CALGARY, Feb. 4 /CNW/ - Tango Energy Inc. ("Tango") (TSXV - TEI) has
granted an aggregate of 1,860,000 options to eligible participants pursuant to
its shareholder approved Stock Option Plan. All of the options are exercisable
for a five-year term at $0.13 per common share with one third vesting
immediately and one third on each of the next two anniversary dates.
Of the options granted, 900,000 are to officers with the remaining grants
to employees and consultants. Following today's grant, 1,197,462 common share
options remain reserved for issuance pursuant to Tango's Stock Option Plan.
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, President and CEO; David E.
Blain, VP Finance and CFO, Phone: (403) 266-5688, Fax: (403) 266-8817