True North Energy Corp. (TNEN)

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OCT 18 2015

True North Energy Shares Rise 1,181% in Two Days – Due Diligence Report
Due Diligence for Investors in True North Energy Corp.

The article by Kyle Landeck we linked below was published during the trading day yesterday and provides an outlook and some data on TNEN. The company quarterly report gives the company’s financial outlook at July 31, 2015as well as discussion about the TNEN debt. The Barchart analysis provides all the company’s key statistics charting and data.

Our View: The company website describes its operation as follows: On 2011, the Company sold all property interests with the exception of Overriding Royalty Interest on properties in Alaska, 0.25%, of which have all subsequently expired, and Colorado, 0.375%. On September 2014, True North won an auction and acquired a 0.051416% royalty interest in the producing wellbore of the K Farm 9-18N-1W #1WH located in Section 9-T18N-R1W, Payne County, Oklahoma. The well is operated by Devon Energy Corporation of Oklahoma City, Oklahoma.

TNEN doesn’t seem to have any current operations and shows $446 in cash. The tremendous rise in the share price last week doesn’t seem to be supported by and public information. The financials also list $12,900 in total assets and $2.7 million in current liabilities. There were approximately 3 million common shares outstanding on July 31, 2015. We can’t see any reason for these shares to appreciate.