the percentage of frac water remaining to be recovered, the Company's process regarding equipping the wells and the timing for production testing. Although High North believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of High North's management on the date the statements are made. Except as required by law, High North undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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