TG World Energy Corp. announces that the Operator of the Alaska Central North Slope exploration program, Brooks Range Petroleum Corporation (“BRPC” or the “Operator”), has completed the acquisition of 5,120 acres of Alaska State petroleum leases on behalf of the Alaska Joint Venture involving BRPC and the Company ("JV"). The acquisition of these leases was completed on June 6, 2008.
The leases were acquired from the Pioneer Natural Resources Alaska, Inc., which previously held a 100% undivided interest over the applicable lands. The leases are located approximately three miles north of the Prudhoe Bay oil field and are contiguous with the JV's existing 45,598 acres of Gwydyr Bay Prospect leases.
All of the newly acquired leases are located within the area covered by the JV’s proprietary 2007 3-D seismic survey. TG World has a 35% working interest in the Gwydyr Bay Prospect area.
The leases include the Pete’s Wicked oil discovery. The Pete’s Wicked #1 exploration well was drilled by BP Exploration Alaska in 1997 and was reported to be an indicated oil discovery in the Ivishak formation. A 60 foot oil column above an oil/water contact has been interpreted by the Alaska JV Operator from well log data. Oil was also reportedly encountered while drilling through the overlying Sag River Formation, although well logging was incomplete over this zone. The well was plugged and abandoned without production testing of the oil zones.
