True North Energy Corp.
OTC Bulletin Board : TNEN

True North Energy Corp.

December 29, 2006 16:44 ET

True North Energy Provides Operational Update

HOUSTON, TEXAS--(CCNMatthews - Dec. 29, 2006) - True North Energy Corporation (OTCBB:TNEN), an independent oil and gas exploration company, is pleased to provide an Operation Update on its recent activities.

The Company participated with Bayou City Exploration in the drilling of the Walker Louisiana Properties 18-1 Well, Calcasieu Parish, Louisiana. The well has reached the target depth and has been logged. The well was determined to be non-commercial.

"We will continue to seek acreage positions in an active North American basin to provide us with a second core operating area, in addition to our Alaska interests," said John Folnovic, True North Energy President and CEO.

The Company is finalizing an agreement for additional private placement financing which we intend to close very shortly. "This financing will allow us to fund our second Tuscaloosa prospect with BP and establish our second core operating area," said Max Pozzoni, True North Energy CFO. The Company anticipates that the agreement for the second BP Tuscaloosa prospect will be signed in January 2007 with the well spud date scheduled for February 2007.

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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