TG World Energy Corp.

TG World Energy Corp.

November 25, 2009 07:00 ET

TG World Provides Alaska Drilling Program

- Up to three exploratory wells planned for the North Slope of Alaska - Updated corporate presentation and third quarter financial documents available on TG World website

CALGARY, ALBERTA--(Marketwire - Nov. 25, 2009) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") announced today that its wholly-owned subsidiary, TG World Energy Inc. ("TG Alaska") and the other participants in the Alaska joint venture ("JV") have established a 2009-2010 Alaska winter drilling program. The JV participants currently plan to drill up to three wells on properties located on the North Slope of Alaska, a prominent oil fairway that includes major oil fields such as Prudhoe Bay and Kuparuk River.

The operator, Brooks Range Petroleum Corporation ("BRPC"), is in the process of securing a Nabors drilling rig for a winter exploration program that will initially be focused on drilling in the Gwydyr Bay area of the Alaska North Slope. The rig is expected to be mobilized in early January 2010, subject to ice road conditions. The first well in the program is the Sak River #1a well, designed to test a Kuparuk exploration prospect identified by proprietary 3-D seismic data. The prospect is located within the joint venture's Beechy Point Unit ("Unit") which contains two undeveloped oil pools to date. TG Alaska will pay 45.7% of the well costs to participate for its 35% working interest in the Unit. Should this well be successful and reach the expected reserve potential, the projected volumes will allow for commercial development within the Unit.

Contingent on the results of the Sak River #1a well, TG Alaska may participate in a second 2010 exploration well, North Shore # 3, located in the North Shore exploration block within the Unit, with the objective of adding to the oil volumes already discovered in the two pools penetrated by the North Shore #1 and Pete's Wicked #1 wells. If it participates in the well, TG Alaska will pay 45.7% of the well costs to participate for its 35% working interest in the Unit. The North Shore #3 well will be drilled from the existing North Shore #1 drill pad and will test an exploration prospect identified by proprietary 3-D seismic data. This prospect has two potentially productive intervals, the Sag River and the Ivishak. Should this well be successful, the JV participants believe that the additional reserves will exceed the threshold required for the proposed North Shore development project, allowing the project to be completed on a standalone basis, without requiring volumes from the potential Sak River discovery.

A third exploration well is also being considered by the JV participants and details will be released, subject to successful conclusions and agreement being reached regarding this well. The timing for drilling the third well is dependent on the length of the prior two wells, but the JV partners currently anticipate that the well, if drilled, will commence in either late 2010 or 2011.

TG Alaska is a participant in a joint venture with the Alaska Venture Capital Group LLC ("AVCG"), Ramshorn Investments Inc. and Dana Petroleum PLC on prospects situated on approximately 240,000 gross acres in Alaska. The joint venture is operated by BRPC, a 100% subsidiary of AVCG.

In combination with today's announcement TG World has made available on the "Presentations" page of its website ( an updated corporate presentation reflecting details of the 2009-2010 winter drill program for the Alaska North Slope area amongst other company operations.

In addition, TG World announced that it has filed its Financial Statements and Management's Discussion & Analysis as at and for the three and nine month periods ended September 30, 2009. These documents have been submitted to the applicable securities regulators in Canada and are available on the "Financial Statements" page of the Company's website ( Copies of these documents will also be made available under TG World's profile on SEDAR website (

Corporate Profile

TG World is a Calgary-based, junior international oil and gas exploration company currently focused on Alaska and Niger.

TG World Energy Inc., a wholly-owned subsidiary of TG World, is involved in a joint venture with AVCG, Ramshorn Investments Inc. and Dana Petroleum PLC. The joint venture is operated by BRPC. The BRPC / TG World Joint Venture was formed in 2006 as an exploration strategic alliance covering a large area of mutual interest on the Alaskan Central North Slope.

A second wholly-owned TG World subsidiary, TG World Petroleum Limited, 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 of this rift is located in the adjacent Agadem Block, where nine oil discoveries and one gas discovery have been announced. CNPCIT, a unit of China National Petroleum Company, holds the other 80% of the Tenere concession and acts as operator of the project.

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 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, 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 respecting anticipated exploration activities in Alaska during the 2010/2011 winter season are based upon the results of prior exploration activities, the status of TG Alaska's discussions with the other Alaska Joint Venture Participants as to the nature and extent of the 2009/2010/2011 exploration programs, the current budget for exploration activities approved by the Alaska Joint Venture Participants (which is subject to change) and the length of the 2009/2010 winter drilling season in Alaska. 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

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.

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