Central North Slope Alaska Update: TG World Announces Successful Joint-Venture Bids In Alaska North Slope And Beaufort Sea Lease Sales



    
    -   Alaska Joint Venture Gross Acreage Under Lease or Option Increases by
        15,360 Acres, Bringing Total Acreage Controlled to Approximately
        340,000 Gross Acres

    -   New Leases Contiguous to Existing JV Lease Holding, Where Winter 2008
        Drilling and 3-D Seismic Program Planned

    (TSX-V: TGE)
    

    CALGARY, Nov. 1 /CNW/ - TG World Energy Corp. (TSX-V: TGE) ("TG World" or
the "Company") announced today that the Alaska Venture Capital Group, LLC
("AVCG") was the successful bidder on six out of six tracts that it bid in
connection with the October 24 Beaufort Sea and North Slope lease sales
conducted by the Alaska Department of Natural Resources. The bids were made on
behalf of the Joint Venture participants: TG World, Brooks Range Petroleum
Corporation ("BRPC", operating subsidiary of AVCG), Ramshorn Investments, Inc.
(a wholly owned subsidiary of Nabors Drilling USA LP) and Bow Valley Alaska
Corporation.
    Certain information set out in this News Release constitutes
forward-looking information, including information concerning anticipated
exploration activities in Alaska during the 2007/2008 winter drilling season
and the timing of selection of a location for the drilling of a third 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.
    "With these additions, the Alaska Joint Venture continues to build a
significant land position, which is expected to provide multiple seasons of
prospect development and exploration activity on the central North Slope,"
said Cliff James, TG World President and CEO. "Importantly, the Alaska Joint
Venture is adding acreage in close proximity to producing fields and existing
pipeline infrastructure."
    The Company has been advised that 21 tracts were bid by all participants
in the Beaufort Sea sale, and 18 tracts were bid by all participants in the
North Slope areawide sale. AVCG bids in the North Slope areawide sale totalled
$104,960, which accounted for 7.75% of the amount bid and 15% of the total
acreage leased in this yearly sale. Four North Slope tracts were purchased.
Three of these tracts are located east of the Colville River Unit, and the
fourth tract is south of Badami Unit, all near currently held Alaska Joint
Venture leases. TG World has a 25% working interest in these tracts.
    In the Beaufort Sea sale, AVCG's bids totalled $52,480, accounting for
7.5% of the amount bid and 9.6% of the acreage leased in this year's sale. The
two Beaufort Sea tracts are also adjacent to already-leased Alaska Joint
Venture lands and were the eastern-most tracts sold. TG World has a 25%
working interest in these tracts.
    Readers are encouraged to view the map accompanying this news release
which is available on the Company's website at www.tgworldenergy.com.

    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 340,000 gross acres of lease lands and an Area of
Mutual Interest under which additional lands may be acquired. Current plans
for the upcoming 2007/08 winter drilling season include testing the North
Shore No.1 well, drilling the Tofkat No.1 exploration well, acquiring up to
200 square miles of new 3-D seismic data and drilling up to two additional
exploration wells.
    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 earlier in 2007),
were dry holes. The selection of the location for the third prospect is
expected to be finalized in the near term.

    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 Alaska Joint Venture and 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 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, 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 timing of testing of the Alaska North Shore No.1 well,
the drilling of additional wells and other exploration activities in Alaska is
based upon prior test results obtained in connection with the drilling of the
North Shore No.1 well, the current exploration plan developed by the Alaska
Joint Venture Participants, the current budget for exploration activities
approved by the Alaska Joint Venture Participants (which is subject to
change). Forward-looking information respecting the timing of selection of a
location for the 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. 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.
    





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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