TEI Toscana Energy Income Corporation

Tango Energy Inc. ("Tango") (TSX VENTURE:TEI) Tango is pleased to report the
results of a recently completed build up and flow test by the operator on
Tango's Quaich prospect in the Southern Alberta Foothills Area.


The Cadomin B zone in the Quaich 03-03 well was suspended on June 19th and both
a build up test on the Cadomin B zone and a flow test on the Cadomin C zone were
conducted simultaneously in the Quaich 03-03 well. The purpose of the build up
test was to evaluate the potential size of the reservoir in the Cadomin B zone
before drilling the previously licenced Quaich 12-34 follow up well to the south
of the 03-03 discovery well. Similarly, the purpose of the flow test on the
Cadomin C zone was to determine the productive capability of that zone.


The build up test on the Cadomin B zone was conducted over a 9 day period. The
pressures at the end of the test showed an extrapolated average reservoir
pressure of 1,511 psia. This indicates there has been approximately 2% depletion
from the original reservoir pressure of 1,541 psia after producing 0.35 billion
cubic feet since December 21 2008. These results support the drilling of the
planned follow up well at 12-34. Tango has received an Independent Operations
Notice to drill the 12-34 well, which the operator anticipates will spud by the
middle of August and should take approximately 35 days to drill.


The Cadomin C zone, which was never producing in this well, flowed at 1.5
million cubic feet per day of sales gas over an 8 day period, with a stabilized
water gas ratio of approximately 200 barrels per million cubic feet. The natural
gas and produced water were flowed down the pipeline to the plant where the gas
was sold and the water disposed.


The 03-03 well was tied in and placed on production December 21 2008. The well
was producing at restricted rates from the Cadomin B of 2.5 million cubic feet
per day of sales gas. After the recent pressure and flow tests, the well was
then placed back on production from the Cadomin B zone at the same curtailed
production rates. The Cadomin C zone was suspended until gas prices improve, the
operator and Tango determine the most economic way to handle the water
production, or until the 12-34 well is drilled and evaluated.


Tango has a 60% interest in both the Quaich 03-03 well and the 12-34 follow up
well. Tango and the operator have more than 6,880 acres of contiguous land in
the immediate area in which Tango holds between a 50% and 60% working interest,
In addition to this land position, the 12-34 well will validate and continue
additional contiguous lands beyond their primary term. Tango will earn an
undivided 30% interest in those lands.


Tango has temporarily suspended production from two minor producing properties
in Ricinus and Beaton, and will continue to review property by property net
backs going forward. Tango continues to pursue economic prospects developed by
Tango, review corporate merger and acquisition opportunities while maintaining a
strong balance sheet. Tango's website can be found at www.tangoenergy.com. Tango
Energy Inc. is listed on the TSX-Venture Exchange under the Symbol TEI.


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, 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.


Funds flow from operations and funds flow from operations per share and netback
are not recognized measures under Canadian generally accepted accounting
principles. Management believes that these items are a useful measure of
financial performance. Funds flow from operations is defined as net income plus
non-cash charges including, depletion, depreciation and accretion, future taxes
and stock-based compensation, after asset retirement costs. Funds flow from
operations per share is calculated by dividing the weighted average number of
shares outstanding during the year into funds flow from operations. Netback is
the average per unit of volume for oil and gas revenues less royalties and
production costs incurred. Netback is expressed in terms of dollars per boe.

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