Exploring America’s Last Energy Frontier

True North's Harriet Point prospect is estimatedto contain 300 to 500 million barrels of oil.

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True North Energy Corp. is a publicly traded independentOil and Gas exploration company with headquarters inHouston, Texas and an exploration office in Anchorage,Alaska. True North Energy was founded with the specificaim of securing and developing a vast portfolio of Oil andGas properties in "America's Last Energy Frontier - Alaska".

The company has exclusive Oil and Gas rights to 22,000acres of prime land in the Oil & Gas rich Cook Inlet region,which has been for years a major production area for Alaska.Shell has been one of the major driving forces in the CookInlet. The Cook Inlet, located in the southern part of thestate, has witnessed a new found exploration frenzy as majorplayers such as ConocoPhillips, Chevron-Unocal and ForestOil have aggressively built up large acreage positions.

True North Energy also has the exclusive Oil and Gas rightsto 10,000 acres of prime land in the North Slope of Alaska.British Petroleum, one of the North Slope's major explo-ration companies and operators has stated that there couldbe potential gas reserves in excess of 35 trillion cubic feet(35 TCF). Other major players, such as Italy's nationalenergy company, ENI SpA, put total net reserves of theirexploration blocks in the North Slope in excess of 170 mil-lion barrels of oil. The US Geological Survey (USGS) con-ducted in 1998 stated that certain areas of the North Slopecontain between 7.7 billion and 11.8 billion barrels of oil.In the May 2006 National Geographic article on Alaska'sNorth Slope, it is stated that there may be up to 48 billionbarrels of oil waiting to be tapped into.

True North Energy is poised and positioned aggressively inthe Cook Inlet and the North slope of Alaska ready tobegin exploration of its' 32,000 acres of prime Oil and Gasland holdings.

Oil and gas exploration has been a part of the history of theCook Inlet Basin for nearly 150 years. The first historicalreferences are found in early reports from Russian explor-ers in the 1850's, who observed oil seeps on the IniskinPeninsula on the west side of lower Cook Inlet. In the early1900's, the first attempt at commercial oil exploration inCook Inlet took place with the drilling of six explorationwells between 1900 and 1906, with out commercial success.Exploration continued through out the CookInlet Basin for the next 50 years with out suc-cess until the late 1950's, when commercial oilwas finally discovered.

The Cook Inlet's geology is complex and itsproducing reservoirs are fractured with imper-meable faults, which most believe could behiding many pockets of oil. True North's inde-pendent geologists believe the prospect, whichis called the Harriet Point may hold 300 to 500million barrels of oil.

The company has now engaged a team of geologists andgeophysicists, led by geologist Jerry Hodgen, advisor to theDepartment of Geology at the University of Kansas and aveteran of Alaska oil & gas exploration, to evaluate thisprospect using current seismic interpretation software.True North also intends to engage a blue chip Oil servicefirm to write a second and final evaluation report.

True North Energy Corp. trades on the NASDAQ OTC BBunder the ticker symbol: TNEN.

About Us

T H E C O M P A N Y

Alaska is currently ahotbed for new oil and gas explorationactivity

Oil and gas exploration has been a part of the history of theCook Inlet Basin for nearly 150 years.

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True North plans toestablish strong cashflow within the nextsix to eight monthsby drilling up to fourlow-risk developmentwells in Texas andLouisiana and proveup reserves in Alaskawithin the following24 months.

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Management Team

M A N A G E M E N T

John I. FolnovicChief Executive Officer

Mr. Folnovic has over 20 years of senior experience in theoil and gas industry. Among his credentials, Mr. Folnovicwas a senior manager for BP Amoco Exploration where heled a multidisciplinary team consisting of geologists, engi-neers, operations and administration staff in developingthermal heavy oil assets producing 30,000 bpd of bitumenand an annual capital budget of $200 million. He alsoplayed an instrumental role in managing the Company'sassets through the sale from BP Amoco to Canada NaturalResources for $1 billion CDN. During his tenure as a sen-ior operations manager with BP Amoco, Mr. Folnovicdirected operations on a portfolio of assets that produced300 MMSCFD of gas, with revenue of $250 million andoperating budget of $50 million. Over the past 6 years, Mr.Folnovic has acted in the capacity of senior industryadviser, overseeing operations with budgets ranging from$60M-$90M for several major operators includingDominion Energy Canada, Sunmatrix Petroleum Corp.,Myexecutive Inc. and Petrodell Energy Inc.

Max PozzoniChief Financial Officer

Max Pozzoni has been actively involved in the oil and gasindustry for the past decade, working first for industry con-sulting titan, Schlumberger Oilfield Services in North andSouth America. He has a proven track record of startingsuccessful oil and gas companies, including Falcon NaturalGas Corp., which has secured a $20 million financing facil-ity and can now count several producing wells in Texas andLouisiana. He has worked in the past with investment bankLehman Brothers, Inc in New York and London. MaxPozzoni holds a BSc degree in International Business fromthe University of Kansas and a MBA from the prestigiousLondon Business School in London, England.

Anthony ZelenVP Corporate Communications

Anthony Zelen's vast investor relations experience is a strongasset to the management of True North Energy Corp.Anthony's professional career began as an investor relationsspecialist in 1997. Three years later Anthony was instrumen-tal in the creation of Mindshare Communications, a fullservice investor relations firm with a diverse client base inthe oil and gas, mining, alternative energy and technologyindustries. His business activities within the venture capitalarena enabled Anthony to establish an invaluable network ofaccredited investors, angel investors and investment bankingcontacts throughout North America, Western Europe andAsia. Anthony holds a Bachelor of Arts in Economics andPolitical Science from Simon Fraser University.

CRUDE OIL PRICES from 1986 to 2006 Dollars per barrel

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Industry price levels for crude oil continueson an upward trend in 2006.

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True North’s Alaska ProspectsTrue North Energy Corp is strategically positioned in two of Alaska’s premier oil and gas

districts, the Cook Inlet and North Slope region. True North’s leases in the Cook Inlet

comprise the Harriet Point prospect and the North-South Beluga prospect strategically

located around the ChevronTexaco - ConocoPhillips owned giant Beluga River Gas Field

(900+ Billion Cubic Feet of cumulative gas production).

The Harriet PointThe Harriet Point Prospect Block is composed of 17,166 contiguous acres in three sepa-

rate Alaska state lease parcels that cover both onshore and offshore properties along the

western coastline of Redoubt Bay. Potential oil reserves in place, based on the interpret-

ed configuration of the reservoir seismic, were estimated to be over 300 million barrels.

The proposed test well drilling depth is expected to be approximately 4,600 feet.

North and South BelugaThese two prospects comprise a total of 5,811 acres adjacent to the Beluga River Gas

Field. The Beluga River Gas Field (BRU) is at a mature stage of development. The field

is jointly owned by ConocoPhillips, Chevron Texaco and the Municipal Light and Power

of Anchorage. The field has already produced over 900 Billion Cubic Feet of gas and has

proven reserves exceeding 400 Billion Cubic Feet. Proposed test wells in True North’s

leases aim to prove additional gas reserves around the BRU field.

North SlopeTrue North’s leases in the North Slope comprise four 2,500 acres units (10,000 acres

total) of on-shore and off-shore targets, adjacent to ExxonMobil’s Beaufort Sea’s explo-

ration leases. True North’s prospects are located west of British Petroleum’s giant

Prudhoe Bay production unit. When discovered in 1968, the Prudhoe Bay field had

proven reserves of 25 billion barrels of oil, 10 of which have already been produced. The

Prudhoe Bay field is the largest oilfield in North America and the 18th largest field ever

discovered worldwide. $25 biilion have already been invested in the development of the

field that is jointly owned by British Petroleum, ExxonMobil and ConocoPhillips. 46

Trillion Cubic Feet of Gas (26 of which classified as recoverable) remain in place.

Exploring America

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E X P L O R A T I O N A N D P R O D U C T I O N

’s Last Energy Frontier

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Alaska oil and gas

A recent article in National Geographic onAlaska’s North Slope estimates that theremay be up to 48 billion barrels of oil waitingto be tapped into.

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K E Y P L A Y E R S

Shell is a global group of energy and petrochemical companies. Shell operates in over 140 countries and territories,employing approximately 109,000 people worldwide. Beginning almost 50 years ago, Shell operated continuously inAlaska until 1998. Shell was one of the most prominent explorers in the frontier basins of Alaska, as well as being anoperator and major producer in Cook Inlet. Shell re-entered Alaska in 2005.

Royal Dutch Shell plc www.shell.com

NYSE: RDS.A & RDS.BMarket Cap: $469.6 B

Exxon Mobil is focusing on securing the legislative and fiscal framework to pursue the natural gas resources of PrudhoeBay in Alaska. Exxon Mobil's Alaska Project is massive and complex. The Alaska Project will involve nearly 1,700 milesof 52-inch pipe just to the border of Alberta, Canada, and will be capable of handling 4 to 5 billion cubic feet per day(GCFD) of natural gas. Exxon Mobil's Arctic activities are not just about commercializing onshore gas, however. The com-pany also has interests in various exploration blocks.

Exxon Mobil Corporation www.exxonmobil.com

NYSE: XOMMarket Cap: $385.81 B

ConocoPhillips (ConocoPhillips) is an international, integrated energy company. Headquartered in Houston, Texas,ConocoPhillips operates in more than 40 countries. The company has approximately 38,000 employees worldwide andassets of $160 billion.Conoco Phillips

www.conocophillips.com NYSE: COP

Market Cap: $96.2 B

Chevron is one of the largest integrated energy companies in the world. Headquartered in San Ramon, California, andconducting business in approximately 180 countries, the company is engaged in every aspect of the oil and natural gasindustry. With the addition of former Unocal employees, the company's global work force stands at approximately 53,000employees. (excluding about 6,000 service station employees). In 2005, Chevron produced more than 2.5 million bar-rels of oil equivalent per day, with approximately 70 percent of the volume occurring outside the United States and inmore than 20 different countries.

Since Unocal's first discovery of natural gas onshore in Alaska in 1959, Unocal has had a strong commitment to its oper-ations in Alaska. Offshore operations began following acquisition of drilling rights in the Cook Inlet in 1962. Unocal oper-ates 10 platforms in the Cook Inlet off the southern Alaska coast and 6 of 14 producing gas fields. Of the 30 establishedfields or units in the Cook Inlet, Unocal has an interest in 16 and is the designated operator for 15. Unocal's Alaskanassets also include a working interest in two North Slope fields: the Endicott Field (Unocal 10% working interest) andthe Kuparak Field (Unocal 4.95% working interest). These two fields produce 20,000 barrels per day of oil net to Unocal.

Chevron Corporation(Unocal) www.chevron.com

NYSE: CVXMarket Cap: $137.79 B

Key Players in Alaska

British Petroleum has transformed growing from a local oil company into a global energy group, employing over 100,000people and operating in over 100 countries worldwide. BP Exploration (Alaska) Inc. is second only to Russia in terms ofknown oil and gas resources in the company's global portfolio. As of Jan. 1, 2005, BP Alaska's net cumulative oil pro-duction had reached 5.7 billion bbls which is coincidentally equal to the remaining proved and non-proved reserve base.BP is Alaska's number-one investor with over $1.5 billion spent on its Alaska business. BP Exploration Alaska (BPXA)has a 26.35 percent interest in the North Slope's recoverable natural gas resources, which is approximately 46 trillioncubic feet (35 TCF) of gas.

BP plcwww.bp.com

NYSE: BPMarket Cap: $269.25 B

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Pioneer Natural Resources Company is an independent oil and gas exploration and production company with operationsin the United States, Argentina, Canada, Equatorial Guinea, Nigeria, South Africa and Tunisia. The Company exploresfor, develops and produces oil, natural gas liquid (NGL) and gas reserves. The Company has exploration and developmentopportunities and/or oil and gas production activities in the Gulf of Mexico, the onshore Gulf Coast area and in Alaska,and internationally in Argentina, Canada, Equatorial Guinea, Nigeria, South Africa and Tunisia.

Pioneer Natural Resources is a large U.S. independent exploration and production company with a long history of suc-cessful drilling, efficient development and cost-conscious operations, adding value for its shareholders and employees.With total proved reserves equivalent to 6.1 trillion cubic feet of gas, or 1 billion barrels of oil. Pioneer's expertise encom-passes onshore, deepwater and shallow water environments.

Pioneer Natural Resources Co.www.pxd.com

NYSE: PXDMarket Cap: $5.43 B

Anadarko Petroleum Corporation is an oil and gas exploration and production company. Major areas of operations arelocated in the United States, primarily in Texas, Louisiana, the mid-continent region and the western states, Alaska andin the deep waters of the Gulf of Mexico, as well as in Canada and Algeria. It actively markets natural gas, oil and nat-ural gas liquids (NGLs) and owns and operates gas-gathering systems in its core producing areas. Anadarko is one of thelargest independent oil and gas exploration and production companies in the world. Assets - Over $20 billion. No. 314on the "Fortune 500" list for 2006. It produced 158 million barrels of oil equivalent (BOE) in 2005. 2.45 billion BOEof proved reserves as of year end 2005.

Anadarko PetroleumCorporation

www.anadarko.comNYSE: APC

Market Cap: $24.8 B

Eni S.p.A. is an Italy-based company engaged in activities covering the oil, natural gas, electricity generation, engineer-ing, construction and petrochemicals industries. Its Exploration and Production of oil and natural gas division has oper-ations in Italy, Africa, the North Sea and the Gulf of Mexico, as well as in Latin America, Australia, the Middle and FarEast and the Caspian Sea. In the exploration and production sector, Eni holds a number of offshore explorations licences,in the Gulf of Mexico, mostly in waters more than 200 meters deep. Eni's share of the oil and gas production in the USAaveraged about 44 thousand barrels of oil equivalent per day (boe/d). In August 2005 Eni acquired the Alaskan assetsof US independent Armstrong Oil & Gas, comprising 104 exploration leases along Barrow Arch, in the North Slope,Northern Alaska. Total net reserves of the exploration blocks are anticipated in excess of 170 million barrels of oil.

ENI SpA www.eni.it

NYSE: EMarket Cap: $45 B

Houston-based Aurora Gas announced the company has entered into a joint venture with Swift Energy Company toexplore for oil and gas on Aurora's acreage in the Cook Inlet of Alaska. The companies plan to commence explorationactivities immediately with the drilling of the Endeavour-1 well on Aurora's Endeavour Prospect on the Kenai Peninsula.Aurora has increased its leasehold position in the last year from approximately 125,000 acres to approximately 140,000acres at year-end 2005. Current gas production is running between 16 to 20 MMCFPD from 12 wells in 5 fields, alllocated on the west side of Cook Inlet.

Swift Energy Co.www.swiftenergy.com

(Aurora Gas Alaska JV Partner)NYSE: SFY

Market Cap: $1.28 B

Houston HQ

1200 Smith Street16th Floor

Houston, TX77002

Tel: 832 295 9639Fax: 832 553 7244

Anchorage Exploration Office

www.tnecorp.com

info@tnecorp.com