High North Resources - Operations Update - Seite 2

Colin Soares, the Company's President and Chief Executive Officer stated: "High North continues to improve operational efficiencies to reduce cost and enhance value to the shareholders. The AER approval will allow the Company to move forward with its development plan to substantiate a minimum of four horizontal Montney oil wells per section over these contiguous sections."

Legal Advisories

Additional information about the Company is available under High North's profile on SEDAR at www.sedar.com.

Certain natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of one barrel to six thousand cubic feet. Any figure presented in BOEs may be misleading, particularly if used in isolation. The calculation of BOEs is based on a conversion ratio of six thousand cubic feet of natural gas to one barrel of oil based on an energy equivalency conversion primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of six to one, utilizing a BOE conversion ratio of 6 Mcf: 1 barrel may be misleading as an indication of value.

Reader Advisory Regarding Forward-Looking Statements

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 are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: commencement of gas conservation through the Company's proposed gas plant, oil production rates and recovery from drilling operations, estimated additional drilling locations, the Company's move to optimize production, the timing, method, cost and recovery from future drilling operations, infrastructure development and the timing and effects thereof, facilities construction and equipment installation and the costs, timing, location and effects thereof, approval of the Company's application by the AER and the effects of the foregoing on shareholder value, the impact of the sixth Montney well on the Company's well inventory and extension of the Montney oil pool boundary. 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.