True North Energy Corp. (OTC Pink: TNEN) has appointed Gilbert Steedley as interim CEO and sole director. True North today is also announcing a collaboration agreement with Tom Schaefer, an oil industry veteran, to collaborate for an entry level investment in the Eddy, Lea and Chaves counties of New Mexico. These three counties account for more than 80% of the oil produced in New Mexico and 90% of the current drilling activity in the state.
The specific mineral properties subject to the collaboration consist of 77 individual tracts of land comprising 17,000 gross acres and 271 net mineral acres. The company and Schaefer are also developing a longer term strategy for other oil asset acquisitions and development as well.