CALGARY, Feb. 17 /CNW/ - Tango Energy Inc. ("Tango") (TSXV - TEI) is
pleased to announce the following additions and changes to its management
team. Tango welcomes Mr. Geoff Beatson as Vice President of Engineering and
Operations, and Mr. Allan Phillips as Vice President of Exploration. As well,
Tango congratulates Mr. Jeremy Newton in his promotion to President and Chief
Operating Officer of the Company.
Mr. Beatson is a professional engineer (P.Eng.) and is a 1983 graduate
from the University of Calgary in Mechanical Engineering (B.Sc.). He has held
increasingly responsible positions with Ocelot Industries Ltd., Bow Valley
Energy Inc., Talisman Energy Inc., Anderson Exploration Ltd., Encal Energy
Ltd., Bunker Energy Inc., Energy 51 Inc., and Watch Resources Ltd.. Geoff has
been employed by Tango since April, 2008.
Mr. Phillips is a professional geologist (P.Geol.) and is a 1978 graduate
from Brock University in Geological Sciences (B.Sc. Honors). Mr Phillips has
also held increasingly responsible positions at Consumers Gas Company Limited,
Pembina Resources Limited, Kerr-McGee Canada Ltd., Canadian Conquest
Exploration Inc., Startech Energy Inc., Thunder Energy Inc., and Adamant
Energy Inc. Allan has been employed by Tango since August 2008.
Mr. Newton is a 1989 graduate from The University of Calgary in Commerce
(B.Com.). He has held increasingly responsible positions in the domestic and
international oil and gas business with Husky Oil, Norcen Energy Inc.,
Petromet Resources Ltd., Velvet Exploration Ltd., El Paso Oil and Gas Ltd.,
and Rio Alto International. Jeremy has been with Tango since August, 2006 most
recently as Vice President Land and Exploration.
Tango maintains a positive working capital position and untapped bank
lines whilst continuing to look for opportunities in the oil and gas industry.
Tango Energy Inc. is listed on the TSX-Venture Exchange under the Symbol
TEI. Tango's website is www.tangoenergy.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. 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 such
forward-looking statements except as required by law. 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.
Natural gas volumes have been converted to a barrel of oil equivalent
("boe") using six thousand cubic feet equal to one barrel unless otherwise
stated. A boe conversion ratio of 6:1 is based upon an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. This conversion conforms with
Canadian Securities Regulators National Instrument 51-101 Standards of
Disclosure for Oil and Gas Activities ("NI 51-101"). Boe's may be misleading,
particularly if used in isolation.
Funds flow from operations and funds flow from operations per share and
netback are not recognized measures under Canadian generally accepted
accounting principles. Management believes that these items are a useful
measure of financial performance. Funds flow from operations is defined as net
income plus non-cash charges including, depletion, depreciation and accretion,
future taxes and stock-based compensation, after asset retirement costs. Funds
flow from operations per share is calculated by dividing the weighted average
number of shares outstanding during the year into funds flow from operations.
Netback is the average per unit of volume for oil and gas revenues less
royalties and production costs incurred. Netback is expressed in terms of
dollars per boe.
For further information:
For further information: John M. Gunn, CEO; Jeremy Newton, President and
COO, Phone: (403) 266-5688, Fax: (403) 266-8817