Point North Energy Ltd.

Point North Energy Ltd.

December 13, 2006 17:27 ET

Point North Announces Audit Committee Reorganization

CALGARY, ALBERTA--(CCNMatthews - Dec. 13, 2006) - Point North Energy Ltd. (TSX:PNY) ("Point North") announces membership changes within the Audit Committee of its Board of Directors.

Effective December 11, 2006, Mr. John Niedermaier has been appointed Chair of the Audit Committee. In addition, Mr. Jan Alston has been appointed as a member of the Audit Committee. Both Mr. Niedermaier and Mr. Alston have served as directors of Point North since its inception. Mr. Dennis Miller will continue to serve as the third member of the Audit Committee.

Mr. Alston is the Chair of the Board of Directors and as such is considered not to be an independent director of Point North. Point North is required by applicable securities legislation to appoint an independent director to the Audit Committee in place of Mr. Alston by the later of July 11, 2006 and the next annual meeting of shareholders of Point North. During this time, the Board of Directors intends to take steps to identify a suitable candidate for appointment or nomination and to explore other alternatives to audit committee composition available under applicable securities legislation.

Forward Looking Statements

Information in this press release contains forward-looking statements including expectations of future events. Investors are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Point North Energy. These risks include, but are not limited to; the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to; operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs, expenses and working capital/liquidity. The risks outlined above should not be construed as exhaustive. Investors are cautioned not to place undue reliance on any forward-looking information. Point North Energy undertakes no obligation to update or revise any forward-looking statements.

Contact Information

  • Point North Energy Ltd.
    John Emery
    President & C.E.O.
    (403) 269-5803
    (403) 264-1336 (FAX)
    Website: www.pointnorthenergy.com
    Iradesso Communications Corp.
    Stephanie K. Mesher
    (403) 503-0144 ext. 216