TG World Energy Corp.

TG World Energy Corp.

April 11, 2007 19:28 ET

TG World Announces Alaska Oil Discovery

Central North Slope Alaska Update: - North Shore 3D Seismic Survey Complete

CALGARY, ALBERTA--(CCNMatthews - April 11, 2007) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or "the Company") and its joint venture partners Brooks Range Petroleum Corp. ("BRPC" or "the Operator"), Ramshorn Investments, Inc., and Bow Valley Alaska Corp. (collectively the "JV Partners") announce the results of a two well exploration program on the North Slope of Alaska resulting in one discovery and one dry hole.

The North Shore #1 well reached a final total vertical depth of 10,319 feet (13,309 feet measured depth) in the Ivishak formation. The next operation is to case the well as a potential oil producer. 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 flowed at an average rate of 2,263 bopd on production test from the same formation. The potential size and economic viability of this discovery will be evaluated using 3D seismic data which the JV Partners acquired over the prospect area during this winter season. A full testing program of the North Shore #1 well will be undertaken during the 2008 winter season.

BRPC has also informed the JV Partners that Nabors Rig 27-E did not encounter any oil charged sand formations while drilling the Sak River #1 well. The JV Partners have suspended the Sak River #1 well, pending further evaluation, for the possibility of drilling an exploratory sidetrack during the 2008 winter drilling season. The JV Partners expect to integrate the new well data with proprietary 3D seismic data to evaluate the sidetrack opportunity. The Operator has confirmed that the Sak River #1 well was drilled to a depth sufficient to test both Kuparuk and Ivishak sandstone formation targets. It reached a total vertical depth of 11,348 feet (13,110 feet measured depth).

In addition, the Operator has informed the JV Partners that field acquisition of approximately 130 square miles of data for the North Shore 3D seismic survey was completed on schedule by Kuukpik Veritas on March 31, 2007. Both the North Shore #1 and Sak River #1 well locations are imaged by the new 3-D seismic data.

"TG World is pleased to announce the North Shore No.1 discovery early in our North Slope Alaska exploration program," said Cliff James, TG World President and CEO. "Clearly there is evaluation work still to be performed on the well to assess its potential. The partnership group is committed to developing this discovery as soon as possible. Our early success reaffirms our presence in the Central North Slope exploration program. Based on our current prospect inventory and together with the additions we anticipate will emerge and firm up from our recent seismic acquisition and data gathering program, we expect to see a multiple-well program in the 2008 winter season, and in the years to follow. With the results of North Shore No. 1 and the continuing multi-year exploration program covering approximately 309,000 acres of mineral rights the JV Partners control, we are confident that we will be able to build significant production and revenue for TG World."

TG World has a 35% working interest in the North Shore #1 well and in all the JV leases covered by the recent proprietary 3D seismic survey.

Certain information set out in this News Release constitutes forward-looking information, including information relating to the consideration of a sidetrack well during the 2008 winter season as well as operations related to the North Shore #1 well. 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. 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 well to test the Tenere Block, the Saha 1 well, was recently drilled as a dry hole. The second well, Fachi West - 1, in the current three well back-to-back program began drilling on April 7, 2007.

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 309,384 net 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.

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 Brooks Range Petroleum Corp.). 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 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 and development of oil and gas properties, ultimate recoverability of reserves, timing, results and costs of exploration and development activities, 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. The forward-looking statements of the Company contained in this News Release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company is exposed in the conduct of its business (and which may affect the expectations reflected in forward-looking statements) are described in publicly available documents filed by TG World with certain securities regulatory authorities in Canada and are available under the Company's profile at Subject to applicable securities laws, the Company does not undertake any obligation to publicly revise the forward-looking statements included in this News Release to reflect subsequent events or circumstances.

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