Tango Energy Inc.

Tango Energy Inc.

February 02, 2010 12:14 ET

Tango Energy Inc.: Operations Update

CALGARY, ALBERTA--(Marketwire - Feb. 2, 2010) - Tango Energy Inc. ("Tango" or the "Company") (TSX VENTURE:TEI) is pleased to announce updates to its production, reserves and budget as follows:


Tango's current production is 720 barrels of oil equivalent per day (sales) of which 99% is natural gas. The Quaich 3-3-10-3W5M well is currently producing at 2.4 million cubic feet per day ("mmcf/d") gross sales (1.4 mmcf/d net sales), and 12-34-9-3W5 is currently producing at 2.6 mmcf/d gross sales (1.6 mmcf/d net sales).


The 12-34 well at Quaich commenced production on January 8, 2010. For internal evaluation purposes, Tango has moved the proved developed non-producing reserves for the 12-34 well, that were independently assigned by Paddock Lindstrom & Associates Ltd. in its evaluation effective December 31, 2009, to the proved developed producing category.


Tango's Board of Directors has approved a $7 million capital budget for 2010. This budget assumes an estimated working capital deficit of approximately $1.6 million as at December 31, 2009, and a number of projected expenditures in the Quaich, Hanlan, and Blackstone areas during 2010.

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 of such forward-looking statements. 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.

BOE's may be misleading, particularly if used in isolation. In accordance with NI 51-101, a barrel of oil equivalent (boe) conversion ratio of 6 mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Abbreviations used are defined as flows: m$ (thousands of dollars); mcf (thousand standard cubic feet); mmcf (million standard cubic feet); mboe (thousands of barrels of oil equivalent); mmBTU (million British Thermal Units).

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Tango Energy Inc.
    John M. Gunn
    Chief Executive Officer
    (403) 266-5688
    (403) 266-8817 (FAX)
    Tango Energy Inc.
    Jeremy Newton
    President & COO
    (403) 266-5688
    (403) 266-8817 (FAX)