True North Energy Corporation Announces Operational Update

HOUSTON, TEXAS , an independent oil and gas exploration company, is pleased to provide an operational update on its recent activities.

New Financing

True North Energy Corporation is pleased to announce that the Company and ICF Energy Corporation, its wholly-owned subsidiary, have closed an additional $425,000 financing with Valens U.S. SPV I, LLC and Valens Offshore SPV II, Corp. The Company will utilize the additional funds for working capital and to evaluate production improvement of its Brazoria County, Texas, properties. The financing closed on March 31, 2008.

Texas

On January 31, 2008, True North Energy Corporation completed its first full quarter as a producer and operator, generating revenue from producing properties in Brazoria County, Texas. The properties consist of 1,150 acres and two wells that produce approximately 800 thousand cubic feet of gas and 10 barrels of oil per day, net to the Company. Revenues generated during the last quarter totaled $543,000.

Alaska and The Rockies

Drilling has commenced on the Kupcake Prospect in the Beaufort Sea. The well started drilling on March 26, 2008 and is currently drilling at 4,100 feet. It is anticipated that the well will reach target depth by end of April. The Company is participating in the well through an Acreage Contribution Agreement, which may convert to up to a 2% working interest in a future production unit, depending on the acreage size of the unit and the success of the exploratory well. Savant Alaska LLC is the operator of the Kupcake prospect. Other participants in the well, in addition to Savant and True North Energy, include Bordeaux Energy Inc., ExxonMobil, ConocoPhillips and BP PLC.

The exploratory well is situated 20km from the 13.6 billion barrel Prudhoe Bay oil field and immediately adjacent to the 100 million barrel Liberty Field operated by BP but not yet in production. The target depth is 11,000 feet and the well is expected to cost a total of approximately $14 million to drill and log. Due to the Company's participation through the acreage contribution, there is no cost to True North Energy in the initial exploratory well. Should the well be successful, True North Energy will have an opportunity to participate in the development of the production unit at its earned working interest or to monetize its working interest.

The Company has completed technical review of its Cook Inlet Harriet Point prospect, and is actively seeking industry partners to drill an exploratory well on the acreage it holds. Independent review of the prospect, carried out by Rose and Associates, suggests a median value of 100 million barrels of oil as the potential recoverable resource, based on the probabilistic analysis of the prospect. The Company anticipates that the cost of the exploratory well will approximate $5 million. True North currently owns 100% of the Harriet Point prospect.

The Company also is in discussions with several industry partners regarding a joint venture to develop the Company's 100% owned, 17,000-acre property in northwest Colorado.

"We are very pleased with the progress we have made to date. In addition to acquiring producing and revenue generating assets in Texas, our participation in the Kupcake exploratory well will not only generate value for our shareholders, but should also give us more insights into the prospective nature of our leases in this area. We also appreciate the continued confidence our investors have shown in the management of the company," said John Folnovic, True North Energy President and CEO.

Further Information

Shareholders and interested parties are encouraged to visit True North Energy's website: www.tnecorp.com and download True North Energy Corporation's Information Package. Please feel free to call shareholder relations toll-free on 1-888-567-0888 to receive a corporate information package. Alternatively, sign up at the website to receive news on the company as it becomes available.

About True North Energy Corporation

True North Energy Corporation is a publicly traded, independent oil and gas exploration company, with headquarters in Houston, Texas. True North Energy Corporation is focused on development of the company's core assets in Alaska. The company is strategically located in the Cook Inlet and Beaufort Sea areas of Alaska and has commenced technical evaluation of its 34,850 acres of land holdings. True North Energy Corporation trades on the NASD OTC BB under the ticker symbol: TNEN.

John Folnovic, President and CEO

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, the Company's belief that True North Energy Corporation can identify and successfully negotiate leases for oil and gas properties in Alaska, and that the Company can participate in the exploration of those properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission.

Contacts: True North Energy Corp. Investor Relations 1-888-567-0888 Email: [e-mail] True North Energy Corp. John Folnovic President and CEO 1-888-567-0888 Website: www.tnecorp.com