Tango Energy Inc.
TSX VENTURE : TEI

Tango Energy Inc.

June 20, 2007 23:59 ET

Tango Provides Budget Update and Announces Management Changes

CALGARY, ALBERTA--(Marketwire - June 20, 2007) - Tango (TSX VENTURE:TEI) is pleased to provide the following budget and management update.

For the balance of 2007, the Board of Directors has approved a $10 million capital budget. The proposed expenditures, will allow the Company to move aggressively forward with its principally exploration drilling program in a number of areas. Significant activity will commence as soon as possible in Hanlan and Deanne, with further activity scheduled during the fall in the Blackstone, Quaich, Karr, and Cecilia project areas. Geological targets being pursued encompass both Cretaceous and Devonian formations located in the Deep Basin, west of the fifth meridian in Alberta. Tango is committed to its program which represents exposure to both high impact exploration as well as lower risk development targets.

Additionally, Tango announces the resignation of John E. Bell as President and Secretary of the Corporation, effective immediately. Mr. Bell will remain as a director and technical consultant to Tango, as he pursues his recreational business interests. Tango would like to thank Mr. Bell for his past contributions to Tango as President and Secretary, and looks forward to his continued involvement in the future growth of Tango through the Board of Directors.

John M. Gunn, P.Eng. will assume the role of President and CEO of the Corporation; Jeremy P. Newton, P.Land will become Vice President of Land and Exploration, and David E. Blain, C.A. will remain as Vice President Finance and CFO. Tango is currently recruiting additional engineering and geological staff members to complement its team.

Tango currently expects to average approximately 750 barrels of oil equivalent per day during the second quarter of 2007 and is committed to delivering superior returns to our shareholders through its exploration program in west central Alberta.

Tango Energy Inc. is listed on the TSX-Venture Exchange under the Symbol TEI.

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, and 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.

Contact Information

  • Tango Energy Inc.
    John M. Gunn
    President and Chief Executive Officer
    Phone: (403) 266-5688
    Fax: (403) 266-8817