New World Gold Corporation (NWGC)

[mick]

this is the last news release from mgmt.


July 2, 2007 - 9:45 AM EDT
Great Northern Oilsands Inc. Announces Surface Casing Set On Rich/Rumsey D3 Reef Test Well in Alberta, Canada

(OTC:GNNS:PK)

VANCOUVER, July 2 /PRNewswire-FirstCall/ - Great Northern Oilsands Inc. - (OTC:GNNS:PK) ('Great Northern' or the 'Corporation') has been informed by the Operator that surface casing has been set on the Corporation's Test Well in the Rich/Rumsey Area of Central Alberta.

Great Northern is participating in a 10 day drilling program related to a 2,020 meter Beaverhill Lake Test Well. An extensive 7.3 square mile 3D seismic program was shot and interpreted in Q1 2007 that resulted in the identification of several D3 Reef anomalies, the first of which will be tested by the drilling of the Test Well. Great Northern's initial Test Well is located approximately 3 miles south of the prolific Gulf Rumsey D3 pinnacle well that was discovered in 1982. The famous Gulf Rumsey well produced at an initial rate of more than 3,600 barrels of oil per day and produced over 3 million barrels of oil in the first 30 months of its productive life.

Great Northern will be paying a prospect fee of $11,750, 2.67% of the drilling and casing costs and 2% of the completion and equipping costs associated with the Test Well to earn an undivided 2% working interest in 640 acres where the Test Well will be drilled. In addition to, Great Northern's earned interest is subject to a proportionate share Alberta Crown royalties and non-convertible overriding royalties of 14% on oil and 19% on gas.

Based on the interpretation of the new seismic data it is anticipated that the test well may encounter vertical reef buildup of in excess of 100 feet and have an aerial extent of between 40 to 80 acres. There is the potential for the targeted reef to have 3+ million contingent barrels of oil equivalent in it. If the test well is successful it is anticipated that initial production rates may be in the magnitude of 500 to 1,000 barrels of oil per day.

Great Northern will keep shareholders apprised of developments with this project as they occur.

Certain statements in the release are forward-looking statements or information (collectively 'Forward-Looking Statements'), within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. We are hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in these Forward-Looking Statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as 'will likely result,' 'are expected to,' 'will continue,' 'is anticipated,' 'estimated,' 'intend,' 'plan,' 'projection,' 'could,' 'vision,' 'goals,' 'objective' and 'outlook') are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the Forward-Looking Statements.

CONTACT: David Lane, Great Northern Oilsands Inc., President & Chief Executive Officer, Email: [e-mail]; Investor Relations, Great Northern Oilsands Inc., Email: [e-mail], Telephone [phone], Facsimile [phone]; Please visit Great Northern Oilsands Inc. corporate website at http://www.greatnorthernoilsands.ca

SOURCE Great Northern Oilsands Inc.



Source: PR Newswire (July 2, 2007 - 9:45 AM EDT)

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