True North Energy Corp.
OTC Bulletin Board : TNEN

True North Energy Corp.

June 02, 2006 08:30 ET

True North Energy Corp. Announces $1 Million Equity Financing

HOUSTON, TEXAS--(CCNMatthews - June 2, 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 a private placement of 1,250,000 units consisting of one restricted share of its common stock and detachable three (3) year warrants to purchase 1,250,000 shares of the company's common stock at an exercise price of $1.60 per share, for total gross proceeds of USD $1million.

The USD $1million equity financing will be used to conduct technical evaluation of the most prospective leases, to acquire additional petroleum leases and properties and for general working capital purposes. "The closing of this successful financing effort represents a benchmark in our strategy to prove up our Alaska leases," stated Max Pozzoni, President and Chief Financial Officer of True North Energy Corp. "This initial equity financing marks the achievement of a significant milestone in our progress toward bringing these important assets on-stream."

The securities offered have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent a registration or an applicable exemption from the registration requirements.

True North Energy Corp. was founded with the specific aim of securing and developing a vast portfolio of oil and gas properties in "America's Last Energy Frontier - Alaska". True North Energy is poised and positioned strategically in the Cook Inlet of Alaska and is ready to begin exploration of its 22,977 prime oil and gas land holdings.

Further Information

Shareholders and prospective investors are encouraged to visit True North Energy's website: www.tnecorp.com and download True North Energy Corp.'s Investor Summary. Please feel free to call investor relations toll-free on 1-888-567-0888 to receive a full corporate investor's package. Investors should take note that some of the key players within the Alaskan frontier include but are not limited to; BP plc (NYSE:BP), Royal Dutch Shell plc, (NYSE:RDS.A)(NYSE:RDS.B), Chevron Corporation (Unocal) (NYSE:CVX), ENI SpA (NYSE:E), Forest Oil Corporation (NYSE:FST), Exxon Mobil Corporation (NYSE:XOM), Conoco Phillips (NYSE:COP), Anadarko Petroleum Corporation (NYSE:APC), Pioneer Natural Resources Co. (NYSE:PXD) and Swift Energy Co. (NYSE:SFY).

About True North Energy Corp.

True North Energy Corp. is a publicly traded independent oil and gas exploration company with headquarters in Houston, Texas and an oncoming exploration office in Anchorage, Alaska. True North Energy Corp. aims to secure and develop a vast portfolio of oil and gas properties in "America's Last Energy Frontier - Alaska". The company is strategically placed in the Cook Inlet and is ready to begin exploration of its 22,977 acres of prime oil and gas land holdings. True North Energy Corp. trades on the NASDAQ OTC BB under the ticker symbol: TNEN - "True North Energy Corp. - Exploring America's Last Energy Frontier".

On behalf of the Board

Max Pozzoni, President, 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 Corp. can identify and successfully negotiate leases for oil and gas properties in the 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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