Tango Energy Inc. ("Tango" or the "Company") (TSX VENTURE:TEI) announces that
its Board of Directors has determined to undertake a process to evaluate and
review the various strategic alternatives available to the Company. In this
regard, the Company has retained Peters & Co. Limited ("Peters & Co.") as its
financial advisor to assist in the process.


John Gunn, the Chief Executive Officer of Tango, commented: "Tango believes
that, in the current market and commodity price environment, small oil and
natural gas companies have an obligation to their shareholders to consider all
alternatives that may maximize value for shareholders. The Company's recent
success at Quaich should provide a strong platform for future growth, and we are
undertaking this review process so that we can thoroughly examine all options.
The process will be carried out over a period of time, and has no predetermined
or preconceived outcome."


Tango does not intend to disclose developments with respect to the strategic
alternatives review process unless and until the Board of Directors has approved
a definitive transaction or strategic option, unless otherwise required by law.
The Company cautions that there is no certainty that this strategic alternatives
review process will result in a transaction or if a transaction is undertaken,
as to its terms or timing. 


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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