Tango announces $6 million private placement

    CALGARY, Aug. 1 /CNW/ - Tango Energy Inc. announces that it has entered
into an agreement with Acumen Capital Finance Partners Limited ("Acumen"), as
agent on a "best efforts" basis, to issue and sell by way of a private
placement, (i) units ("Units") at a price of $0.40 per Unit, each Unit
consisting of one common share of the Company ("Common Share") and one half of
a common share purchase warrant and (ii) common shares of the Company to be
issued on a flow through basis ("Flow Through Shares"). Each whole warrant
will entitle the holder thereof to purchase an additional common share at a
price of $0.50 per share at any time prior to December 31, 2008. Of the total
Flow Through Shares to be issued not more than 8,700,000 will be related to
eligible Canadian Exploration Expense ("CEE Flow Through Shares") each such
share to be issued at a price of $0.46 per share for gross proceeds of up to
$4,002,000, and up to 6,000,000 shares will be related to eligible Canadian
Development Expense ("CDE Flow Through Shares") each such share to be issued
at a price of $0.40 per share for gross proceeds of $2,400,000. Total
aggregate gross proceeds of the Units and Flow Through Shares are not to
exceed $6,000,000.
    The Units and Flow Through Shares will be offered in the provinces of
Alberta, British Columbia, Saskatachewan, and Ontario. The private placement
financing is scheduled to close on or about August 21, 2007, and is subject to
regulatory approval and completion of definitive documentation.
    The proceeds of the offering will be used to finance Tango's exploration
and development program.

    The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Statements in
this regard may constitute forward looking statements. Such Forward looking
statements include risks, uncertainties, and other factors which may cause
actual results, performance or achievements of Tango to be materially
different from any future results, performance, or achievements expressed or
implied by such forward looking statements. Tango does not undertake to update
any of such forward looking statements.
    %SEDAR: 00017586E

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

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