High North Resources Ltd. provided an operational update on its drilling program. The company's fourth well, 08-21-076-21W5M, located on the northern portion of the company's Girouxville-Mclean property, has been drilled and stimulated and is derisking five sections of land which Management anticipates will provide 20 to 24 horizontal drilling locations. The drill location of this fourth well is adjacent to a section of land on which another oil and gas producer has applied to drill four Montney oil horizontal wells.

The 08-21 well produced hydrocarbons from the Montney formation during the production test and is currently shut-in for a pressure build-up test as required by government regulations. The company's fifth well, located at 08-02-076-21W5M, was drilled in the Montney formation and is scheduled to commence completion this week. This well directly offsets a competitor's Montney oil well which reported a 30-day initial production rate of 360 barrels of oil per day and cumulatively produced 33,000 barrels of oil during its first six months, indicating a potential payout in one year using a netback of $50.00 per barrel of oil.