TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

June 15, 2010 09:00 ET

TG World Provides Update on Tindalo-1 Oil Well Testing Program

CALGARY, ALBERTA--(Marketwire - June 15, 2010) - Project partner and operator of Service Contract 54A in the Philippines, Nido Petroleum Limited, ("Nido") has provided TG World Energy Corp. (TSX VENTURE:TGE) ("TG World") with an update on the Tindalo-1 well. The well has been testing at various production rates since early June.

"Nido Petroleum Ltd provides this update on the Extended Well Testing ("EWT") at Tindalo.

A series of tests have been completed to further assess the productivity of the well and the source of the produced water. The following can be confirmed:

  • Well productivity exceeded expectations with high rate testing confirming well productivity in excess of 18,500 barrels per day;
  • Some 56,708 barrels of oil along with approximately 5,384 barrels of water have been produced from the well;
  • The water processing equipment is not available for use due to an equipment fault and the field is being produced at a restricted rate of approximately 6,000 bbls/day for operational purposes. This equipment is scheduled to be replaced in the coming days thereby allowing production rates to be optimised; and
  • The water that has been produced to date may be either fluid introduced to the reservoir during the drilling and/or completion of the well or alternatively it may be formation water. Produced water samples are being analysed in Singapore to confirm the water source.

Nido advises that it will provide a further update to the market once the reservoir management plan has been finalised including the optimised rate for the EWT."

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 respecting the development of the Tindalo discovery (including potential production), future exploration and development in SC 54A and other potential opportunities between Nido and TG World are based on the discussions carried out to date, the results of prior exploration and development activities, technical information provided to TG World by Nido and the current budget for exploration and development activities (which are subject to change). 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
    (403) 264-7028 (FAX)
    or
    TG World Energy Corp.
    Ian McColl
    Investor Relations Analyst
    (403) 265-4506
    (403) 264-7028 (FAX)
    info@tgworldenergy.com
    www.tgworldenergy.com