TG World Energy Corp. (fka TGE.v)

[Tackler]

TG World, partners buy Bachner acres in North Slope

2007-03-09 09:20 ET - News Release

Mr. Clifford James reports

TG WORLD AND JV PARTNERS INCREASE LEASEHOLD BY 70% ON ALASKA NORTH SLOPE

TG World Energy Corp. and its joint venture partners -- Alaska Venture Capital Group LLC (AVCG), Brooks Range Petroleum Corp., Ramshorn Investments Inc. and Bow Valley Alaska Corp. -- have acquired the majority of acreage held by the bid group of J. Andrew Bachner, Keith Forsgren and David Feddersen (Bachner) on the North Slope of Alaska.

The leases acquired totalled 126,990 gross acres -- this represents a 70-per-cent increase in the total acreage currently held by the joint venture partners, up to 309,384 acres from 182,394 acres. The acreage was originally acquired by Bachner in the Alaska area-wide lease sales over the past few years. The acreage acquired is principally in four key areas on the North Slope:


Gwydyr Bay area -- 5,115 acres east of Milne Point unit and surrounded on three sides by existing joint venture lands, where the joint venture partners are drilling two exploration wells and acquiring a 3-D seismic program this winter season;
Colville Delta area -- 11,472 acres west of Kuparuk River unit, adjacent to the northwest corner of the joint venture's Titania leasehold and north of the joint venture's Cronus leasehold;
Pt. Thomson area -- 96,000 acres south of the terminated Pt. Thomson unit, west of the Arctic National Wildlife Refuge (ANWR), and east of the joint venture's Slugger leasehold (the Yukon Gold No. 1 and Red Dog No. 1 wells were drilled on this block of leases); and
Camden Bay area -- 14,403 acres surrounding the ARCO Stinson No. 1 well (that well was drilled in 1990, certified capable of producing and granted extended well data confidentiality because of its proximity to unleased acreage within the ANWR).

The joint venture partners paid an undisclosed sum of cash for the acreage (accounted for in TG World's current budget), and Bachner will maintain an undisclosed overriding royalty interest in the acreage. BRPC vice-president of land and external affairs Jim Winegarner stated: "The Bachner acreage acquisition makes the joint venture partners one of the largest exploration-acreage ownership groups on the North Slope. Gross acreage held by the joint venture partners will total over 300,000 gross acres after this transaction closes and leases are issued from the October, 2006, area-wide sale."

As an update on the seismic acquisition program, Larry Smith, chief geophysicist of BRPC, said: "The joint venture partners' geophysical contractor, Kuukpik Veritas, has started to acquire data on the 130-square-mile North Shore 3-D seismic survey. Kuukpik Veritas should complete the field operations by March 31, 2007. The survey will provide coverage of the group's acreage position in the Gwydyr Bay area, including the newly acquired Bachner leases."