Central North Slope Alaska update: TG WORLD provides North Shore No. 1 testing update



    (TSX-V: TGE)

    CALGARY, Feb. 27 /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").

    Certain information set out in this News Release constitutes
forward-looking information, including information concerning anticipated
exploration activities in Alaska and 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.

    The North Shore No. 1 well was re-entered by the Operator on January 10,
2008. The Operator has advised the Company that the bottom 1,000 feet of the
original well was re-drilled in a sidetrack to 13,361 feet total depth ("TD"),
to a location 153 feet offset from the original bottom-hole location, and that
production liner (4.5") was run to TD. The Operator has also confirmed that
the Ivishak and Sag River Formations were perforated before releasing the rig
on February 6, 2008.
    TG World has been advised that the Ivishak Formation was successfully
tested using a Coiled Tubing Unit. The 22 foot perforated zone near the top of
the Ivishak flowed when lifted with nitrogen, and had oil to surface at 2300
hours on February 19, 2008. After cleaning up load brine and mud filtrate, the
well flowed oil for a total of 16 hours with continually decreasing water cut
and salinities indicative of completion brine. The final 5 hours of testing
recorded a stable oil flow rate of 2,092 barrels of oil per day ("bopd") of 34
degree API oil. The North Shore No. 1 well is located 1,100 feet to the west
of, and is interpreted to be in the same Ivishak oil pool as, the Gwydyr Bay
South No. 1 well, which reportedly flowed at a rate of 2,263 bopd from a 35
foot perforated zone on a production test conducted in 1974. The Company has a
35% working interest in the North Shore No. 1 well.
    Due to mechanical issues down-hole, the test on the Sag River Formation
has not been completed. The Joint Venture participants are currently
evaluating their options. An update is expected to be provided by the Operator
when a decision has been made.
    "We are pleased with the successful test results from the Ivishak
formation in the North Shore No. 1 well," said Cliff James, President and CEO
of TG World. "Further upside remains in the untested Sag River formation in
the North Shore No. 1 well and from two 3D seismically-defined, drill ready
targets that also have both Ivishak and Sag River potential. Both of these can
be reached from the North Shore drilling pad. Future results will allow
determination of potential commerciality."

    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 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
2007/08 winter drilling season include further testing of the North Shore No.
1 well, drilling the Tofkat No. 1 exploration well, acquiring approximately
200 square miles of new 3-D seismic data and contingent upon the results the
JV may drill 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 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 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 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 testing of 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 in Alaska. 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. 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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