True North Energy Corp.
OTC Bulletin Board : TNEN

True North Energy Corp.

June 08, 2006 08:30 ET

True North Energy Corp. Appoints New CEO

HOUSTON, TEXAS--(CCNMatthews - June 8, 2006) - True North Energy Corporation (OTCBB:TNEN), a junior energy exploration company, announced today that its board of directors has named John Folnovic to serve as the company's Chief Executive Officer and President.

"We are pleased that John Folnovic will be joining True North Energy's executive management team as our new CEO," said Max Pozzoni on behalf of the board of directors. "We believe that John's background, as well as his experience in the exploration and production industry, will make him a strong asset to our team."

Folnovic is a petroleum industry veteran who has spent his entire career in the oil and gas business in a variety of executive, technical, business, and operational assignments and brings considerable experience to True North Energy Corporation.

Folnovic, 50, has served since 2003 as president and chief executive officer of Petrodell Energy; a private oil and gas company headquartered in Calgary, Alberta, Canada. Previously, Folnovic served as a Managing Partner of business consulting firm Myexecutive Inc. and was acting CEO and a Director of Sunmatrix Petroleum Corporation. From 1998 to 2000, Mr. Folnovic was a Vice President and the Chief Operating Officer of Dominion Energy Canada Ltd. (Dominion Energy-USA), located in Calgary, where his responsibilities included all aspects of operation, production, exploitation, exploration, acquisition and divestiture, and mid-stream operations.

He earned a Bachelor of Science degree in Chemical Engineering from McMaster University in 1980 and has spent early part of his 25-year career in numerous management, operational and technical leadership roles throughout Eastern and Northern Canada with BP Canada, Amoco Canada and Dome Petroleum.

"I am excited to be part of the True North Energy organization and look forward to working with our leadership team and board of directors to prove up and develop company's Alaska holdings," said Folnovic.

Folnovic took up his new duties on June 1 and joined the True North Energy Corporation board on that same date.

Further Information

Shareholders and interested parties are encouraged to visit True North Energy's website: 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. Alternatively, sign up on 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 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.

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.

Contact Information