TG World Energy Corp.

TG World Energy Corp.

December 23, 2008 18:00 ET

AVCG, LLC and Brooks Range Petroleum Corporation Commence Proceedings Against TG World Energy Corp. Subsidiary in Alaska

CALGARY, ALBERTA--(Marketwire - Dec. 23, 2008) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") announced today that its wholly-owned subsidiary, TG World Energy, Inc., has been served with a Complaint filed on behalf of AVCG L.L.C. and Brooks Range Petroleum Corporation with the Superior Court for the State of Alaska. In the Complaint, and a prior demand letter, the plaintiffs allege, that TG World Energy, Inc.'s determination not to participate in the drilling of two wells in the Gwydyr Bay area of the Alaska North Slope during the 2008 -- 2009 winter drilling season represents a breach of its obligations under the Joint Venture Agreement entered into in March 2006 and that, as a result, TG World Energy, Inc. has forfeited its working interest in the Gwydyr Bay Play/Lease Area. The plaintiffs are seeking a judgment from the Alaska Superior Court declaring that TG World Energy, Inc. has breached its obligations under the Joint Venture Agreement in relation to the drilling of these wells, ordering TG World Energy, Inc. to convey to AVCG L.L.C. its working interest in the Gwydyr Bay Play/Lease Area and assessing damages against TG World Energy, Inc.

TG World Energy, Inc. believes that the claims are without merit. TG World Energy, Inc. has retained Alaska counsel to assist it in relation to this matter and plans to vigorously defend the complaint filed against it on behalf of AVCG L.L.C. and Brooks Range Petroleum Corporation.

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 Corp. The BRPC / TG World Joint Venture was formed as an exploration strategic alliance covering a large area of mutual interest on the Alaskan Central North Slope. Through a wholly-owned subsidiary, the Company's interest in the Alaska Joint Venture includes a 25 - 35% working interest in approximately 335,000 gross acres of lease lands and an Area of Mutual Interest under which additional lands may be acquired.

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 kilometres (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 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 & CEO
    (403) 265-4506
    (403) 264-7028 (FAX)
    TG World Energy Corp.
    Paul Moon
    Director, Corporate Communications
    (403) 265-4506
    (403) 264-7028 (FAX)