Tango Energy Inc. - $7 million private placement closed

    CALGARY, Aug. 21 /CNW/ - Tango Energy Inc. ("Tango") (TSXV - TEI) is
pleased to report it has closed its previously announced private placement
offering ("Offering") of units and flow-through shares for total gross
proceeds of $7,000,000. Tango issued (i) 2,640,000 units ("Units") at an issue
price of $0.40 per Unit ($1,056,000); (ii) 8,700,000 common shares related to
eligible Canadian Exploration Expense at a price of $0.46 per share
($4,002,000); and (iii) 4,855,000 common shares related to eligible Canadian
Development Expense at a price of $0.40 per share ($1,942,000). Each Unit is
comprised of one common share and one half of one share purchase warrant, each
whole warrant being exercisable into one common share at a price of $0.50 per
share until December 31, 2008. Acumen Capital Finance Partners Limited acted
as exclusive selling agent in connection with the Offering.
    Tango's total number of common shares outstanding is 65,724,620 and the
total number of warrants outstanding is 1,320,000, after giving effect to the
    The proceeds of the Offering will be used to finance Tango's exploration
and development program. All securities issued under the Offering are subject
to a hold period expiring December 22, 2007. Tango trades 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. 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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