TG World Energy announces $21 million First Closing of equity financing



    
    /NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN
    THE U.S./
    

    (TSX-V: TGE)

    CALGARY, Nov. 20 /CNW/ - TG World Energy Corp. (TSX-V: TGE) ("TG World"
or the "Company") is pleased to confirm that it has closed a first tranche
(the "First Closing") of its previously announced private placement of an
aggregate of up to 50 million common shares (the "Offering"). In connection
with the First Closing, the Company issued to subscribers a total of 42
million common shares at a price of $0.50 per common share for gross proceeds
to the Company of $21 million. TG World has been advised that additional
subscriptions are expected and that those subscriptions would enable the
Company to fully complete the Offering.
    The Offering was made through a syndicate of agents co-led by Wellington
West Capital Markets Inc. and Tristone Capital Inc., and including Jennings
Capital Inc.
    The proceeds from the Offering are expected to be used to fund TG World's
ongoing exploration efforts in Alaska and Niger and for general working
capital purposes. The principal purpose of the Offering is to allow TG World
to advance its exploration program in Alaska while it awaits receipt of funds
from the State of Alaska's exploration credit program. On October 23, 2007, TG
World received initial funds, amounting to US$3.6 million, on account of the
exploration credit program.
    The common shares issued in connection with the Offering will be subject
to a four month hold period under applicable securities laws in force in
Canada.
    The securities being offered have not been registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold in
the United States or to, for the account or benefit of, U.S. Persons absent
U.S. registration or an applicable exemption from the U.S. registration
requirements. This press release does not constitute an offer to sell or the
solicitation of an offer to purchase securities in the United States.

    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 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 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.

    
    The TSX Venture Exchange has neither approved nor disapproved the
    contents of this news release and does not accept responsibility for the
    adequacy or accuracy of this news release.
    

    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.
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. 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, availability of financial resources or third-party
financing, availability of drilling and related equipment and new laws and
regulations (domestic and foreign). Forward-looking information respecting
receipt of additional subscriptions and the Company's ability to fully
complete the Offering is based upon advice received from Wellington West
Capital Markets Inc. Forward-looking information respecting the use of the
proceeds from the sale of the Common Shares is based upon the current budget
and development plans of TG World, which are subject to change.
Forward-looking information respecting the 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, and 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. TG World does not assume
responsibility for the accuracy and completeness of the forward-looking
statements set out herein and, subject to applicable securities laws, does not
undertake any obligation to publicly revise these forward-looking statements
to reflect subsequent events or circumstances. 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.





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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