High North Resources Ltd. has executed a non-binding, indicative term sheet dated August 26, 2014 with ATB Financial which provides for the grant to the company of a reserve based revolving production loan facility of up to $10,000,000. The Revolving Facility is initially capped at $6,000,000 and may be increased to $10,000,000, subject to an evaluation of High North's material hydrocarbon assets, effective September 30, 2014. The Revolving Facility will be secured by a general security agreement conveying a first floating charge over all real and personal property and after acquired assets and an undertaking to grant, at the request of ATB, a first fixed charge on all property interests. The company intends to use advances from the Revolving Facility for general corporate purposes related to the exploration, development, production and acquisition of domestic oil and natural gas reserves within the Western Canadian Sedimentary Basin, inclusive of the previously announced upcoming drilling program.

The company reported Montney oil production sales results for the month and year to date ended July 30, 2014. For the month, the company reported Montney oil production sales of 8,400 barrels, an increase of 30% in one month from June, 2014.

As at July 30, 2014, the company had sold over 55,900 barrels of oil and increased its field netback to approximately $45.00 per barrel of oil.