Northern Hemisphere Development Corp.

Northern Hemisphere Development Corp.

March 01, 2005 13:04 ET

Northern Hemisphere Spuds Goose Creek


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: NORTHERN HEMISPHERE DEVELOPMENT CORP.

TSX VENTURE SYMBOL: NHD

MARCH 1, 2005 - 13:04 ET

Northern Hemisphere Spuds Goose Creek

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2005) - Northern
Hemisphere Development Corp. (TSX VENTURE:NHD)

The Board of Directors of Northern Hemisphere Development Corp. (the
"Company") wish to announce the spudding of the Goose Creek (Kaybob)
test well at 15 - 30 - 66 - 19 W5M (see news release NR05-07). The
Company is paying 7.5% of the drilling and completion costs to earn a
7.5% working interest before payout and a 4.5% working interest after
payout, subject to a proportionate share of a GOR of 1/23.85 (5-15%) on
oil and 15% on gas and Crown Royalties. The well will test the Notikewin
zone for gas and the Triassic (Debolt) zone for oil.

Estimated potential gas reserves at the Notikewin zone are over 24 BCF
(billion cubic feet) and at the Triassic (Debolt), the potential is
three million barrels of light sweet crude oil. Both zones have been
identified by 2-D seismic. The closest off-setting Notikewin well is two
miles to the south in LSD 6 - 18 - 66 - 19 W5. This well was drilled in
February 1989. Initial production rates of 7.9 mmcf/d (million cubic
feet per day) were recorded and cumulative production now exceeds 6 BCF.
The test well is currently beyond 300 meters (approx 1,000 feet) depth
and has a projected total depth of 1,800 meters (5,900 feet).

On Behalf of the Board of Directors

J. Frank Callaghan, President and CEO

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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Northern Hemisphere Development Corp.
    J. Frank Callaghan
    President and CEO
    (604) 669-6463 or Toll Free: 1-800-663-9688
    (604) 669-3041 (FAX)
    www.north-hemisphere.com
    The TSX Venture Exchange has neither approved nor disapproved of the
    information contained herein.