Alange Energy Files Independent Reserve and Resource Assessment for Five Colombian Oil and Gas Properties on SEDAR



    TORONTO, Aug. 13 /CNW/ - Alange Energy Corp. (TSXV: ALE) announced today
the filing on SEDAR (www.sedar.com) of the independent reserve and resource
assessment report dated as of March 31, 2009 (the "Petrotech Report") prepared
by Petrotech Engineering Ltd. ("Petrotech"), of Burnaby, Canada, relating to
the current resource base of its wholly-owned subsidiary, Alange, Corp., in
five oil and gas properties in three basins in Colombia.
    The Petrotech Report reserve and resource estimates set out in this press
release were prepared in accordance with the requirements of Canadian National
Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.
Capitalized terms related to resource classifications used in this press
release are based on the definitions and guidelines in the Canadian Oil and
Gas Evaluation Handbook ("COGEH").
    The Petrotech Report provides the following summary of the company's net
share of total proved (developed producing, developed non-producing,
undeveloped), probable and possible reserves from the five blocks in which it
currently holds interests:

    
    Reserve Category         L&M Oil Reserves             Natural Gas
    ----------------
                         100%(1) Gross(2)   Net(2)  100%(1) Gross(2)   Net(2)
                          (Mbbl)   (Mbbl)   (Mbbl)   (MMcf)   (MMcf)   (MMcf)
                        -------- -------- -------- -------- -------- --------
    Proved Producing      1,222      504      464      588      419      335
    Proved Non-Producing    457      188      172    1,411    1,072    1,004
    Proved Undeveloped      763      314      289    3,207    2,499    2,125
                        -------- -------- -------- -------- -------- --------
    Total Proved (P1)     2,442    1,007      925    5,206    3,990    3,464

    Probable                                        98,948   52,325   48,539
                                                   -------- -------- --------
    Total Proved
     + Probable
     (P1 + P2)            2,442    1,007      925  104,154   56,315   52,004
    Possible                                        89,472   47,369   43,639
                                                   -------- -------- --------
    Total 3P              2,442    1,007      925  193,627  103,684   95,642


    Reserve Category            NGL
    ----------------
                        Gross(2)   Net(2)
                          (Mbbl)   (Mbbl)
    Proved Producing
    Proved Non-Producing
    Proved Undeveloped
    Total Proved (P1)
    Probable                893      821
                        -------- --------
    Total Proved
     + Probable
     (P1 + P2)              893      821
    Possible              1,156    1,063
                        -------- --------
    Total 3P              2,048    1,885

    (1) Refers to the totality of the reserve in the blocks.
    (2) "Gross" refers to the company's reserves before deduction of
        royalties; "Net" refers to the company's reserves after deduction of
        royalties.
    

    Proved reserves, by definition, are conservative. Nine times out of ten
actual reserves will be greater than the proved estimate. Proved plus probable
reserves are defined as those reserves that have a 50% probability of being
exceeded at the reported level. Possible reserves are those additional
reserves that are less certain to be recovered than probable reserves. It is
unlikely that actual remaining quantities recovered will exceed the sum of
estimated of proved plus probable plus possible reserves.
    The Petrotech Report also indicated that a number of prospects have been
identified within three of five blocks that are the subject of the report, for
which prospective L&M oil resources have been evaluated as follows:

    
    Prospective                                        L&M Oil Resources

    Resources                                       100%(1) Gross(2)   Net(2)
                                                   -------- -------- --------
    Estimates                                        (Mbbl)   (Mbbl)   (Mbbl)
    ---------
    Low                                             24,932    9,540    8,773
    Best                                            61,624   24,855   22,794
    High                                           146,558   60,197   54,693

    (1) Refers to the totality of the resource in the blocks.
    (2) "Gross" refers to the company's resources before deduction of
        royalties; "Net" refers to the company's resources after deduction of
        royalties.
    

    Undiscovered resources are defined as those quantities of oil and gas
estimated on a given date to be contained in accumulations yet to be
discovered. The estimated potentially recoverable portion of undiscovered
resources is classified as prospective resources. Prospective resources are
defined as those quantities of oil and gas estimated on a given date to be
potentially recoverable from undiscovered accumulations. If discovered, they
would be technically and economically viable to recover. However, there is no
certainty that the prospective resources will be discovered. In addition, the
following mutually exclusive Classification of Resources was used:

    Low Estimate - This is considered to be a conservative estimate of the
quantity that will actually be recovered from the accumulation. This term
reflects a P90 confidence level where there is a 90% chance that a successful
discovery will be more than this resource estimate.

    Best Estimate - This is considered to be the best estimate of the
quantity that will actually be recovered from the accumulation. This term is a
measure of central tendency of the uncertainty distribution and in this case
reflects a 50% confidence level where the successful discovery will have a 50%
chance of being more than this resource estimate.

    High Estimate - This is considered to be an optimistic estimate of the
quantity that will actually be recovered from the accumulation. This term
reflects a P10 confidence level where there is a 10% chance that the
successful discovery will be more than this resource estimate

    Petrotech has acted independently in the preparation of the Petrotech
Report. Petrotech and its employees have no direct or indirect ownership in
the properties appraised or the areas of study described in the report.

    Alange is a Canadian-based oil and gas exploration and production
company, with working interests in 5 properties in Colombia.

    All monetary amounts in U.S. dollars unless otherwise stated. This news
release contains certain "forward-looking statements" and "forward-looking
information" under applicable Canadian securities laws concerning the
business, operations and financial performance and condition of Alange Energy
Corp. Forward-looking statements and forward-looking information include, but
are not limited to, statements with respect to estimated production and
reserve life of the various oil and gas projects of Alange; the estimation of
oil and gas reserves; the realization of oil and gas reserve estimates; the
timing and amount of estimated future production; costs of production; success
of exploration activities; and currency exchange rate fluctuations. Except for
statements of historical fact relating to the companies, certain information
contained herein constitutes forward-looking statements. Forward-looking
statements are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or "wil" occur.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are based on a number of
assumptions and subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from
those projected in the forward-looking statements. Many of these assumptions
are based on factors and events that are not within the control of Alange and
there is no assurance they will prove to be correct. Factors that could cause
actual results to vary materially from results anticipated by such
forward-looking statements include changes in market conditions, risks
relating to international operations, fluctuating oil and gas prices and
currency exchange rates, changes in project parameters, the possibility of
project cost overruns or unanticipated costs and expenses, labour disputes and
other risks of the oil and gas industry, failure of plant, equipment or
processes to operate as anticipated, the business of Prospero not being
integrated successfully or such integration proving more difficult, time
consuming or costly than expected as well as those risk factors discussed or
referred to in the in the filing statement of Cierra Pacific Ventures Ltd.
dated July 8, 2009 prepared in respect of the reverse takeover transaction of
the company that was completed on July 13, 2009, a copy of which is available
under the company's profile on SEDAR at www.sedar.com. Although Alange has
attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results
not to be anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements. Alange undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking statements.
Statements concerning oil and gas reserve estimates may also be deemed to
constitute forward-looking statements to the extent they involve estimates of
the oil and gas that will be encountered if the property is developed.

    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




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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