TNEN

True North Energy Corp.

 
Common Stock Alternative Reporting
Pink Current Information
 

OTC Disclosure & News Service

 

True North Energy Corp. appoints interim CEO, and enters into collaboration relationship with oil industry expert for an entry level investment in Eddy, Lea and Chaves Counties, New Mexico

Nov 21, 2013

OTC Disclosure & News Service

Spring, TX - True North Energy Corp. appoints interim CEO, and enters into collaboration relationship with oil industry expert for an entry level investment in Eddy, Lea and Chaves Counties, New Mexico

True North Energy Corp. appoints interim CEO, and enters into collaboration relationship with oil industry expert for an entry level investment in Eddy, Lea and Chaves Counties, New Mexico

PR Newswire

SPRING, Texas, Nov. 21, 2013 /PRNewswire/ -- True North Energy Corp. (OTC Pink: TNEN)("True North") today announced that effective June 28, 2013, a change of control of the company occurred as Gilbert Steedley obtained majority voting control over the company and was appointed as Interim Chief Executive Officer (CEO) and sole director.

Mr. Steedley has over twenty years of business development, industry research, and corporate finance experience across a diverse range of industries, including, and at the forefront, the energy industry.   He is the founder of a company, which provides small cap public/private companies with capital market intelligence as well as a private investor in turnaround opportunities.  Mr. Steedley received a Bachelor of Science in Finance degree from Mercy College and a Master of Business Administration degree from Delaware State University.

Mr. Steedley's top priority is to create shareholder value for True North's 12,000 investors from over forty countries around the world, second, assemble a world class team in oil and gas, third, restructure True North's balance sheet by extinguishing liabilities to achieve a favorable debt to asset ratio and fourth, direct the company to pursue strategic acquisitions with the goal of generating positive revenue with corresponding fund raising efforts. Joint ventures and strategic partnerships are key elements to the True North growth plan.

Mr. Steedley will remain interim CEO until the right CEO is identified. Mr. Steedley intends to remain a director even after relinquishing the CEO position and to maintain a healthy equity stake for the near and medium term.

True North today is also announcing a collaboration agreement with Tom Schaefer, an oil industry veteran, to collaborate for an entry level investment in the Eddy, Lea and Chaves Counties of New Mexico. These three counties account for more than 80% of the oil produced in New Mexico and 90% of the current drilling activity in the state.  The specific mineral properties subject to the collaboration consist of 77 individual tracts of land comprising 17,000 gross acres and 271 net mineral acres.  The company and Mr. Schaefer are also developing a longer term strategy for other oil asset acquisitions and development as well.

Mr. Schaefer has 19 years of upstream and management experience. He is currently the managing member and co-founder of Gulf Bend Resources, LLC, a partnership formed for development of assets in East Texas. Prior to, Mr. Schaefer served at Dorado Exploration and Katy Resources in key engineering and management roles. Mr. Schaefer earned a bachelor's degree in Petroleum and Geosystems Engineering from the University of Texas.

About True North Energy Corporation

True North Energy Corporation is engaged in the acquisition, exploration, development and production of oil and gas properties located throughout the United States. It holds overriding royalty interests on properties located in Alaska and Colorado.

Contact information
True North Energy Corp. 
24624 I-45 North, Suite 200

Spring, TX 77386
Phone: 281 719 1996
contact@tnencorp.com
www.tnencorp.com

This press release may contain forward-looking statements, including information about management's view of True North's future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of True North, its divisions and concepts to be materially different than those expressed or implied in such statements. The forward-looking statements included in this press release are made only as of the date hereof. True North cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, True North undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by True North.

SOURCE True North Energy Corporation

Copyright © 2013 PR Newswire. All Rights Reserved


The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.