TG World Energy Corp.

TG World Energy Corp.

February 18, 2010 07:00 ET

TG World Provides Update on Alaska Well

CALGARY, ALBERTA--(Marketwire - Feb. 18, 2010) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") announced today that Brooks Range Petroleum Corp. ("BRPC"), the operator of the Alaska North Slope Joint Venture ("JV") and a wholly-owned subsidiary of the Alaska Venture Capital Group, has advised that it proposes to conduct a production flow test on the Sak River #1a exploration well. The Sak River #1a well is located within the Beechey Point Unit where the JV has two existing undeveloped oil discoveries.

BRPC has informed the participants in the JV that the Sak River #1a well reached a total measured drill depth of 12,726 feet (9,350 feet subsea on a true vertical depth basis ("tvd")), stopping within the Miluveach formation, and that porous sandstones with hydrocarbon shows were encountered in the Kuparuk formation at a depth of approximately 8,900 feet subsea tvd. According to BRPC, its initial interpretation of the borehole log data across the Kuparuk formation suggests a possible oil-bearing zone without an oil/water contact. Attempts to capture fluid samples from the Kuparuk with a Modular Formation Dynamics Tester borehole tool were unsuccessful due to tool failure. BRPC has advised that it is unable, at this time, to determine if there is moveable light oil in the zone and that the next operation is to case the well and production flow test the potential oil pay zone. Additional testing of the Sak River #1a exploration well is required to determine whether the well represents an oil discovery and there can be no assurance that the well will be capable of commercial production of petroleum substances.

TG World is paying 45.7% of the well costs to participate for its 35% working interest.

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 a participant together with 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 operator of the joint venture is Brooks Range Petroleum Corp., a wholly-owned subsidiary of the Alaska Venture Capital Group. The JV holds oil and gas interests in four geographical areas in Alaska: Slugger/South Thomson, Tofkat, North Tarn and the Beechey Point Unit.

TG World Petroleum Limited (a wholly-owned subsidiary of TG World) is a participant together 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), timing, results and costs of exploration and development activities, 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 casing of the Sak River #1a exploration well and the conduct of a production flow test are based upon the results of prior exploration activities, the status of TG Energy's discussions with the operator and other JV participants as to the nature and extent of the Alaska exploration program, advice received from the operator of the JV and the current budget for exploration and development activities in Alaska (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

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
    President & CEO
    (403) 265-4506
    TG World Energy Corp.
    Ian McColl
    Investor Relations Analyst
    (403) 265-4506