Central North Slope Alaska Update: TG World Adds 5,120 Acres To Gwydyr Bay Prospect Area



    
    -   Includes Pete's Wicked Oil Discovery

    (TSX-V: TGE)
    

    CALGARY, June 10 /CNW/ - TG World Energy Corp. (TSX-V:TGE) ("TG World" or
the "Company") today announced that the Operator of the Alaska Central North
Slope exploration program, Brooks Range Petroleum Corporation ("BRPC" or the
"Operator"), has completed the acquisition of 5,120 acres of Alaska State
petroleum leases on behalf of the Alaska Joint Venture involving BRPC and the
Company ("JV"). The acquisition of these leases was completed on June 6, 2008.
    The leases were acquired from the Pioneer Natural Resources Alaska, Inc.,
which previously held a 100% undivided interest over the applicable lands. The
leases are located approximately three miles north of the Prudhoe Bay oil
field and are contiguous with the JV's existing 45,598 acres of Gwydyr Bay
Prospect leases. All of the newly acquired leases are located within the area
covered by the JV's proprietary 2007 3-D seismic survey. TG World has a 35%
working interest in the Gwydyr Bay Prospect area.
    The leases include the Pete's Wicked oil discovery. The Pete's Wicked No.
1 exploration well was drilled by BP Exploration Alaska in 1997 and was
reported to be an indicated oil discovery in the Ivishak formation. A 60 foot
oil column above an oil/water contact has been interpreted by the Alaska JV
Operator from well log data. Oil was also reportedly encountered while
drilling through the overlying Sag River Formation, although well logging was
incomplete over this zone. The well was plugged and abandoned without
production testing of the oil zones.

    Certain information set out in this News Release is forward-looking,
being information concerning the timing of commencement of drilling of a
proposed third exploration well on the Ténéré Block in Niger. Readers should
review the cautionary statement respecting forward-looking information that
appears at the end of this News Release.

    
    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 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 Alaska Joint Venture includes a 25 - 35% working interest in
approximately 324,000 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 Ténéré Block, an oil and gas concession in the Republic of Niger,
Africa, measuring 71,155 square kilometres (17.3 million acres). The Ténéré
Block contains the northern half of the Termit - Ténéré 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 Ténéré concession and acts as operator of the project. The first two wells
to test the Ténéré Block, Saha-1 and Fachi West-1 (drilled in 2007), were dry
holes. The third exploration well, named Facai-1, is expected to be spud in
the latter half of 2008.

    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 (including the operator of the Ténéré block). 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, 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, timing, results and costs of exploration and
development activities, political or civil unrest, availability of financial
resources or third-party financing, availability of drilling and related
equipment 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
information respecting the timing of commencement of drilling of the third
well on the Ténéré Block is based upon advice received from the operator of
the Ténéré Concession, CNPC International Ténéré Ltd., which, in turn, is
based, among other things, upon the current budget, development plans and
overall strategy for exploration of the Ténéré Concession developed by CNPC
International Ténéré Ltd., all of which are subject to change, and the
security situation in various parts of Niger, over which neither the operator
nor the Company has any control. The forward-looking statements of TG World
Energy Corp. 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.
    





For further information:

For further information: Clifford M. James, President and CEO, (403)
265-4506; Paul Moon, Director, Corporate Communications, (403) 265-4506

Organization Profile

TG WORLD ENERGY CORP.

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