True North Energy Corporation (True North) is engaged in the acquisition, exploration, development and production of oil and gas properties in Alaska, Texas and Colorado. The Company?s principal assets consist of oil and gas leases covering approximately 35,000 acres in the Cook Inlet (25,000 acres) and Beaufort Sea (North Slope) (10,000 acres) areas of Alaska. In September 2007, the Company completed the acquisition of Prime Natural Resources Inc.?s interests in the Devon Fee Gas Unit and the O'Leary Gas Unit No. 1 in Brazoria County, Texas. In June 2007, the Company acquired certain oil and gas interests and properties in northwest Colorado in an area covering more than 17,000 acres. At the time of acquisition, these oil and gas interests had no production. True North holds a 100% working interest in the leases comprising part of the acquired assets.(Source: 10KSB)
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