Tango Energy Inc.

Tango Energy Inc.

April 15, 2008 23:59 ET

Tango Reports 2007 Financial and Operating Results

CALGARY, ALBERTA--(Marketwire - April 15, 2008) - Tango Energy Inc. ("Tango")
(TSX VENTURE:TEI) is pleased to report on its audited financial and operating
results for the year ended December 31, 2007.


Three Months Ended Years Ended

December 31, December 31,

2007 2006 2007 2006 2005


Financial Results

($000s, except per

share amounts)

Gross revenues 2,400 1,549 10,973 5,478 4,027

Income (loss) before taxes (931) (124) (2,928) (442) 582

Net income (loss) 7 (438) (1,427) 97 366

Per share - basic 0.00 (0.01) (0.03) 0.00 0.01

Per share - diluted 0.00 (0.01) (0.03) 0.00 0.01

Funds flow from operations 996 608 5,351 2,934 2,555

Per share - basic 0.02 0.01 0.10 0.07 0.08

Per share - diluted 0.02 0.01 0.10 0.07 0.08

Additions to property and

equipment, net of proceeds 5,737 6,854 11,332 19,402 11,487

Total assets 43,854 44,231 43,854 44,231 37,495

Working capital (5,035) (5,669) (5,035) (5,669) 7,234

Asset retirement obligations 656 596 656 596 486

Future income taxes 4,963 5,349 4,963 5,349 1,727

Flow-through share

obligations 2,000 3,000 2,000 3,000 6,800


Share Data (000s)

Equity outstanding

Common shares 65,725 49,430 65,725 49,430 42,157

Stock options and warrants 3,405 4,150 3,405 4,150 2,485


Fully diluted 69,130 53,580 69,130 53,580 44,642


Sales Volumes (average)

Natural gas (mcf/d) 3,681 2,004 4,121 1,820 1,020

Crude oil and liquids (bbls/d) 25 35 28 29 19

Average boe/d 638 369 716 332 189


Product Prices (average)

Natural gas ($/mcf) 6.41 7.37 6.75 6.99 9.10

Crude oil and liquids ($/bbl) 81.73 52.68 69.09 64.66 68.75


Netback Analysis ($/boe)

Oil and gas revenue 40.14 45.02 41.56 43.89 56.03

Gathering income 0.56 0.38 0.36 0.11 -

Royalty expense 11.08 6.62 8.43 5.52 6.95

Operating costs 9.38 7.03 8.54 6.93 7.12


Netback 20.24 31.75 24.95 31.55 41.96



Sales volumes averaged 716 barrels of oil equivalent per day ("boepd") during
the year ended December 31, 2007, a 116% increase over the 332 boepd over
2006. This increase in production was primarily from Tango's new production
at Cecilia, Hanlan and Ricinus, offset by normal production declines.

During the twelve months ended December 31, 2007 Tango conducted additional
testing operations at Quaich and continued to obtain approvals to have the
pipeline construction approved and licensed. Tango drilled a well at Cecilia
and a further well at Deanne. The Cecilia well was completed and placed on
production in 2007, whereas the Deanne well was completed and tested in 2007
and remains suspended at this time.

Tango has 29,920 gross (17,417 net) acres of undeveloped land located west of
the fifth and sixth meridians within the foothills and deep basin portion of
the Western Canadian Sedimentary Basin. Tango continues to post and acquire
crown land on new plays, as well as crown land offsetting existing

During the first half of 2008 Tango expects to equip and tie-in Quaich and
commence plans to drill a follow up well on this play.

Tango will run further completion operations on some existing wells and
review the tie-in of the Deanne well after spring break-up.

Tango also announces it has filed its detailed reserves information required
by National Instrument 51-101 of the Canadian Securities Administrators,
including the Statements and Reports required by Forms 51-101F1, 51-1-1F2 and
51-101F3. A copy of the N51-101 reports can be viewed on SEDAR at

For a copy of Tango's December 31, 2007 Financial Statements and Management
Discussion and Analysis please visit www.sedar.com.

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, 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 & CEO
    (403) 266-5688


    Tango Energy Inc.
    Jeremy P. Newton
    V.P. Land & Exploration
    (403) 266-5688
    Fax: (403) 266-8817