TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

March 29, 2010 11:19 ET

TG World Provides Update on Operational Activities

CALGARY, ALBERTA--(Marketwire - March 29, 2010) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") is pleased to provide an update regarding exploration and development activities in its three areas of operation: the Philippines, Alaska and Niger. 

Philippines

Project operator, Nido Petroleum Limited, has advised that the contracted Vantage Drilling Rig, Aquamarine, is scheduled to arrive at the Tindalo drill site from Singapore in mid-April 2010, subject to weather sailing conditions. The rig will commence in-field operations and testing of the well, with potential production beginning within a one to three week timeframe from the rig arrival date.

As detailed in the TG World press release dated March 11, 2010, the Company holds a 12.5% working interest in Service Contract 54A where the Tindalo well is located – in 30 to 100 metres of water offshore the Palawan Island, Philippines. The Tindalo discovery is a 124 to 144 metre oil column that has P50 contingent resources in place of 11 million barrels as independently assessed by ISIS Petroleum Consultants of Australia. Three additional drilling targets have been identified as follow-ups to Tindalo, with the most likely second location being the Yakal prospect where a 90 metre oil column will be targeted.

Alaska

TG World has completed its 2009-2010 Alaska winter drilling program with completion of the dry hole Sak River #1A well. TG World will not participate in any further drilling activities by the joint venture for the balance of this season as drilling is not permitted during the summer months.

TG Alaska has submitted tax credit applications to the state of Alaska for the recovery of approximately US$5.6 million based on previous drilling expenditures. TG World expects to receive the funds over the next two to three months and will apply the proceeds to pay down its CAD$7.5 million loan.

The Alaskan joint venture intends to drill the North Tarn well in the 2010-2011 drilling season as its next drill target. 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. TG Alaska holds a 20% interest in North Tarn.

Niger

TG World met with project partner CNPCIT, a subsidiary of the Chinese National Petroleum Company, on March 13, 2010, in Beijing, China for its annual project meeting. At the meeting, CNPCIT provided a security update regarding drilling in the Ténéré Basin in Niger. Security issues and concerns have delayed drilling for the past two years in Niger.

At the meetings, CNPCIT advised TG World that it intends to begin rig mobilization and preparation in September 2010 with an objective of drilling in Q1 of 2011. Such timetable is dependent on the political and security situation in Niger at the time. TG World will be carried for one more exploration well in the Ténéré Block by CNPCIT where it holds a 20% interest in 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, Africa.

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. SC 54A contains two development ready oil discoveries, Tindalo and Yakal, with aggregate contingent resources oil in place of 16 million barrels.

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 Ténéré Block oil and gas concession in the Republic of Niger, Africa. The Ténéré Block contains the northern half of the Termit - Ténéré Rift and is adjacent to the Agadem Block where the Chinese National Petroleum Company has several significant oil and gas discoveries.

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 and Yakal discoveries, 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 regarding the drilling of the North Tarn property in Alaska during the 2010-11 exploration season are based upon the results of prior exploration activities, the status of 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 regarding the timing and amounts expected back from the State of Alaska's exploration tax credit program are based on the Company's experience with filing and receiving past applications and discussions to date with the State of Alaska. Forward-looking statements respecting anticipated mobilization and drilling activities in the Ténéré Block in Niger are based upon advice received from the operator, CNPC International Ténéré Ltd., and the current budget, explorations plans and overall strategy for the Ténéré Block (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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