Tallgrass Energy Corp. and Anglo Canadian Oil Corp. Announce Shareholder Approvals Obtained for Arrangement

CALGARY, ALBERTA--(Marketwire - Dec. 24, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

This News Release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities issued pursuant to the plan of arrangement and financing described herein have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from such registration.

Anglo Canadian Oil Corp. ("Anglo") (TSX VENTURE:ACG) and Tallgrass Energy Corp., ("Tallgrass" or the "Company") are pleased to announce that they each have obtained shareholder approval of the previously announced arrangement ("Arrangement") at respective meetings of shareholders held on December 21, 2012. As disclosed, the Arrangement is being conducted for the purposes of effecting an amalgamation of the companies, resulting in the formation of a light oil focused, growth oriented junior exploration and production company. Additionally, a final order of the Court of Queen's Bench of Alberta approving the Arrangement was obtained on December 21, 2012.

The effective date of the Arrangement will be December 31, 2012 subject to the acceptance of the Arrangement of the TSX Venture Exchange and the satisfaction of final closing conditions. Once the Arrangement is completed, the resulting entity will continue under the name "Tallgrass Energy Corp.". A further press release will be issued upon receipt of TSX Venture Exchange approval with further details.

A copy of the joint information circular has been filed on SEDAR under the profile of Anglo at www.sedar.com.

Note Regarding Forward-Looking Statements and Other Advisories

This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws including statements relating to the effective date of the Arrangement and final acceptance of the TSX Venture Exchange. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. The forward-looking information is based on certain key expectations and assumptions made by Anglo and Tallgrass' management, including expectations regarding obtaining the approval of the TSX Venture Exchange and satisfying all final closing conditions. Although Anglo and Tallgrass believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Anglo and Tallgrass can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. These forward-looking statements are made as of the date of this press release and Anglo and Tallgrass disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.