TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

October 30, 2006 15:28 ET

TG World Tenere Project Update

SAHA - 1 EXPLORATION WELL COMMENCES DRILLING

CALGARY, ALBERTA--(CCNMatthews - Oct. 30, 2006) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") is pleased to announce that the Saha-1 Exploration Well has commenced drilling on its Tenere Concession, Niger. For past information concerning the Tenere Project, please refer to the Company's website at www.tgworldenergy.com.

The Company has been advised by the Tenere Project Operator, CNPC International Tenere Limited ("CNPCIT"), a unit of the China National Petroleum Corporation ("CNPC"), that the Saha-1 Well was "spudded" at 7:00 am Niger time (6:00 am GMT) on October 30, 2006.

The Saha-1 Well, which is expected to be drilled to a total depth of approximately 3,600 metres, is the first of three back-to-back exploration wells planned for the Tenere Concession during the First Exploration Period. Through a wholly-owned subsidiary, TG World holds a 20% carried interest in the well and the Tenere Concession.

"This is great news," said TG World CEO Clifford James. "The top drive was the last major piece of equipment to be delivered and we are advised that it is now installed and operating. CNPC has expended considerable effort to provide equipment in advance for any eventuality in the drilling program - for all three wells. They are applying the expertise gained from their Sudan and Chad discoveries and we anticipate a highly professional drilling campaign."

Corporate Profile

TG World is a Calgary-based, junior international oil and gas exploration company. 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 Petronas and Exxon have so far drilled six announced oil discoveries and one gas discovery. CNPCIT, a unit of CNPC, holds the other 80% of the Tenere concession and acts as operator of the project.

On March 18, 2006, TG World, through a wholly-owned subsidiary, entered into a major exploration project through the formation of a joint venture on the Central North Slope of Alaska with Brooks Range Petroleum Corporation ("BRPC"), a wholly owned subsidiary of Alaska Venture Capital Group, LLC. The BRPC / TG World Joint Venture ("JV") was formed as an exploration strategic alliance covering a large area of mutual interest on the Alaskan North Slope. Membership in the JV was expanded in June 2006 with the addition of Ramshorn Investments, Inc., a wholly owned subsidiary of Nabors Drilling USA, LP, and in October 2006, with the addition of Bow Valley Alaska Corporation, a wholly-owned subsidiary of Bow Valley Energy Ltd. The Company's interest in the Central North Slope Alaska Joint Venture includes a 25 - 35% working interest in approximately 182,394 net acres of lease lands and an AMI under which additional lands may be acquired.

The statements contained in this News Release that are not historical facts are forward-looking statements. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "anticipate" or "will" and similar expressions) may include plans, expectations, opinions or guidance that are not statements of fact. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the time such statements are made and, in certain cases, information provided or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated in or implied by such forward-looking statements. These factors include, but are not limited to, such things as 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 and development of oil and gas properties, ultimate recoverability of reserves, timing, results and costs of exploration and development activities, availability of financial resources or third-party financing, availability of drilling and related equipment and new laws and regulations (domestic and foreign). Forward-looking information respecting anticipated drilling activities on the Tenere Concession is based upon advice received from the operator of the Tenere Concession, CNPC International Tenere Ltd., which, in turn, is based, among other things, upon the current budget, development plans and overall strategy for exploration of the Tenere Concession developed by CNPC International Tenere Ltd., all of which are subject to change. The forward-looking statements of TG World Energy Corp. contained in this News Release are expressed 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.
    Clifford M. James
    President and CEO
    (403) 265-4506
    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