TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

December 22, 2008 09:00 ET

TG World Receives Approval for Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Dec. 22, 2008) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") announced today that it has received approval from the TSX Venture Exchange (the "TSX-V") to proceed with a normal course issuer bid ("NCIB") through the facilities of the TSX-V. Background information regarding the NCIB is set out in the news release disseminated by the Company on November 26, 2008, a copy of which has been filed with SEDAR and is available at www.tgworldenergy.com.

Under the NCIB, TG World may, from time to time, purchase for cancellation up to 6,116,376 common shares of the Company, at market prices, representing up to 5% of the 122,327,538 common shares of the Company currently outstanding. TG World may commence purchases under the NCIB on December 22, 2008, and may continue purchasing under the NCIB until December 21, 2009 or such time as it has acquired the maximum number of shares that it is permitted to purchase under the NCIB. Wellington West Capital Markets has agreed to act on behalf of TG World to carry out any share purchases in connection with the NCIB, under the guidelines of the TSX-V.

At a meeting of the Board of Directors held on November 25, 2008, the directors authorized the implementation of a normal course issuer bid by the Company. The directors of TG World believe that the market price of the Company's common shares may not reflect the underlying value of its business or future prospects. As a result, common shares of the TG World may periodically become available for purchase at prices that represent an appropriate use of the Company's resources.

The Company has not previously purchased any of its outstanding shares under a normal course issuer bid. Restrictions on purchases under the NCIB exist such that no more than 2% of the total number of outstanding shares of the Company can be acquired in any 30 day period. There is no minimum number of shares that must be purchased by the Company under the NCIB.

TG World expects to include summary information concerning the NCIB with its annual meeting materials, which are scheduled to be mailed to shareholders in May 2009.

Corporate Profile

TG World is a Calgary-based, junior international oil and gas exploration company. On March 18, 2006, TG World Energy Inc., a wholly-owned subsidiary of TG World, entered into a major exploration project through the formation of a joint venture with Brooks Range Petroleum Corp. The BRPC / TG World Joint Venture was formed as an exploration strategic alliance covering a large area of mutual interest on the Alaskan Central North Slope. Through a wholly-owned subsidiary, the Company's interest in the Alaska Joint Venture includes a 25 - 35% working interest in approximately 335,000 gross acres of lease lands and an Area of Mutual Interest under which additional lands may be acquired.

Through a wholly-owned subsidiary, TG World 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 is adjacent to the Agadem Block, where six oil discoveries and one gas discovery have been announced. CNPCIT, a unit of CNPC, holds the other 80% of the Tenere concession and acts as operator of the project.

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.
    Clifford M. James
    President and CEO
    (403) 265-4506
    (403) 264-7028 (FAX)
    or
    TG World Energy Corp.
    Paul Moon
    Director, Corporate Communications
    (403) 265-4506
    (403) 264-7028 (FAX)
    Email: info@tgworldenergy.com
    Website: www.tgworldenergy.com