High North Resources Ltd.: Corporate Update-Montney #1 Spud
Internacional (Marketwired, 10 de Septiembre de 2013) High North Resources Ltd. (TSX VENTURE:HN) (the "Company" or "High North") is pleased to provide an update on the Company's progress.The Company commenced drilling its Montney #1 well on Sept. 7th. The Montney formation was cored and detailed analysis is currently underway. The Company is very encouraged by the indication of hydrocarbon in its preliminary analysis.
Recent activity in the area surrounding the Company's Block H lands has been encouraging. Directly offsetting Block H, 10 Montney horizontal oil wells have been licensed with 4 drilled to date and 2 currently drilling. Of the 4 horizontals drilled to date, 3 are producing oil with 90 day production rates from 2 of these wells at 486 and 360 BOE1 per day.
High North has an option to acquire 129 sections of oil and gas leases strategically located on trend with recent Montney, Duvernay and Nordegg hydrocarbon activity in the Kaybob area of Northwestern Alberta.
(1) BOE Cautionary Statement – BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1Bbl is based on an energy equivalency at the burner tip and does not represent a value equivalency at the wellhead.
Non-Brokered Private Placement
The Company is currently completing the second tranche of the previously announced private placement May 14th, 2013. Each non-flow-through unit consists of one common share at $0.35 cents and one-half common share purchase warrant, with each whole warrant entitling the holder to acquire one common share for $0.50 within 24 months. Each flow-through share is priced at $0.40 cents.
The company will pay finder's fees in accordance with TSX Venture Exchange policy. All securities issued pursuant to the financing are subject to a four-month hold period from the date of issuance. The financing and the finder's fees are subject to approval from the TSX Venture Exchange.
About High North Resources Ltd.
High North Resources Ltd. is a TSX.V listed oil and gas development company with assets near the Peace River Arch area of Northwestern Alberta. The Company has an option to acquire 129 sections (82,560 acres) of oil and gas leases strategically concentrated into seven blocks with hydrocarbon potential, ranging from the Cretaceous Dunvegan through to the Devonian Granite Wash formation. Multiple conventional and unconventional oil targets are present including the Montney, Duvernay and Nordegg formations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although High North believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of High North's management on the date the statements are made. Except as required by law, High North undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
High North Resources Ltd.
(403) 463 7393
(604) 687 1779
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