True North Issues Update on Louisiana Well
True North Energy Corp. on Friday provided an update on its recent activities.
BP America Production Company ("BP") test well, A. Major Heirs No. 1 located in Pointe Coupee Parish, La., targeting Tuscaloosa Sands, reached its objective zones at a measured depth of approximately 18,900 feet. The Test Well has been logged and evaluated and it was determined to be non-productive. The well is being plugged and abandoned by the operator, BP. The Test Well was drilled pursuant to a Development Agreement made effective as of January 1, 2007 between the Company and BP. We had 8.75% working interest in the well.
"This well completes all our obligations with respect to non-operated drilling participation commitments. We are disappointed with results from the non-operated part of our portfolio of prospects. We are currently focusing our resources to complete previously announced acquisitions along with a new round of financing and development plans for our operated assets, including Alaska," said John Folnovic, True North Energy President and CEO.
True North Energy Corp. 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 land holdings.