Alange Energy Announces 180% Growth in 2P Net Reserves, 400% Increase in
Proved Reserves and Filing of 2009 Year End Reserve Report

TORONTO, April 26 /CNW/ - Alange Energy Corp. (TSX-V: ALE) ("Alange Energy" or the "Company") announced today that it has received an independent reserves evaluation report for the year ended December 31, 2009 in respect of seven of its blocks in Colombia. The combined proved plus probable (2P) reserves for these blocks increased by 180% compared to those reported on March 31, 2009, which amounts to a gross (before royalties) total to the Company of 31.65 million barrels of oil equivalent (MMboe) as at December 31, 2009, having a total net present value (NPV) (10% discount, before tax) of US$358.9 million. The report's evaluation also reflects a fourfold increase in the gross proved reserves (1P) to a total of 8.48 MMboe at year end.

The growth reflected in the report is the result of a combination of successful drilling and the completion of two corporate acquisitions - Prospero Hydrocarbons Inc. in September 2009 and Delavaco Energy Inc. in October 2009, both as previously announced by the Company.

Mr. Luis E. Giusti, the Company's Chief Executive Officer stated that "the new reserves report reflects the significant reservoir analysis, seismic acquisition, and drilling efforts by Alange Energy since its listing on the TSX Venture Exchange in July 2009, which have brought to the fore the true value of our carefully selected portfolio of oil and gas properties."

The following table summarizes the growth of proved plus probable (2P) reserves for the Rio Magdalena, Cubiro, Carbonera La Silla, Mecaya, La Punta, Cerrito and Carbonera blocks from March 31, 2009 to December 31, 2009:

    
                          2P Reserves : December 31, 2009 vs. March 31, 2009
    -------------------------------------------------------------------------
                                                Natural Gas
                      L & M Oil  Natural Gas      Liquids     Oil Equivalent
                   Gross    Net   Gross  Net   Gross    Net    Gross    Net
                  (MMbbl) (MMbbl) (Bcf) (Bcf) (MMbbl) (MMbbl) (MMboe) (MMboe)
    -------------------------------------------------------------------------
    March 2009(1)   1.01  0.93   56.32   52.00   0.89   0.82   11.29   10.41
    -------------------------------------------------------------------------
    December 2009   6.61  5.92  119.64  110.24   5.10   4.70   31.66   28.99
    -------------------------------------------------------------------------
    Reserve
     Additions, Net
     of Production  5.61  4.99   63.32   58.24   4.21   3.87   20.37   18.57
    -------------------------------------------------------------------------
    Notes:
    (1) Based on Petrotech Engineering Report effective March 31, 2009 titled
        "Evaluation of the Interests of Alange, Corp. in Five Oil & Gas
        Properties in Three Basins in Colombia".
    (2) "Gross reserves" are the Company's share of the reserve before
        deduction of royalty payments.
    (3) "Net reserves" are the Company's share of the gross reserve after
        deduction of royalty payments
    (4) MMbbl means million barrels. Bcf means billion cubic feet. MMboe
        means million barrels of oil equivalent. Barrels of oil equivalent
        (Boe) may be misleading, particularly if used in isolation. A Boe
        conversion ratio of 6 thousand cubic feet: 1 barrel is based on an
        energy equivalency conversion method primarily applicable at the
        burner tip and does not represent a value equivalency at the
        wellhead.
    

The new reserves report dated April 2010 is effective December 31, 2009 and is entitled "Evaluation of the Interests of Alange Energy Corp. in Proved & Probable Reserves for year ending 2009 in Seven Properties in Colombia". It was prepared by Petrotech Engineering Ltd. in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The report has been filed, and is available for review, on www.sedar.com and on the Company's website.

A summary of the Company's net share of proved developed producing, non-producing, undeveloped and probable reserves and future net revenue discounted at 0%, 5%, 10%, 15%, and 20% before income tax, is as follows:

    
    -------------------------------------------------------------------------
    Reserve Category        Crude Oil Reserves       Natural Gas Reserves
                          100%    Gross     Net      100%    Gross     Net
                         (Mbbl)   (Mbbl)   (Mbbl)   (Mboe)   (Mboe)   (Mboe)
    -------------------------------------------------------------------------
    Proved Producing      2,358      781      719        0        0        0
    Proved Non-producing    684      477      439    1,903    1,782    1,668
    Proved Undeveloped    6,284    1,875    1,725    3,085    2,676    2,360
    Total Proved          9,325    3,133    2,882    4,988    4,458    4,028
    Probable Producing      896       32       30        0        0        0
    Probable Non-Producing  108       98       90    2,311    2,211    2,069
    Probable Undeveloped  2,032    1,043      959   14,450   13,271   12,277
    Total Probable        6,951    3,483    3,035   16,760   15,481   14,346
    Total Proved +
     Probable            16,276    6,614    5,917   21,748   19,940   18,374
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Reserve Category                Condensate         Total BOE Reserves
                                  Gross     Net      100%    Gross     Net
                                  (Mbbl)   (Mbbl)   (Mboe)   (Mboe)   (Mboe)
    -------------------------------------------------------------------------
    Proved Producing                   0        0    2,358      781      719
    Proved Non-producing             321      295    2,587    2,580    2,402
    Proved Undeveloped               571      526    9,369    5,122    4,611
    Total Proved                     892      821   14,313    8,483    7,731
    Probable Producing                 0        0      896       32       30
    Probable Non-Producing           124      114    2,419    2,433    2,273
    Probable Undeveloped           4,088    3,761   16,482   18,402   16,997
    Total Probable                 4,212    3,874   23,711   23,176   21,255
    Total Proved + Probable        5,103    4,695   38,024   31,657   28,986
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Reserve Category    NPV of Future Net Revenue Before Tax Discounted @
                                0%        5%        10%       15%       20%
                               ($M)      ($M)      ($M)      ($M)      ($M)
    -------------------------------------------------------------------------
      Proved Producing        42,257    40,788    39,476    38,298    37,232
      Proved Non-producing    53,270    43,418    35,808    29,823    25,037
      Proved Undeveloped     104,321    85,147    70,448    58,909    49,663
    Total Proved             199,847   169,355   145,732   127,031   111,932
      Probable Producing       1,643     1,508     1,393     1,293     1,205
      Probable Non-Producing  50,218    36,825    26,665    19,851    15,155
      Probable Undeveloped   313,565   186,816   114,853    71,935    45,153
    Total Probable           482,268   313,748   213,153   150,584   109,707
    Total Proved + Probable  682,115   483,103   358,885   277,615   221,639
    -------------------------------------------------------------------------
    Proved ($/BOE)            $23.56    $19.96    $17.18    $14.97    $13.19
    -------------------------------------------------------------------------
    Proved + Probable ($/BOE) $21.55    $15.26    $11.34     $8.77     $7.00
    -------------------------------------------------------------------------
    Notes:
    (1) "Gross reserves" are the Company's share of the reserve before
        deduction of royalty payments.
    (2) "Net reserves" are the Company's share of the gross reserve after
        deduction of royalty payments.

    A summary of reserves information for each property evaluated in the
Petrotech report is set out below:

    -------------------------------------------------------------------------
       Reserve             L & M Oil        Natural Gas  Natural Gas Liquids
       Category          Gross     Net     Gross     Net     Gross     Net
                         (Mbbl)   (Mbbl)   (MMcf)   (MMcf)   (Mbbl)   (Mbbl)
    -------------------------------------------------------------------------
    Proved Producing
      Cubiro                740      681
      La Punta No. 2         41       38
    Total Producing         781      718
    Proved Non-Producing
      Carbonera                             5,872    5,497       36       33
      Rio Magdalena         222      204    4,822    4,513      285      262
      Mecaya                255      235
    Total Non-Producing     477      439   10,695   10,010      321      295
    Proved Undeveloped
      Cubiro                925      851
      La Punta No. 3        218      200
      Cerrito                               6,390    5,112
      Rio Magdalena         222      204    9,666    9,047      571      526
      Mecaya                510      470
    Total Undeveloped     1,875    1,725   16,056   14,159      571      526
    Total Proved          3,132    2,882   26,750   24,169      892      821
    Probable
      Cubiro                906      833
      La Punta No. 2 &
       No. 3                 69       63
      Carbonera                            41,566   38,906      254      233
      Cerrito                               6,390    5,112
      Rio Magdalena         593      546   44,932   42,057    3,958    3,641
      Carbonera La Silla  1,403    1,122
      Mecaya                512      471
    Total Probable        3,482    3,035   92,888   86,074    4,212    3,875
    Proved + Probable     6,614    5,917  119,638  110,243    5,104    4,695
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Reserve                 NPV of Future Net Revenue Before Tax
    Category                       Discounted (in $M) @
                           0%       5%       10%      15%      20%
    -------------------------------------------------------------------------
    Proved Producing
      Cubiro             39,986   38,593   37,349   36,232   35,221
      La Punta No. 2      2,271    2,195    2,127    2,066    2,011
    Total Producing      42,257   40,789   39,477   38,298   37,232
    Proved Non-Producing
      Carbonera          18,875   15,612   13,050   11,009    9,359
      Rio Magdalena      22,489   17,763   14,198   11,451    9,293
      Mecaya             11,906   10,043    8,560    7,363    6,385
    Total Non-Producing  53,269   43,418   35,808   29,823   25,037
    Proved Undeveloped
      Cubiro             41,323   37,302   33,875   30,927   28,369
      La Punta No. 3     10,182    9,054    8,106    7,300    6,610
      Cerrito            12,125    8,555    6,124    4,405    3,148
      Rio Magdalena      22,368   15,250    9,967    5,968    2,886
      Mecaya             18,323   14,986   12,376   10,309    8,650
    Total Undeveloped   104,322   85,148   70,447   58,909   49,663
    Total Proved        199,848  169,354  145,731  127,031  111,932
    Probable
      Cubiro             45,188   39,640   35,053   31,221   27,985
      La Punta No. 2 &
       No. 3              3,750    3,272    2,887    2,571    2,310
      Carbonera          89,163   54,449   31,273   16,370    6,586
      Cerrito            12,429    8,205    5,553    3,828    2,668
      Rio Magdalena     243,022  145,615   92,220   61,363   42,592
      Carbonera
       La Silla          71,654   48,959   35,189   26,284   20,209
      Mecaya             17,062   13,608   10,978    8,947    7,356
    Total Probable      482,267  313,749  213,153  150,583  109,705
    Proved + Probable   682,114  483,104  358,884  277,614  221,637
    -------------------------------------------------------------------------

    Notes:
    (1) "100% reserves" are all reserves attributable to the field. The
        Company does not hold an entire interest in 100% reserves. See table
        and notes (2) and (3) below.
    (2) "Gross reserves" are the Company's share of the reserve before
        deduction of royalty payments.
    (3) "Net reserves" are the Company's share of the gross reserve after
        deduction of royalty payments.

    As at December 2009, the Company had the following working interests in
each of the blocks evaluated in the Petrotech report:

           Block - Field Name            Working Interest
           ------------------            ----------------
           Rio Magdalena                       91%
           Cubiro                              60.5%
           Carbonera La Silla                  58%
           Mecaya                              58%
           La Punta                            3.6%
           Cerrito                             76% to 81%
           Carbonera                           96%
    

The estimates of reserves and future net revenues in this release are based on forecast prices and costs as set forth in each report noted above and are estimates only.

Reserves are classified according to the degree of certainty associated with the estimates. Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.

Alange Energy is a Canadian-based oil and gas exploration and production company, with working interests in twelve properties in four basins in Colombia. Further information can be obtained by visiting our website at www.alangeenergy.com.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of production, revenue, cash flow and costs, reserve and resource estimates, potential resources and reserves and the company's exploration and development plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the company based on information currently available to the company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from the estimates and assumptions; failure to establish estimated resources or reserves; fluctuations in petroleum prices and currency exchange rates; inflation; changes in equity markets; political developments in Colombia; changes to regulations affecting the company's activities; uncertainties relating to the availability and costs of financing needed in the future; the uncertainties involved in interpreting drilling results and other geological data; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the company's periodic reports filed on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Information in this press release expressed in barrels of oil equivalent (boe) is derived by converting natural gas to oil in the ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

%SEDAR: 00005776E

SOURCE ALANGE ENERGY CORP.

For further information: For further information: Michael Davies, Chief Financial Officer, (416) 360-4653, ext. 224

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