Tango Energy Inc.
TSX VENTURE : TEI

Tango Energy Inc.

February 04, 2009 23:59 ET

Tango Energy Inc.: Stock Option Grants

CALGARY, ALBERTA--(Marketwire - Feb. 4, 2009) - Tango Energy Inc. ("Tango") (TSX VENTURE:TEI) has granted an aggregate of 1,860,000 options to eligible participants pursuant to its shareholder approved Stock Option Plan. All of the options are exercisable for a five-year term at $0.13 per common share with one third vesting immediately and one third on each of the next two anniversary dates.

Of the options granted, 900,000 are to officers with the remaining grants to employees and consultants. Following today's grant, 1,197,462 common share options remain reserved for issuance pursuant to Tango's Stock Option Plan.

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
    President and CEO
    (403) 266-5688

    or

    Tango Energy Inc.
    David E. Blain
    VP Finance and CFO
    (403) 266-5688
    Fax: (403) 266-8817
    Website: www.tangoenergy.com