TG World Energy Corp.

TG World Energy Corp.

July 10, 2007 16:49 ET

TG World: Stock Options Granted

CALGARY, ALBERTA--(Marketwire - July 10, 2007) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") announces today that the Board of Directors have granted options to Mr. Jim Smith, newly appointed member of the Board of Directors of the Company, to acquire up to 250,000 common shares of TG World. Each option represents the right to purchase one common share of the Company at an exercise price of CAD$0.62 per share for a period of 5 years from the date of grant.

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 Corporation. The BRPC / TG World Joint Venture ("JV") was formed as an exploration strategic alliance covering a large area of mutual interest on the Alaskan Central North Slope. The Company's indirect interest in the Central North Slope Alaska Joint Venture includes a 25 - 35% working interest in approximately 309,384 net acres of lease lands and an AMI under which additional lands may be acquired. The Company has a 35% working interest in the Gwydyr Bay Prospect Area. The North Shore #1 well was cased as a potential oil producer in the 2006/07 winter drilling season. The well is approximately 1,100 feet west of and appears to be comparable to the 1974 Mobil Gwydyr Bay South No.1 well, which flowed at an average rate of 2,263 bopd on production test from the same formation. The potential size and economic viability of this discovery will be evaluated using 3D seismic data which the JV Partners acquired over the prospect area during this winter season. A full testing program of the North Shore #1 well is expected to be undertaken during the 2007/08 winter season.

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 kilometers (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 first two wells to test the Tenere Block, Saha-1 and Fachi West-1, were recently drilled as dry holes. The selection of the location for the third prospect is expected to be finalized as soon as possible for drilling in 2007.

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)
    TG World Energy Corp.
    Paul Moon
    Director, Corporate Communications
    (403) 265-4506
    (403) 264-7028 (FAX)