Central North Slope Alaska Update: TG World Energy Announces Preliminary Drilling Results at Tofkat No.1

    (TSX-V: TGE)

    CALGARY, March 4 /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
    BRPC has informed the joint venture ("JV") participants, TG World Energy
Inc., Bow Valley Alaska Corporation and Ramshorn Investments Inc., that the
Tofkat No.1 exploration well has reached a total vertical depth of 7,703 feet
(13,174 feet measured depth). The Operator has reported that the well
encountered several zones which indicated hydrocarbon potential. These zones
will be evaluated through logging and testing. A decision has been made by the
working interest owners to side track the well for appraisal after initial
logging and testing is completed. More information is expected to be available
by the end of March, 2008.
    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 Tofkat prospect area.
Tofkat No.1 is situated just east of the Native village of Nuiqsut along the
east side of the Colville River, and 5kms to the south-east of the
Nanuq/Alpine oil fields.
    The President and CEO of TG World Energy Corp., Clifford M. James, noted
that: "While various tests must be undertaken and the results of those tests
analyzed before we are able to draw any conclusions concerning commerciality,
we are encouraged with the indications of hydrocarbons noted during the
drilling process."

    Certain information set out in this News Release constitutes
forward-looking information, including information concerning anticipated
testing of the Tofkat No.1 well, expectations concerning the decision to
sidetrack the Tofkat No.1 well 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.

    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 and testing 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 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 statements
respecting anticipated testing of the Tofkat No.1 well and expectations
concerning the decision to sidetrack the Tofkat No.1 well are based upon
information obtained during the drilling of the Tofkat 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 expressly 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

    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


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