Tango Energy Inc. - Private placement increased to $7 million

    CALGARY, Aug. 3 /CNW/ - Tango Energy Inc. (the "Tango") announces the
total maximum gross proceeds from the private placement offering ("Offering")
increased from $6,000,000 to $7,000,000. Tango has amended its agreement with
Acumen Capital Finance Partners Limited regarding the Offering of units
("Units") and common shares issued on a flow through basis ("Flow Through
Shares") announced on August 2, 2007. The maximum number of issuable Flow
Through Shares related to eligible Canadian Exploration Expense will remain at
8,700,000 ($4,002,000) and the increased gross proceeds will be raised by
issuing additional Units and Flow Through Shares related to eligible Canadian
Development Expense.
    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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