TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

August 19, 2010 10:00 ET

TG World Provides Tindalo Operations Update

CALGARY, ALBERTA--(Marketwire - Aug. 19, 2010) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") announces that project partner and operator of Service Contract 54A in the Philippines, Nido Petroleum Ltd. ("Nido"), has provided 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 at the field location and the following can be confirmed since the previous update on 9 August 2010:



-- Some 177,276 barrels of oil (@60 deg F) are now in the storage tanks of
the floating storage and offloading vessel ("FSO") giving an average
daily net oil production since the last update of approximately 1,535
barrels of oil per day (excluding the downtime for the process system
upgrade noted below);

-- The Joint Venture's marketing agent, Trafigura Pte Ltd, has confirmed
the sale of the first crude oil cargo from Tindalo. Some 200,000 to
230,000 barrels of oil have been sold to a buyer in South Korea, with
the lifting expected in the second half of September;

-- An advance on the proceeds from 173,655 barrels of crude oil from the
first sale was received on 19 August. These barrels will remain stored
aboard the FSO until the lifting;

-- The SC 54A Joint Venture has approved the Tindalo-1 well intervention
and remediation programme, and dependent upon the results of diagnostic
logging that will be undertaken after well re-entry will involve one or
more of the following options:

-- re-perforation deeper in the oil column;

-- water shutoff via cement squeeze; or

-- sidetrack drilling within the Nido Limestone.

-- Nido, as Operator, is currently mobilising the necessary equipment and
services to the field location for this work. In field operations are
scheduled to commence in the first half of September and, subject to
weather, anticipated to take 10-17 days to complete.


Since the last update, a shutdown and production processing system upgrade has been completed resulting in an improvement in the water handling capability of the system. In addition plans are finalised for the disposal of the produced water currently held in the tanks of the FSO and water disposal is expected to commence in the next week. Work is continuing offshore to optimise production performance whilst meeting the stringent environmental compliance requirements of the Philippines."

Under the terms of the partners Farm-in Agreement, Nido and Kairiki Energy Ltd. will receive 85% of TG World's proceeds from the advance crude oil payment to fund the Company's purchase price for the project.

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 and the proposed workover), 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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