ANG Angel Gold Corp

CALGARY, Nov. 29 /CNW/ -- TSX-V SYMBOL: ANG CALGARY, Nov. 29 /CNW/ - Our strategic process concluded in early November and resulted in the following plan to recapitalize. AltaCanada has entered into a letter of understanding and has secured the agreement of its primary corporate lender and the holders of AltaCanada's subdebt to a series of transactions that will result in a reduction and extension of the senior debt and sufficient capital to service the Corporation's working capital requirements and to pursue drilling of the next several wells on the Corporation's Bakken play located in Northern Montana. AltaCanada recently announced the encouraging results of its oil directed drilling program. AltaCanada drilled a Bakken test well under a farmout agreement with an industry partner and a joint venture with a recognized industry Bakken participant. That well which showed high porosity values and indications of both the generation of oil within the system and migration of oil through the system, has set up three additional wells that will be drilled on the play the first commencing in January, 2011. AltaCanada's share of the expenses of those wells will be 12% under the farmout to retain a 30% interest on a nine section earning block for each well on native lands. AltaCanada also participated in a Shaunavon well. Although that well came in structurally lower than anticipated it did produce oil and will hopefully lead to the drilling of additional Shaunavon prospects. These steps will result in a significant rebranding of the Corporation from a natural gas producer to a Bakken and Shaunavon oil exploration Corporation. Key Elements of the proposed refinancing transactions are as follows: 1. Private Placements totaling a minimum of $4.5 million will be completed and subject to regulatory approval at $0.05/share to be raised as follows a. $1.5 million from our Montana partner b. $1.5 million from the board of directors, employees and insiders c. An additional $1.5 million (to $2.5 million) from third parties during December 2010 2. Subordinated debt holders have agreed to convert their subordinate debt totaling $4.3 million to a secured convertible debenture at the private placement price of $0.05/share. 3. Under the term sheet from our banker we will have a one year extension on our bank facility and requires paying down our senior debt from $7.975 million to $6.2 million. 4. Our Montana farmin partner will have a 6 month option to purchase AltaCanada's Canadian assets for cash proceeds on the full amount of the engineering value of those properties. 5. The remaining proceeds of the private placement will partially reduce trade payables and enable AltaCanada to pursue its drilling program. After closing of all three proposed equity issues totaling $4.5 million, a total of approximately 258.0 million shares will be outstanding, the ultimate conversion of the subdebt. AltaCanada will have reduced total indebtedness from in excess of $18 million to $6 million over the past 6 months and positioned the company to move forward as an exploration company with prospects on almost 266,000 net acres of undeveloped lands in Montana. Attached is a one page summary of key financial details with complete details contained in the full quarterly report, available from the Corporation or on Sedar. The Corporation is engaged in the acquisition, exploitation and production of crude oil and natural gas reserves in Western Canada and Montana.  For more information on the Corporation, visit www.altacanada.com. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. HIGHLIGHTS Three Months Nine Months Period Ended 2010 2009 2010 2009 September 30 (unaudited) FINANCIAL Total Revenue ($) 704,201 424,713 2,590,698 2,700,047 Cash Flow (Deficit) (519,934) (258,154) (1,448,483) (979,470) from Operations ($) Per Common Share ($) (0.00) 0.00 (0.01) (0.01) - Basic/Diluted Net Loss and (4,399,858) (6,673,774) (5,984,635) (8,622,003) Comprehensive Loss ($) Per Common Share ($) (0.03) (0.09) (0.06) (0.12) - Basic/Diluted Capital Expenditures 386,939 323,762 515,620 2,207,829 ($) Net Debt at September 13,985,422 16,853,608 13,985,422 16,853,608 30 ($) Shareholders' Equity 9,328,910 16,195,132 9,328,910 16,195,132 at September 30 ($) Total Assets at 26,569,712 35,244,195 26,569,712 35,244,195 September 30 ($) Common Shares - (weighted average for the period) Basic 168,003,760 74,381,538 107,681,416 74,381,538 Diluted 168,003,760 74,381,538 107,681,416 74,381,538 Common Shares - 168,573,310 74,381,538 168,573,310 74,381,538 (outstanding September 30) OPERATIONS Average Daily Sales: Natural Gas (Mcf/d) 1,466 1,918 1,495 1,986 Oil and NGL (Bbls/d) 5 9 6 5 Total (BOE/d) 249 329 255 336 % Gas/Oil Ratio 98/2 97/3 98/2 99/1 Average Prices: Natural Gas ($/Mcf) 3.52 3.02 4.08 3.84 Oil and NGL ($/Bbl) 51.29 26.75 56.00 41.12 Total ($/BOE) 21.73 18.36 25.22 23.28 WELLS DRILLED Gross - - - 5 Net - - - 2.7 Gross Success Rate (%) table cellspacing="0" border="0" valign="top"tr valign="top"td br/ Telephone:br/ Fax:br/ Email:/td tdDon Foulkes, President & CEObr/ (403) 265 9091 (ext 248)br/ (403) 265 9021br/ a href="mailto:info@altacanada.com"info@altacanada.com/a/td tdbr/ br/ br//td tdbr/ br/ br//td tdDon Jackson, Exec VP & COObr/ (403) 265 9091 (ext 234)br/ (403) 265 9021br/ a href="mailto:Info@altacanada.com"Info@alta/aa href="mailto:Info@altacanada.com"canada.com/a/td/tr/table

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