CALGARY, ALBERTA–(Marketwired – Jan. 15, 2014) - High North Resources Ltd.
(TSX VENTURE:HN) (the “Company” or “High North”) is pleased to provide an update on the Company’s operations.
In the third and fourth quarters of 2013, the Company drilled three successful horizontal oil wells in the Girouxville field, targeting the Montney formation. Production equipment is currently being installed on the first two wells 16-2-76-21 W5M and 9-2-76-21 W5M. Extended production tests will be conducted in order to determine stabilized production rates. Both wells have produced good quality oil even though load fluid remains to be recovered.
The third well 9-26-75-21 W5M was successfully drilled in the Montney formation. We are encouraged that the Montney formation core analysis indicated the same reservoir qualities as the first two wells. The formation was frac’d and production testing has commenced. Details on well flow rates will be made available when testing is completed.
Further to the Company’s press release December 20, 2013, High North has now accumulated options to acquire up to 20 1/4 sections (12,960 acres) of oil and gas rights including the oil prospective Montney formation directly offsetting and parallel to the successful Montney oil field currently being developed in Girouxville. Horizontal Montney oil wells directly offsetting High North’s leases have good, proven production rates.
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. In total, the Company has an option to acquire 129 sections (82,560 acres) of oil and gas leases strategically concentrated into nine blocks with stacked 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 which are on trend and actively being developed in the Kaybob field.
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 , 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.
Mr. Colin Soares
President, Chief Executive Officer, and Director
High North Resources Ltd.