True North Completes Another Private Placement

True North Energy Corp., an independent energy exploration company, is said that it has closed an additional private placement of 350,000 units. Each unit consists of one share of our common stock and one common stock purchase warrant exercisable for the purchase of an additional share of common stock. To date, this brings the combined private placements to a total of $2,000,000.

The completion of this equity financing will be used to finance the Company's continued oil and gas well participation efforts.

"The successful closing of this third round of financing provides us with additional financial resources to be used in building our portfolio of oil and gas properties," stated John Folnovic, President and CEO of True North Energy Corp.

True North Energy Corp. is a publicly traded, independent oil and gas exploration company with headquarters in Houston, Texas. It is focused on developing the company's core assets in Alaska. The company is strategically located in the Cook Inlet and Beaufort Sea areas of Alaska and has commenced technical evaluation of its 34,000 acres of petroleum land holdings.