Tango Energy Inc.

Tango Energy Inc.

February 17, 2009 23:59 ET

Tango Announces Management Changes

CALGARY, ALBERTA--(Marketwire - Feb. 17, 2009) - Tango Energy Inc. ("Tango") (TSX VENTURE:TEI) is pleased to announce the following additions and changes to its management team. Tango welcomes Mr. Geoff Beatson as Vice President of Engineering and Operations, and Mr. Allan Phillips as Vice President of Exploration. As well, Tango congratulates Mr. Jeremy Newton in his promotion to President and Chief Operating Officer of the Company.

Mr. Beatson is a professional engineer (P.Eng.) and is a 1983 graduate from the University of Calgary in Mechanical Engineering (B.Sc.). He has held increasingly responsible positions with Ocelot Industries Ltd., Bow Valley Energy Inc., Talisman Energy Inc., Anderson Exploration Ltd., Encal Energy Ltd., Bunker Energy Inc., Energy 51 Inc., and Watch Resources Ltd.. Geoff has been employed by Tango since April, 2008.

Mr. Phillips is a professional geologist (P.Geol.) and is a 1978 graduate from Brock University in Geological Sciences (B.Sc. Honors). Mr Phillips has also held increasingly responsible positions at Consumers Gas Company Limited, Pembina Resources Limited, Kerr-McGee Canada Ltd., Canadian Conquest Exploration Inc., Startech Energy Inc., Thunder Energy Inc., and Adamant Energy Inc. Allan has been employed by Tango since August 2008.

Mr. Newton is a 1989 graduate from The University of Calgary in Commerce (B.Com.). He has held increasingly responsible positions in the domestic and international oil and gas business with Husky Oil, Norcen Energy Inc., Petromet Resources Ltd., Velvet Exploration Ltd., El Paso Oil and Gas Ltd., and Rio Alto International. Jeremy has been with Tango since August, 2006 most recently as Vice President Land and Exploration.

Tango maintains a positive working capital position and untapped bank lines whilst continuing to look for opportunities in the oil and gas industry.

Tango Energy Inc. is listed on the TSX-Venture Exchange under the Symbol TEI. Tango's website is www.tangoenergy.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release contains forward-looking information. By their nature, forward-looking statements involve assumptions and known and unknown risks and uncertainties that may cause actual future results to differ materially from those contemplated. These risks include such things as volatility of oil and gas prices, commodity supply and demand, fluctuations in currency and interest rates, ultimate recoverability of reserves, timing and costs of drilling activities and pipeline construction, new regulations and legislation and availability of capital. Tango does not undertake to update any such forward-looking statements except as required by law. Please refer to Tango's Annual Report for more detail as to the nature of these risks and uncertainties. Although Tango believes that the expectations represented by these forward looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

Natural gas volumes have been converted to a barrel of oil equivalent ("boe") using six thousand cubic feet equal to one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms with Canadian Securities Regulators National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Boe's may be misleading, particularly if used in isolation.

Funds flow from operations and funds flow from operations per share and netback are not recognized measures under Canadian generally accepted accounting principles. Management believes that these items are a useful measure of financial performance. Funds flow from operations is defined as net income plus non-cash charges including, depletion, depreciation and accretion, future taxes and stock-based compensation, after asset retirement costs. Funds flow from operations per share is calculated by dividing the weighted average number of shares outstanding during the year into funds flow from operations. Netback is the average per unit of volume for oil and gas revenues less royalties and production costs incurred. Netback is expressed in terms of dollars per boe.

Contact Information

  • Tango Energy Inc.
    John M. Gunn
    (403) 266-5688


    Tango Energy Inc.
    Jeremy Newton
    President and COO
    (403) 266-5688
    Fax: (403) 266-8817
    Website: www.tangoenergy.com