Central North Slope Alaska Update: TG World Energy and joint venture participants re-enter North Shore No. 1 well



    (TSX-V: TGE)

    CALGARY, Jan. 11 /CNW/ - TG World Energy Corp. (TSX-V:TGE) ("TG World" or
the "Company") is pleased to provide an update on the Alaska Central North
Slope winter 2008 exploration program, which is being carried out by the
project operator Brooks Range Petroleum Corporation ("BRPC" or the
"Operator"), a wholly-owned subsidiary of the Alaska Venture Capital Group
("AVCG").
    BRPC has informed the joint venture ("JV") participants, TG World Energy
Inc., Bow Valley Alaska Corporation and Ramshorn Investments Inc., that
contracted rig, Nabors' 27E, re-entered the North Shore No. 1 well on January
10 to further evaluate an Ivishak oil accumulation that was originally tested
in 1974.

    Certain information set out in this News Release constitutes
forward-looking information, including information concerning anticipated
exploration activities in Alaska and the timing of selection of a location for
the drilling of a third well on the Tenere Block in Niger. Readers should
review the cautionary statement respecting forward-looking information that
appears at the end of this News Release.

    Last winter season, on behalf of the JV, BRPC successfully drilled and
logged the prospective Sag and Ivishak Formations but was unable to complete
the well due to the winter drilling season coming to an end. The well bore was
drilled to 13,319 feet total measured depth. Casing was run in the well to
approximately 12,500 feet measured depth and cemented, and the well was
suspended and made ready for re-entry during the 2008 winter drilling season.
The Operator has advised that it plans to sidetrack out of the existing
casing, re-drill the last 1,000 feet, complete the well, and then test both
the Sag and Ivishak formations. TG World has a 35% working interest in the
North Shore No. 1 well.
    After the completion of the North Shore No. 1 well, Nabors Rig 27E is
scheduled to move west and drill the Tofkat No. 1 well, located within the
JV's Titania Prospect Area, which is situated just east of the Village of
Nuiqsut along the east side of the Colville River. The Company has a 25%
working interest in the Tofkat No. 1 well.
    Early JV plans included the acquisition of 3-D seismic data over portions
of its leases in the Slugger Prospect Area situated along the eastern fringe
of the Central North Slope. Lack of snow cover in this area to date has caused
the JV to revise its plans and the operator has advised that the seismic crew
has been instructed to acquire seismic over the JV's leases located in the
Colville River Area, which lies on the western fringe of the Central North
Slope. Any prospects developed from this survey would be candidates for
drilling in the 2009 and 2010 winter seasons. TG World is paying 25% of the
costs of the seismic program.
    "The JV's winter drilling program has officially commenced", stated Cliff
James, TG World's President and CEO. "Clearly there is a lot of work to be
done during this season's multiple-well program and we look forward in
continuing where we left off last year. Based on the JV's current prospect
inventory, we have more drill candidates in the pipeline that we can currently
handle in one season, which sets us up nicely for future programs."

    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 2008 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 kilometers (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 China National Petroleum
Corp., 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 further drilling activities at the Alaska North Shore
No.1 well, the drilling of additional wells and other exploration activities
in Alaska (including the collection of seismic data) 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) and the length
of the 2008 winter drilling season. 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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