SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): ~~May 8~~ June 21, 2007

TRUE NORTH ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

Nevada	000-51519	98-043482
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
of incorporation)		Identification No.)
2 Allen Center, 1200 Smith Street 16th Floor, Houston, Texas		77002
2 Allen Center, 1200 Smith Street
16th Floor, Houston, Texas		77002
(Address of principal executive offices)		(Zip Code)

(713) 353-3948

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 81.01 ~~OTHER~~ENTRY ~~EVENTS~~INTO A MATERIAL DEFINITIVE AGREEMENT

~~The~~On A.June ~~Major~~21, ~~Heirs~~2007 ~~No.~~we 1entered ~~test~~into ~~well~~a ~~located~~Purchase inand ~~Pointe~~Sale ~~Coupee~~Agreement ~~Parish, Louisiana~~ (the “Agreement”) with ~~“Test~~Constance ~~Well~~D. Knight (the “Seller”) ~~targeting~~pursuant ~~Tuscaloosa~~to ~~Sands~~which ~~reached~~we ~~its~~purchased ~~objective~~certain ~~zones~~oil and atgas ainterests and properties owned by Seller in Northwest Colorado in an ~~measured~~area ~~depth~~covering more ofthan ~~approximately 18~~17,~~900 feet~~000 acres. The ~~well~~Agreement was ~~logged and evaluated~~given onretroactive oreffect ~~about~~to ~~May~~June 81, 2007. ~~The~~Thereunder ~~Test~~we ~~Well~~acquired ~~was~~all ~~deemed~~of tothe beSeller’s right, ~~non-productive~~title and interest in certain oil and gas properties together with all isother interests of Seller, if any, in units, wells, leases, rights of way, ~~being~~and easements ~~plugged~~ and ~~abandoned~~all contracts related thereto. ~~The~~We ~~Test~~also ~~Well~~acquired ~~was~~all ~~drilled~~of ~~pursuant~~Seller’s right, title and interest in any equipment located on or appurtenant to a ~~January~~lease 1and used exclusively in the operation of a well, as well as all personal ~~2007~~property, ~~Development~~technical, ~~Agreement~~geological, ~~between~~seismic usand other geophysical data. The properties include all oil and BPgas ~~America~~leases ~~Production~~affecting ~~Company~~lands asand minerals owned ~~modified~~ by Seller ain ~~March~~the ~~28,~~designated ~~2007~~area ~~letter~~along ~~agreement~~with ~~under~~all ~~which~~producing itand ~~was~~non-producing ~~determined~~wells tolocated thereon as well as all disposal wells together with any surface and ~~sidetrack~~down hole ~~the~~equipment, ~~Test~~well ~~Well.~~files Wefor ~~had~~each anwell, ~~8.75%~~tank ~~working~~batteries, ~~interest~~heater treaters, compressors, flow lines, pipelines, and other equipment used in the transportation ~~Test~~or treatment of oil and gas, all pipe and other equipment, ~~Well~~materials and supplies owned by Seller.

The purchase price for the interests and properties was approximately $1,036,000 or sixty dollars ($60.00) per acre, together with an overriding royalty (collectively referred to as the “Purchase Price”) which was payable as follows:

Cash Consideration. Twenty dollars ($20.00) per acre in cash, for a total of $345,477 payable at closing (the “Cash Consideration”). The Cash Consideration paid by us at closing was reduced by the $180,000 previously advanced by us to Seller pursuant to a promissory note and was further reduced by the interest due on the note at closing;

Stock Consideration. Shares of our restricted stock valued at the market close on June 21, 2007 less a thirty-five percent (35%) discount and exchanged at a rate of forty dollars ($40.00) per acre (the “Stock Consideration”). Pursuant thereto, we are obligated to issue 1,832,769 shares of our common stock to Seller; and

Overriding Royalty. The overriding royalty interests (“ORRI”) required to be paid to Seller pursuant to the Agreement with respect to both existing leases and after acquired interests will be calculated on a sliding scale depending upon the net revenue interest (“NRI”) remaining after only the landowner’s royalty and/or existing burdens have been deducted. The ORRI is based on 100% working interest and 8/8^ths mineral interest and will be determined in accordance with the following table:

3% ORRI of 8/8 mineral interest for NRI = 87.5% - 84%

2% ORRI of 8/8 mineral interest for NRI = <84% - 80%

1% ORRI of 8/8 mineral interest for NRI = <80%

The Agreement further provides for our recoupment of acquisition costs prior to paying the ORRI to Seller with respect to our acquisition of producing properties from Seller that are located in the area of mutual interest.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

Exhibits filed as part of this Report are as follows:

Exhibit 10.1 Purchase and Sale Agreement dated June 21, 2007 between Registrant and Constance Knight

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly cause this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	TRUE NORTH ENERGY CORPORATION
Dated: May 11, 2007	By:	/s/ John I. Folnovic
Dated: June 29, 2007	By:	/s/ John Folnovic
		Name: John I. Folnovic
		Name: John I. Folnovic Title: President and Chief Executive Officer
		Title: President and Chief Executive Officer

Filing Compare · True North Energy CORP