CALGARY, June 9 /CNW/ - TG World Energy Corp. (TSX-V:TGE) ("TG World" or
the "Company") is pleased to announce that, subject to the receipt of all
necessary regulatory approvals, Mr. Dean Callaway has been appointed as Chief
Financial Officer of the Company.
Mr. Callaway has over 20 years of finance and development experience in
the energy sector. He previously served as the chief financial officer of a
junior oil and gas company with operations in South-East Asia and, prior to
that role, held finance positions with an oil and gas company involved in the
North Sea and Africa. Mr. Callaway has also been employed in a number of
senior development and finance/treasury positions in pipeline and power
companies with international operations. In addition, his broad experience
includes time spent in the investment banking industry.
"We are pleased to welcome Dean to the TG World team", noted Cliff James,
TG World's President and CEO. "Dean brings with him a portfolio of skills that
will benefit TG World's management and contribute to our forward strategy of
growing and expanding the Company".
TG World also announced that its Board of Directors has approved a grant
of options to Mr. Callaway, under which he may acquire up to 400,000 common
shares of TG World. Each option entitles Mr. Callaway to purchase one common
share of the Company, at an exercise price of CAD$0.12 per share (subject to
customary anti-dilution adjustments), for a period of 5 years from the date of
TG World is a Calgary-based, junior international oil and gas exploration
company focused on Alaska and selected international locations. The Company
has approximately CAD$24 million of consolidated working capital available to
TG World Energy Inc., a wholly-owned subsidiary of TG World, is involved
in a joint venture with Brooks Range Petroleum Corp ("BRPC"). The BRPC/TG
World Joint Venture was formed in 2006 as an exploration strategic alliance
covering a large area of mutual interest on the Alaskan Central North Slope.
TG World Energy Inc. holds a 25 - 35% working interest in approximately
342,707 gross acres of lease lands and an Area of Mutual Interest under which
additional lands may be acquired.
A second wholly-owned TG World subsidiary, TG World Petroleum Limited,
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 of this rift is located in the adjacent Agadem
Block, where six oil discoveries and one gas discovery have been announced.
CNPCIT, a unit of China National Petroleum Company, holds the other 80% of the
Ténéré concession and acts as operator of the project.
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