High North Resources Ltd. announced that GLJ Petroleum Consultants Ltd. has completed a report dated April 7, 2014, on the reserves attributed to the company's Girouxville property, located in north-west Alberta, Canada, effective March 31, 2014. The GLJ Report was prepared in accordance with the requirements of National Instrument 51- 101 - Standards of Disclosure for Oil and Gas Activities, estimating reserves and future net revenues for the Girouxville property, effective March 31, 2014 and using GLJ's January 1, 2014 price forecast. The Girouxville property is located in Townships 075 to 076, Range 21 W5M, approximately 360 kilometres north- west of Edmonton, Alberta.

The Company holds a 100% working interest in three horizontal wells producing 28° API oil from the Montney formation. The wells are located at 00/09-26-075-21W5, 00/09-02-076- 21W5 and 00/16-02-076-21W5. Solution gas is currently being flared and was, therefore, assigned no value in the GLJ Report.

The 09-02 and 16-02 wells came on production in January 2014 and over approximately three months, are currently flowing at combined restricted rates of approximately 320 barrels of oil per day ("bopd"). Restrictions are due to surface equipment limitations. Very limited flow data for the 09-26 well was available by the effective date of the GLJ Report.

Total combined, restricted flowing production sales for the three wells during the month of March 2014 are estimated to be 11,000 barrels of oil and gross revenue estimated at $880,000. The GLJ Report assumes increased surface capacity to remove the restrictions scheduled for May 2014. The Company currently anticipates meeting this targeted timeline, subject to regulatory approvals.

Longer production periods from the three wells plus additional drilling will provide information to enhance the reserve estimates for future updates to the GLJ Report. Including the three sections assessed by the GLJ Report, the Company currently holds a 100% WI in 5,952 hectares (23.25 sections), earned through the drilling of the three wells and purchases from Alberta Crown land sales. The Company anticipates that drilling an additional two wells plus closing the purchase of 1,792 hectares (seven sections) for approximately $2.2 million through a purchase option agreement with Redhill Resources Corp.

previously announced on December 20, 2013, will increase the Company's 100% WI land base considered prospective for Montney formation oil to 9,792 hectares (38.25 sections). The Company has obtained permission from the Alberta Energy Regulator that will allow it to drill a minimum of four horizontal wells in the Montney formation per section, which is the same as that granted in offsetting lands. The GLJ Report indicates the Company's total proved reserves at 0.632 million remaining recoverable barrels of oil ("MMbbls") for five wells (including the three currently producing wells) based on total petroleum initially-in-place ("PIIP"), all of which is discovered, of 32.4 MMbbls.

The total proved valuation estimates 2.0% recovery factor of PIIP. GLJ estimates that the remaining oil total proved reserves as at the effective date of the GLJ Report have a net present value of $19.962 million before income tax, discounted at 0% annually and a net present value of $14.387 million before income tax, discounted at 10% annually, using forecast prices. For a seven well development program (including the three currently producing wells), the GLJ Report indicates remaining total proved plus probable reserves ("P2") at 1.111 MMbbls based on PIIP of 43.3 MMbbls, for a recovery factor of 2.6%.

GLJ estimates that the remaining P2 oil reserves as at the effective date of the GLJ Report have a net present value before tax (0% discount) of $32.256 million before income tax, discounted at 0% annually and a net present value of $19.780 million before income tax, discounted at 10% annually, using forecast prices.