TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

May 19, 2010 19:15 ET

TG World Files First Quarter 2010 Financial Documents

CALGARY, ALBERTA--(Marketwire - May 19, 2010) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") today filed its Financial Statements and Management's Discussion & Analysis for the period ended March 31, 2010. These documents have been submitted to the applicable securities regulators in Canada and will be available under the Company's profile on SEDAR (www.sedar.com).

For the quarter end March 31, 2010, TG World has written down its petroleum and natural gas properties by $22.0 million. The write-down reflects the unsuccessful drilling results announced on March 8, 2010, regarding the Sak River #1a exploration well in Alaska and the subsequent relinquishment of certain acreage in the Beechy Point Unit.

A copy of TG World's First Quarter Interim Report, an amalgamation of the Financial Statements and Management's Discussion & Analysis, can be accessed on the "Financial Statements" page of the Company's website at http://www.tgworldenergy.com/financestate.html.

TG World Energy

TG World is a Calgary-based, junior international oil and gas company with diversified exploration and development 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 ("SC 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). 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.

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.
    Dean Callaway
    CFO and Vice President, Finance
    (403) 265-4506
    or
    TG World Energy Corp.
    Ian McColl
    Investor Relations Analyst
    (403) 265-4506
    www.tgworldenergy.com