TG World Energy Corp.

TG World Energy Corp.

October 09, 2007 17:22 ET

TG World-Stock Options Granted

CALGARY, ALBERTA--(Marketwire - Oct. 9, 2007) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") announced today that its Board of Directors has granted options to directors, officers and insiders of the Company, entitling optionees to acquire up to 1,875,000 common shares of TG World. Each option permits the holder to subscribe for and purchase one common share of the Company, at an exercise price of CAD$0.58 per share, for a period of 5 years from the date of grant.

Corporate Profile

TG World is a Calgary-based, junior international oil and gas exploration company. On March 18, 2006, TG World Energy Inc., a wholly-owned subsidiary of TG World, entered into a major exploration project through the formation of a joint venture with Brooks Range Petroleum Corporation. The BRPC / TG World Joint Venture ("JV") was formed as an exploration strategic alliance covering a large area of mutual interest on the Alaskan Central North Slope. The Company's indirect interest in the Central North Slope Alaska Joint Venture includes a 25 - 35% working interest in approximately 335,000 gross acres of lease lands and an AMI under which additional lands may be acquired. The Company has a 35% working interest in the Gwydyr Bay Prospect Area. The North Shore #1 well was cased as a potential oil producer in the 2006/07 winter drilling season. The well is approximately 1,100 feet west of and appears to be comparable to the 1974 Mobil Gwydyr Bay South No.1 well, which reportedly flowed at an average rate of 2,263 bopd on production test from the same formation. A full testing program of the North Shore #1 well is expected to be undertaken during the 2007/08 winter season, as well as the drilling of up to three additional wells.

Through a wholly-owned subsidiary, TG World holds a 20% carried interest in the Tenere Block, an oil and gas concession in the Republic of Niger, Africa, measuring 71,155 square kilometers (17.3 million acres). The Tenere Block contains the northern half of the Termit - Tenere Rift. The southern half is adjacent to the Agadem Block, where six oil discoveries and one gas discovery have been announced. CNPCIT, a unit of CNPC, holds the other 80% of the Tenere concession and acts as operator of the project. The first two wells to test the Tenere Block, Saha-1 and Fachi West-1, were drilled earlier in 2007 as dry holes. The selection of the location for the third prospect is expected to be finalized in the near term.

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.
    Clifford M. James
    President and CEO
    (403) 265-4506
    TG World Energy Corp.
    Paul Moon
    Director, Corporate Communications
    (403) 265-4506
    (403) 264-7028 (FAX)