TG Successful in JV Bids in Alaska N. Slope and Beaufort Sea

TG World Energy announced that the Alaska Venture Capital Group, LLC was the successful bidder on six out of six tracts that it bid in connection with the October 24 Beaufort Sea and North Slope lease sales conducted by the Alaska Department of Natural Resources. The bids were made on behalf of the Joint Venture participants: TG World, Brooks Range Petroleum Corporation, Ramshorn Investments, Inc. (a wholly owned subsidiary of Nabors Drilling USA LP) and Bow Valley Alaska Corporation.

"With these additions, the Alaska Joint Venture continues to build a significant land position, which is expected to provide multiple seasons of prospect development and exploration activity on the central North Slope," said Cliff James, TG World President and CEO. "Importantly, the Alaska Joint Venture is adding acreage in close proximity to producing fields and existing pipeline infrastructure."

The Company has been advised that 21 tracts were bid by all participants in the Beaufort Sea sale, and 18 tracts were bid by all participants in the North Slope areawide sale. AVCG bids in the North Slope areawide sale totalled $104,960, which accounted for 7.75% of the amount bid and 15% of the total acreage leased in this yearly sale. Four North Slope tracts were purchased. Three of these tracts are located east of the Colville River Unit, and the fourth tract is south of Badami Unit, all near currently held Alaska Joint Venture leases. TG World has a 25% working interest in these tracts.

In the Beaufort Sea sale, AVCG’s bids totalled $52,480, accounting for 7.5% of the amount bid and 9.6% of the acreage leased in this year’s sale. The two Beaufort Sea tracts are also adjacent to already-leased Alaska Joint Venture lands and were the eastern-most tracts sold. TG World has a 25% working interest in these tracts.