Alange Energy announces completion of acquisition of Delavaco Energy Inc. and
appointment of new director

TORONTO, Oct. 22 /CNW/ - Further to its News Release dated October 1, 2009, Alange Energy Corp. ("Alange Energy") is pleased to announce that, effective today, it has completed its acquisition of Delavaco Energy Inc. (the "Transaction"). Under the Transaction, Alange Energy acquired all issued and outstanding Delavaco common shares in exchange for common shares of Alange Energy pursuant to an amalgamation between Delavaco and a wholly-owned subsidiary of Alange Energy. Delavaco shareholders exchanged each of their Delavaco common shares for 0.8674 of an Alange Energy common share. The Transaction was an arm's length transaction, and was approved by the shareholders of Delavaco and by the TSX Venture Exchange.

Commenting on the Transaction, Mr. Luis Giusti, Alange Energy's Chairman and CEO stated that "the acquisition of Delavaco increases the 2P reserve base of Alange Energy almost three-fold to 34.4 million barrels of oil equivalent while the incorporation of new equity in La Punta and Rio Magdalena will translate into immediate and short-term additional production growth".

Alange Energy has approximately 745 million common shares issued and outstanding, of which approximately 142.5 million common shares were issued to Delavaco shareholders upon closing.

In connection with the Transaction, GMP Securities L.P. acted as Alange Energy's exclusive financial advisor, Canaccord Capital Corp. acted as Delavaco's financial advisor, and both Power One Capital Markets Limited and Clarus Securities Inc. acted as Delavaco's strategic advisors. In connection with the Transaction, Mr. Andy DeFrancesco, Delavaco's Founder and Chairman added "I would also like to acknowledge Renvest Mercantile Bancorp who provided bridge and acquisition financing via their Global Resource Fund at a critical juncture in Delavaco's growth".

Alange Energy also announced today that the Board of Directors of the Company has appointed Mr. Jaime Perez Branger as a director of the Company. Mr. Perez Branger has more than 20 years of experience in the financial and industrial sector. Mr. Perez Branger is the President of a family holding company and is the managing director and founding partner of NextVentures, a financial advisory firm. He continues to serve on the board of directors of companies inside and outside of Venezuela related to the financial, agricultural, commercial, mining and tourism sectors, and is a director of several business guild organizations. Previously Mr. Perez Branger managed the corporate finance department of Vestcorpartners, a regional investment bank, was Vice President of the capital markets and corporate finance department at Citibank in Caracas, and was founding partner of Andino Capital Markets, a Latin American investment bank, where he was directly responsible for the areas of corporate finance and private equity investments. Mr. Perez Branger is a graduate of the London School of Economics where he obtained his Masters Degree in Economics.

Mr. Giusti commented that "Mr. Perez Branger brings to our board a deep knowledge of the global financial world, with special focus on Latin America, in addition to intensive experience and involvement in mining and oil and gas ventures".

Alange Energy has also filed today on SEDAR (www.sedar.com) a copy of the independent reserve and resource assessment report dated as of March 31, 2009 prepared by Petrotech Engineering Ltd. ("Petrotech"), of Burnaby, Canada, relating to the current resource base of its wholly-owned subsidiary, Prospero Hydrocarbons Inc., in six oil and gas properties in four basins in Colombia. As previously announced, on September 9, 2009, Alange Energy completed the acquisition of the remaining 72% equity interest in Prospero. Together with the five existing oil and gas properties, for which the Company had already filed a Petrotech Report dated as of March 31, 2009 on SEDAR, Alange Energy's gross share of total 2P reserves in the eleven oil and gas properties in Colombia (excluding the Delavaco interests) amounted to 12.6 million barrels of oil equivalent.

Alange Energy is a Canadian-based oil and gas exploration and production company, with working interests in thirteen properties in Colombia.

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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ALANGE ENERGY CORP.

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