Central North Slope Alaska Update: TG World Provides Alaska 2007/08 Winter Program Details


    (TSX-V: TGE)

    Alaska Joint Venture exploration plan contemplates:

    -   Completion and Testing of North Shore No. 1 Well
    -   Drilling of Tofkat-1 Exploration Well (Titania Prospect)
    -   Drilling of Two Additional Exploration Wells
    -   Acquisition of up to 200 Square Miles of Additional 3-D Seismic

    CALGARY, Oct. 22 /CNW/ - TG World Energy Corp. (TSX-V: TGE) ("TG World"
or "the Company") announced today details of the 2007/08 exploration plan for
the North Central Slope of Alaska developed by the Company and the other
Alaska Joint Venture participants, Brooks Range Petroleum ("BRPC"), Ramshorn
Investments, Inc., and Bow Valley Alaska Corp. (collectively the "JV
Participants"). Readers are encouraged to view the October investor
presentation available on the Company's website at www.tgworldenergy.com for
further exploration program details.
    Certain information set out in this News Release constitutes
forward-looking information, including information relating to timing of
mobilization of drilling equipment to complete and test the North Shore No.1
well, the timing of drilling of the Tofkat No.1 well, the timing of drilling
of a satellite prospect in the Gwydyr Bay Prospect area, the drilling of a
third exploration well during the 2007/08 winter drilling season, plans to
acquire additional 3-D seismic data over Alaska North Slope properties and
finalization of the location of a third prospect well in Niger. Readers should
review the cautionary statement respecting forward-looking information that
appears at the end of this News Release.
    Nabors Rig 27-E has been secured for a 120 day winter drilling program
and is expected to be mobilized once ice roads are opened by the State of
Alaska -- approximately January 1, 2008. The completion and testing of the
North Shore No.1 well, drilled during the 2006/07 winter season at the Gwydyr
Bay prospect area, has been selected as the first operation in the winter
schedule. The North Shore No.1 well reached a final total vertical depth of
10,319 feet (13,309 feet measured depth) in the Ivishak formation and was
cased as a potential oil producer. The North Shore No.1 well bottomhole
location is approximately 1,100 feet west of the 1974 Mobil Gwydyr Bay South
No.1 well, which was reported to have flowed at an average of 2,263 barrels of
oil per day on production test from the Ivishak formation. TG World has a 35%
working interest in the North Shore No.1 well.
    The Tofkat No.1 exploration well, located within the Titania Prospect
Area, is scheduled to be drilled after North Shore No.1 well operations are
completed. The Kuparuk sandstones are the reservoir target for this
seismic-defined prospect; the Kuparuk is productive in the Nanuq field,
located 5kms to the north-west. If Tofkat No.1 is a discovery, the JV
Participants may choose to drill a sidetrack well this winter season to help
delineate the reservoir extent. Under the terms of the Joint Venture
arrangements, the Company will, by paying 35.7% of the well costs, earn a 25%
working interest in the complete Titania Prospect Area.
    3-D seismic data acquired by the JV Participants in 2007 over the Gwydyr
Bay Prospect Area has identified two small satellite prospects to North Shore
No.1 that can be reached from the North Shore No.1 drilling pad. The first
satellite prospect is expected to be drilled after Tofkat No.1 well operations
are completed. TG World has a 35% working interest in the satellite prospects.
The first North Shore satellite, if successful, could be a catalyst for North
Shore field development.
    The JV participants expect that a third exploration well will be selected
for drilling during the 2007/08 season from prospects in the Gwydyr Bay Area
covered by proprietary 3-D seismic data. Final prospect selection is awaiting
delivery and interpretation of the pre-stack depth migrated seismic volume. TG
World has a 35% working interest in the relevant leases.
    A CGG-Veritas seismic crew has been secured for a one month slot. The
Joint Venture plans to acquire up to 200 sq. miles of 3-D data over portions
of its lease holdings in the Slugger and Titania/Big Island Prospect Areas.
Prospects developed from these surveys would be candidates for drilling in the
2009 and 2010 winter seasons. TG World is paying 25% of the costs of the
seismic program.
    "We look forward to the high level of exploration activity slated for the
coming winter season," said Cliff James, TG World President and CEO. "We are
eager to test the North Shore No.1 well and drill additional nearby structures
to assess the area for oil potential. The multiple-well program planned for
this winter is based on the Joint Venture's current prospect inventory, which
was developed as a result of the seismic acquisition and data gathering
program initiated last season."

    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 Central North Slope Alaska Joint Venture includes a
25 - 35% working interest in approximately 335,000 gross acres of lease lands
and an Area of Mutual Interest under which additional lands may be acquired.
The Company has a 35% working interest in the Gwydyr Bay Prospect Area.
    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 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, expectations and estimates of management as at the
time such statements are made and, in certain cases, information provided or
disseminated by third parties, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or outcomes to
differ materially from those anticipated in 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, availability of
drilling rigs and other equipment, 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 timing of
testing of the North Shore No.1 well, the drilling of additional wells and
other exploration activities in Alaska, and the acquisition have additional
3-D seismic data covering properties on the Alaska Central North Slope is
based upon prior test results obtained in connection with the drilling of the
North Shore No.1 well, the current exploration and development plan developed
by the Alaska JV Participants, the current budget for exploration and
development activities approved by the Alaska JV Participants (which is
subject to change). Forward-looking information respecting anticipated
drilling activities on the Ténéré Concession 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. Although management of the Company believes that the
expectations reflected in such forward-looking statements are reasonable and
that information received from third parties is reliable, there can be no
assurance that such forward-looking statements will prove to have been
correct. 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. 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


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