Tango provides budget update and announces management changes



    CALGARY, June 20 /CNW/ - Tango is pleased to provide the following budget
and management update.
    For the balance of 2007, the Board of Directors has approved a
$10 million capital budget. The proposed expenditures, will allow the Company
to move aggressively forward with its principally exploration drilling program
in a number of areas. Significant activity will commence as soon as possible
in Hanlan and Deanne, with further activity scheduled during the fall in the
Blackstone, Quaich, Karr, and Cecilia project areas. Geological targets being
pursued encompass both Cretaceous and Devonian formations located in the Deep
Basin, west of the fifth meridian in Alberta. Tango is committed to its
program which represents exposure to both high impact exploration as well as
lower risk development targets.
    Additionally, Tango announces the resignation of John E. Bell as
President and Secretary of the Corporation, effective immediately. Mr. Bell
will remain as a director and technical consultant to Tango, as he pursues his
recreational business interests. Tango would like to thank Mr. Bell for his
past contributions to Tango as President and Secretary, and looks forward to
his continued involvement in the future growth of Tango through the Board of
Directors.
    John M. Gunn, P.Eng. will assume the role of President and CEO of the
Corporation; Jeremy P. Newton, P.Land will become Vice President of Land and
Exploration, and David E. Blain, C.A. will remain as Vice President Finance
and CFO. Tango is currently recruiting additional engineering and geological
staff members to complement its team.
    Tango currently expects to average approximately 750 barrels of oil
equivalent per day during the second quarter of 2007 and is committed to
delivering superior returns to our shareholders through its exploration
program in west central Alberta.

    Tango Energy Inc. is listed on the TSX-Venture Exchange under the Symbol
TEI.

    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, and 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.

    %SEDAR: 00017586E




For further information:

For further information: John M. Gunn, President and Chief Executive
Officer, Phone: (403) 266-5688, Fax: (403) 266-8817

Organization Profile

TANGO ENERGY INC.

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