TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

May 19, 2006 16:20 ET

TG World Energy Corp. Announces Renegotiation of Success Fee Agreement Relating to Tenere Block and Issuance of Common Shares

CALGARY, ALBERTA--(CCNMatthews - May 19, 2006) - TG World Energy Corp (TSX VENTURE:TGE) (the "Corporation") announced today that it has renegotiated the terms of the success fee agreement (the "Fee Agreement") entered into on August 11, 2004 among the Corporation, its wholly-owned subsidiary, TG World Petroleum Limited, and the Corporation's principal legal counsel, Bennett Jones LLP. As indicated in the Corporation's 2005 Annual Report, the success fee arrangement with Bennett Jones was entered into by the Corporation in connection with its efforts to settle legal matters pertaining to the Tenere Block with China National Petroleum Corporation (and related parties) and the Government of Niger. Having regard to the successful settlement of those legal matters in 2004, the success fee provided for in the Fee Agreement became payable to Bennett Jones.

Notwithstanding the original terms of the Fee Agreement, each of the parties agreed that the obligations of the Corporation and TG World Petroleum Limited in relation to the payment of the success fee would be discharged in full through the issuance of 750,000 common shares (the "Shares") in the capital of the Corporation to Bennett Jones. The Shares were issued at an ascribed price of $1.30 per Share, being the closing price of the Corporation's common shares on the TSX Venture Exchange on May 18, 2006, the date immediately preceding the issuance of the Shares.

All of the Shares issued to Bennett Jones are subject to restrictions on resale under securities laws in force in Canada until September 20, 2006.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

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