True North Energy Corp.
OTC Bulletin Board : TNEN

True North Energy Corp.

June 09, 2006 08:30 ET

True North Energy Corp. Acquires 10,000 Additional Acres in the North Slope of Alaska

HOUSTON, TEXAS--(CCNMatthews - June 9, 2006) - True North Energy Corp. (OTCBB:TNEN), an energy exploration company focused on America's Last Energy Frontier - Alaska, is pleased to announce it has closed on the purchase of 10,000 additional acres in the North Slope of Alaska between the Beaufort Sea and the Prudhoe Bay field.

True North's leases in the North Slope comprise four 2,500 acre units (10,000 acres total) of on-shore and off-shore targets, adjacent to ExxonMobil's exploration leases in the Beaufort Sea. True North's prospects are located west of British Petroleum's giant Prudhoe Bay production unit. When discovered in 1968, the Prudhoe Bay field had established oil reserves of 25 billion barrels, 10 of which have already been produced. The Prudhoe Bay field is the largest oilfield in North America and the 18th largest field ever discovered worldwide. Approximately $25 billion has already been invested in the development of this field that is jointly owned by British Petroleum, ExxonMobil and ConocoPhillips.

This acquisition of acreage represents True North Energy's continued efforts to assemble a sizeable exploration and production footprint in the North Slope of Alaska. Lease terms are generally five years. The total purchase price has been paid from cash on hand.

Management's Comments

Max Pozzoni, True North Energy Corp. CFO and President, said: "Based on data from adjacent fields we believe our acreage has the potential for significant resources discovery. We are in the planning stages of designing our initial exploratory effort with particular concentration on acquiring additional 2-D and possibly 3-D seismic data. This transaction, combined with our earlier acquisitions in the Cook Inlet, firmly strengthens our position in the Alaska region. Going forward, it is our intention to develop multiple prospects that fully exploit the opportunities in each of these basins, as well as identify new exploration and production opportunities within Alaska."

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 full corporate information package.

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 plans to expand and develop company's portfolio of properties in Alaska. The company is strategically placed in the Cook Inlet and has started technical evaluation of its 22,977 acres of petroleum land holdings. True North Energy Corp. trades on the NASD OTC BB under the ticker symbol: TNEN.

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On behalf of the Board

Max Pozzoni, CFO and Director

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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