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