True North Energy Corp.
OTC Bulletin Board : TNEN

True North Energy Corp.

December 07, 2006 09:01 ET

True North Energy Announces Zodiac II Prospect Has Commenced Operations

HOUSTON, TEXAS--(CCNMatthews - Dec. 7, 2006) - True North Energy Corporation (OTCBB:TNEN), an independent oil and gas exploration company, is pleased to announce that operations have commenced on its Walker Louisiana Prospect (the "18-1 Well" - initially identified as the Findley 19-1 Well) located on the Zodiac II Prospect, Calcasieu Parish Louisiana. The original well, Findley 19-1, has been moved 500 feet in order to test potential fourth sand in the well in addition to the Amph B sands, A series sands and Siph d sands. The 18-1 Well will be drilled to a measured depth of 7,972 feet.

The Zodiac II Prospect is a second well resulting from the Company's June 7, 2006 participation agreements with Bayou City Exploration, Inc. ("Bayou City"). The agreements call for drilling of three wells, including the Jaboncillo Windfall Prospect ("the Windfall Prospect") and Frost National Bank Prospect (the "McLean #1 Well), each located in Live Oak County Texas and the Zodiac II Prospect (the "18-1 Well") located in Calcasieu Parish in Louisiana.

True North Energy will earn a 25% working interest in the 18-1 Well. True North will pay 33.33% of well costs to the casing point and 25% of all completion costs for the 18-1 Well. The estimated drilling and completion costs for the 18-1 Well are $1,509,000 and $793,200, respectively.

Further Information

Shareholders and interested parties are encouraged to visit True North Energy's website: www.tnecorp.com and download True North Energy Corporation's Information Package. Please feel free to call shareholder relations toll-free on 1-888-567-0888 to receive a corporate information package. Alternatively, sign up at the website to receive news on the company as it becomes available.

About True North Energy Corporation

True North Energy Corporation is a publicly traded, independent oil and gas exploration company, with headquarters in Houston, Texas. True North Energy Corporation is focused on development of company's core asset in Alaska. The company is strategically located in the Cook Inlet and Beaufort Sea areas of Alaska and has commenced technical evaluation of its 34,850 acres of petroleum land holdings. True North Energy Corporation trades on the NASD OTC BB under the ticker symbol: TNEN.

John Folnovic, President and CEO

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, the Company's belief that True North Energy Corporation can identify and successfully negotiate leases for oil and gas properties in Alaska, and that the Company can participate in the exploration of those properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission.

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