Tango Updates Provides Upward Revision to Year-End Reserves

CALGARY, ALBERTA--(Marketwire - Feb. 10, 2010) - Tango Energy Inc. ("Tango") (TSX VENTURE:TEI) provides the following upward revision to its petroleum and natural gas reserves as of December 31, 2009 due to a mechanical pricing error in the prior reserves report. The following summary updates the summary contained in a press release dated January 29, 2010.

The following tables provide information on Tango's petroleum oil and gas reserves and the present value of the estimated future net cash flow associated with such reserves as at December 31, 2009. The information set forth below is derived from the Paddock Lindstrom and Associates Ltd. ("PLA") report, which has been prepared in accordance with the standards contained in the COGE Handbook and the reserves definitions contained in NI 51-101. It should not be assumed that the estimated future net cash flow shown below is representative of the fair market value of the Corporation's properties. There is no assurance that such price and cost assumptions will be attained and variances could be material. "Gross" reserve quantities include the Company's share of reserves before royalty plus royalty income volumes. "Net" reserve quantities include the Company's share of reserves after royalty plus royalty income volumes.

Forecast product prices and operating costs were escalated at a rate of 2.0% per year beyond 2014. The exchange rate used for the US/Canadian dollar was 0.95. The forecast prices presented above utilize PLA's price forecast as at December 31, 2009.

Additional reserve information will be included in Tango's NI 51-101 report, which will be filed on SEDAR.

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 aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in the estimated future development costs generally will not reflect total finding and development costs related to reserve additions for that year.