Prospero shareholders and court approve plan of arrangement



    TORONTO, Sept. 8 /CNW/ - Alange Energy Corp. (TSXV: ALE) is pleased to
report that Prospero Hydrocarbons Inc.'s shareholders have approved the
previously announced plan of arrangement involving Alange, Prospero and
1434858 Alberta Ltd., a wholly-owned subsidiary of Alange, whereby Alange will
acquire the balance of the issued and outstanding securities of Prospero for a
purchase price of US$15,453,000. The purchase price is to be converted to
Canadian dollars at the close of business on the day prior to the closing date
of the arrangement transaction and is to be paid by the issuance of common
shares of Alange at a deemed value of C$0.35 per share.
    Completion of the transaction also required the approval of the Court of
Queen's Bench of Alberta, which approval was also obtained today. In
conjunction with the closing of the arrangement transaction, Prospero will
also undertake a return of capital to its shareholders (including to Alange in
respect of its 28.19% shareholding in Prospero) of approximately US$7.3
million or approximately C$0.197 per Prospero share.
    Closing of the arrangement transaction is expected to occur within two
days.

    Prospero is a junior oil and gas company whose primary assets are located
in the Republic of Colombia. Its primary assets consist of six exploration and
development contracts in the Carbonera-La Silla, Santa Cruz, Mecaya,
Arrendajo, Las Quinchas, and Alhucema areas of Colombia.

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

    Forward Looking Information

    This news release contains forward-looking information with respect to
the completion of the arrangement transaction (including the return of
capital) and the Alange common shares to be issued in connection with the
arrangement transaction, and the expected closing of the arrangement
transaction. Although Alange believes that the assumptions and factors used in
preparing the forward-looking information in this news release are reasonable,
undue reliance should not be placed on such forward-looking information. No
assurance can be given that such results or events will occur in the disclosed
time frames or at all.

    
    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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