TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

March 01, 2011 14:05 ET

TG World Energy Corp. Corporate Update

CALGARY, ALBERTA--(Marketwire - March 1, 2011) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") announces that it has entered into an unsecured loan arrangement (the "Loan") with TVI Pacific Inc. ("TVI") for US$500,000. The full amount of the Loan will be advanced immediately to TG World and will be used to fund obligations in the Philippines. The Loan carries an interest rate of 15% and matures on March 14, 2011.

As previously announced, TG World Energy Corp. and TVI Pacific Inc. have entered into an Arrangement Agreement whereby holders of TG World shares will receive 0.458 of a common share of TVI for each TG World share held. The Arrangement is subject to approval of TG World shareholders at a meeting to be held on March 4, 2011.

Corporate Profile

TG World is a Calgary-based, junior international oil and gas company with exploration, development and production operations in the Philippines, Alaska and Niger.

TG World (BVI) Corp. (a wholly-owned subsidiary of TG World) is partnered with operator Nido Petroleum Ltd., Kairiki Energy Ltd. and Trafigura Ventures III BV in a joint venture for Service Contract 54A in the North West Palawan Basin of the Philippines. 

TG World Energy Inc. (a wholly-owned subsidiary of TG World) is partnered with operator Brooks Range Petroleum Corp., Alaska Venture Capital Group, Brooks Range Development Corp. and Ramshorn Investments Inc. in a joint venture that is pursuing oil and gas opportunities on the Central North Slope of Alaska.

TG World Petroleum Ltd. (a wholly-owned subsidiary of TG World) is partnered with operator CNPCIT, a unit of the China National Petroleum Company, in the Ténéré Block oil and gas concession in the Republic of Niger, Africa. 

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. 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 in Canada, the United States, Niger, the Philippines and elsewhere, 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, production, timing, results and costs of exploration and development activities, political or civil unrest, availability of financial resources or third-party financing, availability of equipment and personnel, and new laws and regulations (domestic and foreign). Forward-looking statements concerning the proposed acquisition of TG World by TVI are based upon the terms of the January 16, 2010, Amended and Restated Arrangement Agreement entered into between TG World and TVI and that all necessary shareholder, court and regulatory approvals required in connection with the proposed arrangement are obtained on terms satisfactory to TVI and TG World.

Forward-looking statements concerning share exchange ratios associated with the proposed arrangement are based upon the terms of the January 16, 2010, Amended and Restated Arrangement Agreement entered into between TG World and TVI Pacific. Forward-looking statements respecting the nature and timing of de-mobilization activities in the Philippines are based on the discussions carried out to date with Nido Petroleum Limited, the current budget and plans of the joint venture partners and the current budget, exploration plans and overall strategy in the Philippines (which are all subject to change). 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 statements of TG World 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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