TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

August 30, 2010 17:00 ET

TG World Secures US$6.0 Million Debt Facilities

CALGARY, ALBERTA--(Marketwire - Aug. 30, 2010) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") announces that it has closed two loan facilities for a total of US$6.0 million with LIM Asia Special Situations Master Fund Limited ("LIM").

The US$6.0 million will be drawn down in two equal tranches on August 30, 2010 and in September 2010.

The first facility is a 9-month, US$1.0 million bridge financing with an interest rate of 18% and is secured by funds due to TG World from the State of Alaska's Petroleum Production Tax Credit program. The proceeds from the bridge financing facility will be used to repay the remaining amount due on the Secured Loan Facility TG World entered into with an institutional lender on January 18, 2010.

The second facility is an 18-month, US$5.0 million secured debt financing with an interest rate of 16% and is secured by the assets of the Company. This facility is repayable in part or full at any time over the 18-month term, subject to certain prepayment penalties. The proceeds from the secured debt facility will be used to fund ongoing exploration and production in TG World's areas of operation.

In connection with the drawdowns of the secured debt facility, TG World will issue to LIM common share purchase warrants that allow for the purchase of up to 12 million common shares of TG World (4 million on August 30, 2010 and 8 million in September 2010). The warrants expire on August 30, 2012 and have an exercise price of CAD$0.10.

Corporate Profile

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 Tenere 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 use of proceeds from the debt facilities are based on the results of prior exploration, development and production activities, technical information provided to TG World by third parties and the current budget for exploration, development and production activities (which are subject to change). Forward-looking statements regarding the drawdown dates for the facility tranches are based on discussions with LIM. 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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