TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

June 10, 2008 10:21 ET

TG World Adds 5,120 Acres to Gwydyr Bay Prospect Area

- Includes Pete's Wicked Oil Discovery

CALGARY, ALBERTA--(Marketwire - June 10, 2008) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") today announced that the Operator of the Alaska Central North Slope exploration program, Brooks Range Petroleum Corporation ("BRPC" or the "Operator"), has completed the acquisition of 5,120 acres of Alaska State petroleum leases on behalf of the Alaska Joint Venture involving BRPC and the Company ("JV"). The acquisition of these leases was completed on June 6, 2008.

The leases were acquired from the Pioneer Natural Resources Alaska, Inc., which previously held a 100% undivided interest over the applicable lands. The leases are located approximately three miles north of the Prudhoe Bay oil field and are contiguous with the JV's existing 45,598 acres of Gwydyr Bay Prospect leases. All of the newly acquired leases are located within the area covered by the JV's proprietary 2007 3-D seismic survey. TG World has a 35% working interest in the Gwydyr Bay Prospect area.

The leases include the Pete's Wicked oil discovery. The Pete's Wicked #1 exploration well was drilled by BP Exploration Alaska in 1997 and was reported to be an indicated oil discovery in the Ivishak formation. A 60 foot oil column above an oil/water contact has been interpreted by the Alaska JV Operator from well log data. Oil was also reportedly encountered while drilling through the overlying Sag River Formation, although well logging was incomplete over this zone. The well was plugged and abandoned without production testing of the oil zones.

Certain information set out in this News Release is forward-looking, being information concerning the timing of commencement of drilling of a proposed third exploration well on the Tenere Block in Niger. Readers should review the cautionary statement respecting forward-looking information that appears at the end of this News Release.

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 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 Alaska Joint Venture includes a 25 - 35% working interest in approximately 324,000 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 first two wells to test the Tenere Block, Saha-1 and Fachi West-1 (drilled in 2007), were dry holes. The third exploration well, named Facai-1, is expected to be spud in the latter half of 2008.

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 (including the operator of the Tenere block). 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, 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, timing, results and costs of exploration and development activities, political or civil unrest, availability of financial resources or third-party financing, availability of drilling and related equipment 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 information respecting the timing of commencement of drilling of the third well on the Tenere Block is based upon advice received from the operator of the Tenere Concession, CNPC International Tenere Ltd., which, in turn, is based, among other things, upon the current budget, development plans and overall strategy for exploration of the Tenere Concession developed by CNPC International Tenere Ltd., all of which are subject to change, and the security situation in various parts of Niger, over which neither the operator nor the Company has any control. The 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 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.

Contact Information

  • TG World Energy Corp.
    Clifford M. James
    President & CEO
    (403) 265-4506
    or
    TG World Energy Corp.
    Paul Moon
    Director, Corporate Communications
    (403) 265-4506
    (403) 264-7028 (FAX)
    Email: info@tgworldenergy.com
    Website: www.tgworldenergy.com