CALGARY, ALBERTA–(Marketwired – Sept. 29, 2014) –
High North Resources Ltd. (TSX VENTURE:HN) (the “Company” or “High North“) is pleased to announce the following:
Changes to the Board of Directors
Mr. Colin Soares has resigned from the board of directors of the Company (the “Board“) effective September 27, 2014. Mr. Soares will continue to lead the High North team in his capacity as President and Chief Executive Officer, furthering the Company’s Montney development efforts in its core area of Girouxville in Northwestern Alberta. The Company expresses its gratitude to Mr. Soares for his support and contributions to the Company during his tenure on the Board, and looks forward to his continued commitment as the President and Chief Executive Officer.
As previously announced in the press release dated September 23, 2014, the Company has appointed Mr. Jamie Carlson as a director of the Board, effective September 27, 2014, to fill the vacancy created by the resignation of Mr. Soares.
Mr. Carlson has over 20 years of broad based oil and gas development, operations and management expertise. Mr. Carlson’s experience includes production engineering and operations, business development, project management and asset evaluation. Mr. Carlson has played a key role in developing several assets from inception to later stage development with resulting values of several million to over a billion dollars. Mr. Carlson is a Professional Engineer and is a member of the Association of Professional Engineers & Geoscientists of Alberta, the Society of Petroleum Engineers, the Canadian Heavy Oil Association, the Canadian Society of Unconventional Resources, and Cogen Canada.
Relinquishment of Lands Under the New Farmout Agreement
High North has relinquished its rights in the lands in the McLean Creek Block “B” area, the McLean Creek Block “C” area and the Sturgeon Lake/Snipe Lake Block “D” area under the New Farmout Agreement dated December 1, 2012, as amended (the “New Farmout“) between the Company and certain farmors (the “Farmors“).
High North believes that its shareholders will be better served by allocating its focus, attention and capital to and prioritizing operations on the remaining lands in the Company’s core lands (Blocks A, H and E). This core land position, in the view of the Company, provides high-graded drilling opportunities for the Company, and still provides an acreage position of more than 38 sections, with a minimum of 60 Montney oil prospective drilling locations currently identified. High North values its relationship with the Farmors and appreciates the ongoing opportunity to continue working with them.
High North is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. High North trades on the TSX Venture Exchange under the symbol HN.
Forward-looking Statements and Information
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. 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 or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: future operations, prospective drilling locations and opportunities on the Company’s core lands, the Company’s ongoing relationship with the Farmors, the use and allocation of the Company’s funds and the impact of Mr. Carlson’s appointment to the Board. Statements regarding future production, capital expenditures and development plans are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks, regulatory changes and certain other known and unknown risks detailed from time to time in High North’s public disclosure documents, copies of which are available on High North’s SEDAR profile at www.sedar.com.
Although High North believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. High North’s actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements. Statements including forward-looking statements are made as of the date they are given and except as required by applicable securities laws, High North disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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.
High North Resources Ltd.
Mr. Kyle Stevenson
Investor Relations and Director
High North Resources Ltd.
Mr. Colin Soares
President and Chief Executive Officer