May 15, 2018 - 12:25 PM EDT
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True North Energy Announces Updates to Recent Press Release Regarding Term Sheet Termination

SPRING, TX / ACCESSWIRE / May 15, 2018 / True North Energy Corporation, a Nevada corporation (OTC PINK: TNEN) ("True North" or the "Company"), today provides further updates to the matters disclosed in its May 10, 2018 press release. Specifically, the Company announces that it has received a response to its letter from the owner of Kryptonite Korea Limited ("Kryptonite") wherein the Company proposed to rescind/cancel the Kryptonite acquisition and other commercial terms. Legal counsel for Kryptonite responded that Kryptonite was terminating the contract. Both parties reserve their rights for further action.

Additionally, the Company previously announced it had demanded payment on certain promissory note issued by migme ltd, an Australian company ("Migme") and its wholly-owned subsidiary, Amiki Pte Ltd. ("Amiki") to the Company. After further contemplation, the Company has decided not to proceed with that demand at this time.

About True North Energy Corporation

Traditionally, True North Energy Corporation has engaged in the identification, acquisition and development of oil and gas properties. Through its subsidiary, TN Energy Corp, a Texas Corporation, the Company holds overriding royalty interests on oil and gas properties located in Colorado and Oklahoma.


Rick Severson
[email protected]

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

Source: ACCESSWIRE (May 15, 2018 - 12:25 PM EDT)

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