Northern Hemisphere Development Corp.
TSX VENTURE : NHD

Northern Hemisphere Development Corp.

October 20, 2008 12:56 ET

Northern Hemisphere Trutch Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 20, 2008) - Northern Hemisphere Development Corp. (TSX VENTURE:NHD) currently has four natural gas wells on production from the Halfway Formation in the Trutch area of the Tommy Lakes Field. The Trutch Project is approximately 200 kilometres northwest of Fort St. John in the prolific natural gas producing region of northeast British Columbia, Canada.

The stable production, cash flow and long-life reserves of these Halfway wells gives Northern Hemisphere a strong foundation for many years of low risk, repeatable development drilling locations. This development of the Halfway will provide steady growth and flexibility to explore other stratigraphic zones of potential in Trutch and other new core areas.

Northern Hemisphere is monitoring the application of horizontal drilling and multi-stage fracture completion technology for the development of the thick Halfway tight gas sands. Development using horizontal wells and multi-stage fracture completions provides significant upside potential as more gas production and reserves can be recovered for less capital.

Northern Hemisphere is evaluating its land base to determine the number of potential drilling opportunities that exist in additional stratigraphic zones in the Trutch area, namely:

- The Charlie Lake Formation has identified natural gas pay intervals that have not been completed for production or booked as reserves, providing the Company with low risk growth opportunities

- The Doig Formation contains potential channel sand targets and is currently producing within the Tommy Lakes Field

- The Montney Formation to date has not been tested, however, competitors in the area have identified this zone as a potential resource play target similar to other regions of northeast British Columbia and plan to test the zone in the near future

- The Debolt Formation is productive in the area where structural traps contain the natural gas

- The Slave Point Formation provides significant upside potential and continues to be an active target in the area with competitors recently drilling and licencing new Slave Point wells in the vicinity of Northern Hemisphere's land holdings

Northern Hemisphere is currently finalizing its 2008/2009 winter program with its partners and looks forward to another successful drilling season. With the addition of new production and more cash flow, Northern Hemisphere will grow to the next level as a company with a strong foundation and an exciting future.

The experienced management and directors of Northern Hemisphere are committed to our corporate strategy of increasing our per share value by turning our existing large gas resource play into large gas reserves, drilling repeatable low risk locations, fiscal responsibility and targeting strategic value adding acquisitions.

For further information on Northern Hemisphere and its Trutch Project please visit our website at www.northernhemisphere.ca.

NORTHERN HEMISPHERE DEVELOPMENT CORP.

Don Simmons, President & CEO

Forward Looking Statements

This news release contains "forward-looking statements" that are based on Northern Hemisphere's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding Northern Hemisphere's outlook for our future operations, plans and timing for the commencement or advancement of exploration and development activities on our properties, and other expectations, intention and plans that are not historical fact. The words "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words and phrases are intended to identify forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Many of these factors are beyond the control of Northern Hemisphere. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by Northern Hemisphere will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. Northern Hemisphere disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Northern Hemisphere Development Corp.
    Don Simmons
    President & CEO
    (604) 685-9255 or 1-800-440-4435
    (604) 685-9676 (FAX)
    Website: www.northernhemisphere.ca