TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

June 24, 2010 09:24 ET

TG World Provides Further Update on Tindalo-1 Oil Well Testing Program

CALGARY, ALBERTA--(Marketwire - June 24, 2010) - Project partner and operator of Service Contract 54A in the Philippines, Nido Petroleum Limited ("Nido"), has provided TG World Energy Corp. (TSX VENTURE:TGE) ("TG World") with the following update on the Extended Well Testing ("EWT") program at the Tindalo-1 well. The well has been testing at various production rates since early June.

"Well testing is continuing under the EWT agreement. As previously advised the EWT is for a period of 100 days of actual crude flow/production time or one million barrels of crude production, whichever occurs first.

The programme is designed to evaluate well performance and determine the long-term reservoir management plan for optimisation of reserves and value during the normal production phase beyond the EWT term. The following highlights can be confirmed to date:

  • Approximately 75,000 barrels of oil have been produced from the well;

  • Ongoing commissioning of the production processing equipment has required the well to be produced intermittently and at a restricted rate of approximately 6,000 barrels of fluid per day;

  • The processing equipment provider, Weatherford Asia Pacific Pte Ltd, has mobilised additional specialists to accelerate commissioning activity onsite; and

  • Water sample analysis has confirmed that the produced water is formation water.

The current well testing program is to startup the downhole pump ("ESP") whilst finalising commissioning of the processing equipment. The well will be tested at several fluid rates and will be occasionally shut-in for data gathering purposes over the following days and weeks to evaluate the longer-term water cut development and well performance.

Nido will provide further updates to the market once the reservoir management plan has been finalised or when other material information becomes apparent."

TG World Energy

TG World is a Calgary-based, junior international oil and gas company with diversified exploration and development operations in the Philippines, Alaska and Niger.

TG World (BVI) Corp. (a wholly owned subsidiary of TG World) is partnered with operator Nido Petroleum Ltd., Kairiki Energy Ltd. and Trafigura Ventures III BV in a joint venture for Service Contract 54A ("SC 54A") in the North West Palawan Basin of the Philippines.

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.

TG World Petroleum Ltd. (a wholly-owned subsidiary of TG World) is partnered with operator CNPCIT, a unit of the China National Petroleum Company, in the Tenere Block oil and gas concession in the Republic of Niger, Africa.

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, Niger, the Philippines 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, production, 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 the development of the Tindalo discovery (including production rates), future exploration and development in SC 54A and other potential opportunities between Nido and TG World are based on the discussions carried out to date, the results of prior exploration and development activities, technical information provided to TG World by Nido and the current budget for exploration and development activities (which are subject to change). Forward-looking statements of TG World 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.

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