High North Resources Ltd.

High North Resources Ltd.

March 04, 2014 08:00 ET

High North Resources - Corporate Update

CALGARY, ALBERTA--(Marketwired - March 4, 2014) -


High North Resources Ltd. (TSX VENTURE:HN) (the "Company" or "High North") is very pleased to announce that each of its first two Montney horizontal wells located at 9-2-76-21W5M and 16-2-76-21W5M continued to flow oil over a 21-day production test period, up the casing, with pressures of approximately 1,000 psi at well head. Combined sales production rates continued to exceed a daily average production of 350 barrels of oil per day ("bbls/d") during the period, with both wells being restricted by surface equipment limitations. Production from the 16-2 well was approximately 190 bbls/d while the 9-2 well produced approximately 160 bbls/d. Solution gas was flared after recovery of nominal amounts of condensate. High North intends to continue to source and install the required surface equipment, including increased tankage to allow for higher production rates.

A third Montney horizontal well located at 9-26-75-21W5M has commenced production testing and is also flowing oil up the casing with similar pressures at the wellhead. This well is still cleaning up, with approximately 30 percent of the frac water remaining to be recovered.

The test results stated above are not necessarily indicative of long term performance or of ultimate recovery.

The Company has hired GLJ Petroleum Consultants to provide a National Instrument 51-101 reserve assessment. This work is underway and is expected to be completed by mid-March, 2014 with respect to these wells.

High North is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. High North trades on the Toronto Stock Exchange-Venture under the symbol HN.

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, outstanding recovery rates, anticipated production rates, the Company's process regarding equipping the wells and the timing for production testing and a reserves assessment. 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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