TG World Energy Corp. Announces Closing of Private Placement

TG World Energy Corp. ("TG World" or the "Corporation") (TSX VENTURE:TGE)
announces that it has closed its previously announced private placement of
41,650,000 common shares of the Corporation ("Common Shares"), at a price of
$0.05 per Common Share and the issuance of a $1,317,500 principal amount
convertible promissory note (the "Note") for aggregate gross proceeds of
$3,400,000 (the "Private Placement"). 


In connection with the Private Placement, TVI ("TVI") (TSX:TVI) acquired
29,650,000 Common Shares and the Note at an aggregate purchase price of
$2,800,000. LIM Asia Special Situations Master Fund Limited was issued
12,000,000 Common Shares for subscription proceeds of $600,000. 


The principal amount of the Note (and accrued interest and certain other amounts
that may become owing to TVI under the Note) may be converted into Common Shares
of the Corporation, at a conversion price of $0.05 per Common Share, in certain
circumstances, including: (i) if the Corporation's board of directors resolves
to accept an acquisition proposal from a third party that constitutes a superior
proposal for purposes of the Arrangement Agreement entered into between TVI and
the Corporation on December 23, 2010; (ii) if, after conversion, the number of
Common Shares of the Corporation held by TVI would be less than 19.5% of the
total number of outstanding Common Shares of the Corporation; (iii) if the
conversion is approved by the Corporation's shareholders; (iv) if the Common
Shares of the Corporation are delisted from the TSX Venture Exchange (the
"Exchange"); (v) if the Exchange provides its consent to conversion; or (vi) on
December 31, 2015. Under the terms of the Note, the conversion price of the Note
will be increased to $0.10 per Common Share if conversion is undertaken in the
circumstances described in (ii), (iii) or (vi) above and shareholder approval of
the conversion terms of the Note has not previously been obtained on a majority
of the minority basis from the Corporation's shareholders, as contemplated by
the policies of the Exchange.


Funds received by TG World pursuant to the Private Placement will be used by the
Corporation to pay amounts owing, or that may become owing, in respect of the
oil and gas assets of certain TG subsidiaries in the Philippines and Alaska and
(to the extent of any balance) for other corporate purposes.


The issuance of the Common Shares and the Note under the Private Placement has
been conditionally accepted by the Exchange, and consequently remains subject to
the final acceptance by the Exchange pending the satisfaction of certain
conditions, including the filing of certain documents with the Exchange and the
payment of fees associated with the Private Placement. All securities issued
under the Private Placement are subject to hold periods imposed under applicable
Canadian securities laws and stock exchange rules.


Corporate Profile

TG World is a Calgary-based, junior international oil and gas company with
exploration, development and production operations in the Philippines, Alaska
and Niger. 


TG World (BVI) Corp. (a wholly-owned subsidiary of TG World) is partnered with
operator Nido Petroleum Ltd., Kairiki Energy Ltd. and Trafigura Ventures III BV
in a joint venture for Service Contract 54A in the North West Palawan Basin of
the Philippines.


TG World Energy Inc. (a wholly-owned subsidiary of TG World) is partnered with
operator Brooks Range Petroleum Corp., Alaska Venture Capital Group, Brooks
Range Development Corp. and Ramshorn Investments Inc. in a joint venture that is
pursuing oil and gas opportunities on the Central North Slope of Alaska. 


TG World Petroleum Ltd. (a wholly-owned subsidiary of TG World) is partnered
with operator CNPCIT, a unit of the China National Petroleum Company, in the
Tenere Block oil and gas concession in the Republic of Niger, Africa.


This news release contains certain forward looking statements within the meaning
of applicable Canadian securities laws. Forward-looking statements are often,
but not always, identified by the use of words such as "anticipate", "plan",
"intend", "estimate", "expect", "may", "will", "should", or similar words
suggesting future activities, circumstances or outcomes. In particular, this
news release contains forward-looking statements relating to the anticipated use
of proceeds from the Private Placement and the acceptance of the Private
Placement by the Exchange. Forward-looking statements are based upon the
opinions and expectations of management of TG World as at the effective date of
such statements and, in some cases, information supplied by third parties.
Although TG World 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, changes in operating conditions (including as a result of weather patterns),
the volatility of prices for oil, gas and other commodities, commodity supply
and demand, fluctuations in currency and interest rates, inherent risks
associated with the exploration, development and production of oil and gas
(including mechanical and environmental problems), timing, results and costs of
exploration and development activities and defaults by counterparties.
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 concerning the anticipated use of proceeds of the
Private Placement are based upon the terms of the subscription agreement entered
into with TVI. Forward-looking statements concerning the final acceptance of the
Private Placement by the Exchange are based on the conditional acceptance letter
of the Exchange.


The forward-looking statements contained in this news release are made as of the
date hereof and TG World does not undertake any obligation to update publicly or
to revise any of the included forward-looking statements, except as required by
applicable Canadian securities laws. The forward-looking statements contained
herein are expressly qualified by this cautionary statement.