TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

January 25, 2010 12:11 ET

TG World Enters Into a New Farm-In Agreement on Alaskan North Slope With Multinational

CALGARY, ALBERTA--(Marketwire - Jan. 25, 2010) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") is pleased to announce that the Company, along with its Alaska joint venture partners, have signed a Lease Acquisition and Participation Agreement with a multinational oil company covering six leases on the Alaska North Slope known as North Tarn. The North Tarn leases are located contiguous to the west side of the Kuparuk Field Unit, one of the largest producing oil fields on the North Slope of Alaska.

The North Tarn exploration prospect is based on the mapping of 3-D seismic data. There are two prospective reservoir zones, both productive in the adjacent Kuparuk Field Unit, which will be tested by the well. The exploration well is to be drilled prior to the end of the 2010-2011 winter drilling seasons with drilling depth estimated at approximately 6,500 feet. TG World will earn a 20% interest in the farm-in.

Cliff James, President of TG World, commented, "We are encouraged by the potential of the North Tarn prospect. Not only does it offer a new area of exploration for TG World on the North Slope of Alaska, but it also presents a prospect that is surrounded by large proven and producing fields". 

Corporate Profile

TG World is a Calgary-based, junior international oil and gas exploration company currently focused on Alaska and Niger.

TG World Energy Inc. (a wholly owned subsidiary of TG World) is partnered with operator Brooks Range Petroleum Corp., Alaska Venture Capital Group, Brooks Range Development Corp. and Ramshorn Investments Inc. in a joint venture that is pursuing oil and gas opportunities on the Central North Slope of Alaska. The joint venture has oil and gas activities in four geographical areas in Alaska: Slugger/South Thomson, Tofkat, North Tarn and the Beechey Point Unit, which borders the Prudhoe Bay oil development area. The joint venture intends to drill wells in the Beechey Point Unit this winter drilling season.

TG World Petroleum Limited (a wholly-owned subsidiary of TG World) is partnered with operator CNPCIT, a unit of the China National Petroleum Company, in the Ténéré Block oil and gas concession in the Republic of Niger, Africa. The Company has a 20% carried interest in the Ténéré Block, which contains the northern half of the Termit - Ténéré Rift, a large rift valley basin in the country. The southern half of this rift is located in the adjacent Agadem Block, where the Chinese National Petroleum Company holds several oil and gas discoveries. A security warning has recently been lifted in the Ténéré Block area and the operator is considering alternatives for potential drilling.

Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in some cases, information supplied by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These factors include, but are not limited to, such things as general economic conditions in Canada, the United States and elsewhere, the volatility of prices for oil and gas and other commodities, commodity supply and demand, fluctuations in currency and interest rates, inherent risks associated with the exploration of oil and gas properties (including mechanical problems), ultimate recoverability of reserves, timing, results and costs of exploration and development activities, political or civil unrest, availability of financial resources or third-party financing, availability of equipment and personnel and new laws and regulations (domestic and foreign). Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this News Release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes. Forward-looking statements respecting anticipated exploration activities and potential development activities in TG World's areas of operation are based upon the results of prior exploration activities, the status of TG World's discussions with its partners as to the nature and extent of the exploration programs, and the current budget for exploration and development activities (all of which are subject to change). Forward-looking statements of TG World Energy Corp. contained in this News Release are expressly qualified, in their entirety, by this cautionary statement. Additional information relating to various risk factors to which TG World is exposed in the conduct of its business (and which may affect the expectations or outcomes reflected in the forward-looking statements contained in this News Release) are described in publicly available documents filed by TG World with certain securities regulatory authorities in Canada, which are available through SEDAR at www.SEDAR.com.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release and the TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • TG World Energy Corp.
    Dean Callaway
    CFO and Vice President, Finance
    (403) 265-4506
    or
    TG World Energy Corp.
    Ian McColl
    Investor Relations Analyst
    (403) 265-4506