Northern Hemisphere Development Corp.

Northern Hemisphere Development Corp.

October 23, 2006 03:55 ET

Northern Hemisphere Development Corp.: Drilling Results of Winter 2005/2006 Natural Gas Exploration Program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 23, 2006) - The Board of Directors of Northern Hemisphere Development Corp. (TSX VENTURE:NHD) are pleased to report the release of drilling results for the FET et al c-36-A/94-G-15 and a-13-B/94-G-15 wells drilled during the winter 2005/2006 drill season.

FET et al Tommy c-36-A/94-G-15

The FET et al Tommy c-36-A well was spudded on December 12, 2005 and reached a Total Depth of 1275 meters on December 19, 2005 within the Triassic Montney Formation. Schlumberger well logs have indicated a (25.7 meter gross) Triassic Halfway Formation sandstone reservoir. This well was perforated over a six meter interval and after a 4 day flow test the well was shut-in (January 9, 2006) with a final rate of 46.73 E3M3/d (1.65 Million Cubic Feet per day) on a 38.1mm choke. The British Columbia Oil & Gas Commission has confirmed this is a New Pool Discovery. Two offsetting wells have been licensed by the Operator, Focus Energy Trust, for the upcoming 2006/2007 winter drill season, and if successful, these offset wells and c-36-A will be tied-in for production late 1st Quarter 2007.

FET et al Trutch a-13-B/94-G-15

The FET et al Trutch a-13-B well was spudded on January 20, 2006 and reached a Total Depth of 1223 meters on January 25, 2006 within the Triassic Doig Formation. Schlumberger well logs have indicated a (24 meter gross) Triassic Halfway Formation sandstone reservoir. This well was perforated and completed by the Operator in the Triassic Halfway Formation and after a 5 day flow test the well was shut-in (February 16, 2006) with a final rate of 23.32 E3M3/d (827.8 Thousand Cubic Feet per day) on a 38.1mm choke. In addition, 18 meters of Triassic Charlie Lake Formation was present and log analysis suggests gas saturation during this interval, although this formation has not yet been perforated or stimulated for testing. This well is not producing at present. The a-13-B well is located 5.5 kilometers west-southwest of c-36-A and both are now confirmed Triassic Halfway Formation sandstone reservoirs.

Bougie Trutch Interest

Northern Hemisphere has earned a 17.5% working interest in a total of twenty-six (26) square miles from the Slave Point formation to the basement, and twelve (12) square miles (two (2) earning blocks) from the surface to all zones above the Slave Point. The Company also has a working interest in all other sections within the 26 sections (26 square miles) Bougie Trutch land package.

Trutch East

The Board of Directors are very encouraged by these results and is currently negotiating a rolling interest in 15 square miles adjoining the eastern boundary of the Bougie Trutch property. This land package, called Trutch East, lies between the prolific Tommy Lake Field (approximately 157 BCF produced to date and estimates of 400 BCF reserves) and the c-36-A well (1.65 MMCF). Both 2D and 3D seismic have been completed on the property and further details will be provided upon completion of the negotiations.

Thomas W. Bainbridge P.Geo. is the qualified person for this project and has reviewed and verified the contents of this news release.

On Behalf Of The Board of Directors

J. Frank Callaghan, President

This News Release contains forward-looking statements regarding the timing and content of upcoming programs. Actual results may differ materially from those currently anticipated in such statements.

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Northern Hemisphere Development Corp.
    J. Frank Callaghan
    President and CEO
    (604) 685-9255 or Toll Free: 1-800-663-9688
    (604) 669-3041 (FAX)