Central North Slope Alaska update: TG World Energy and joint venture participants spud Tofkat No. 1 well



    (TSX-V: TGE)

    CALGARY, Feb. 12 /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").
    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 spud the second well of the 2008 season, Tofkat
No.1, on February 12.
    Tofkat No. 1, located within the JV's Titania prospect area, is situated
just east of the Native village of Nuiqsut along the east side of the Colville
River. Kuparuk sandstones are the reservoir target for this well, which are
also productive in the Nanuq oil field located 5kms to the north-west. Under
the terms of the JV, TG World will, by paying 35.7% of the well costs, earn a
25% working interest in the complete Titania prospect area.
    After the completion of the Tofkat No.1 well, dependant on results, BRPC
plans to either drill a sidetrack to Tofkat No.1 or will move Rig 27E
north-east to drill a second well in the Gwydyr Bay prospect area called North
Shore No.3.

    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 third exploration well, named Facai-1, is expected to be
spud in May 2008.

    
    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.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890