NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES.


Tango Energy Inc. ("Tango" or the "Company") (TSX VENTURE:TEI) is pleased to
announce that it has received conditional approval from the TSX Venture Exchange
(the "TSXV") in connection with its proposed three corner amalgamation (the
"Amalgamation") among Tango, its wholly-owned subsidiary and privately-held
Tamarack Valley Energy Ltd. ("Tamarack").


The Amalgamation will result in the acquisition of all of the outstanding common
shares of Tamarack by Tango with Tamarack shareholders receiving 11.538462 Tango
common shares for each Tamarack common share. The Agreement (as defined below)
also provides for the appointment of a new management team, a reconstitution of
the board of directors, approval of a "10% rolling" stock option plan and a name
change. 


The new management team will be led by Brian Schmidt as President & Chief
Executive Officer, Lew Hayes as Vice President Production & Operations, and Ron
Hozjan as Vice President Finance & Chief Financial Officer.


The new board of directors will be comprised of Anthony Lambert (President &
CEO, Daylight Energy Ltd.), Floyd Price (retired Executive VP, Apache Houston),
Dean Setoguchi (VP Finance & CFO, Keyera), David MacKenzie (Chairman, Avant
Garde Energy Corp.), John Gunn (current director and CEO, Tango), Brian Schmidt
and Ron Hozjan. 


Pro-Forma Highlights 

Assuming the completion of the transaction, the pro forma entity will have the
following attributes (as at March 31, 2010, net of expected transaction costs): 




Current Production                    750 BOE/d                             
Proved Reserves                       1.3 MMBOE(1)                          
Proved plus Probable Reserves         2.4 MMBOE(1)                          
Undeveloped Land                      44,800 net acres, including 5,920 net 
                                      acres of lands prospective for the    
                                      Cardium                               
Positive Working Capital              $4.0 million                          
Undrawn Credit Facilities             $5.0 million                          
Share Capital (Basic)                 122,874,387 common shares             

Note:
(1) As per the December 31, 2009 Paddock Lindstrom & Associates Ltd.
    reserves report for Tango. 



For a detailed summary regarding the Amalgamation and matters to be voted upon
at the Tango Meeting, see Tango's management information circular and proxy
statement dated May 20, 2010, which was mailed to shareholders on May 25, 2010,
a copy of which is filed under Tango's profile on SEDAR. The closing date of the
transaction is expected to occur on June 17, 2010.


Conditions and Approvals Related to the Transaction 

Completion of the transaction is subject to a number of conditions and approvals
including, but not limited to, the final approval of the TSXV and completion of
the private company acquisition. The transaction also requires the approval of
the shareholders of Tango and Tamarack. The required approval of the
shareholders of Tango will be obtained at its annual and special meeting of
shareholders to be held on June 17, 2010 (the "Tango Meeting").


The current board of directors and officers of Tango and certain other
shareholders, who, in aggregate, own or control approximately 38% of the Tango
Shares, have entered into lock-up agreements pursuant to which they have agreed,
among other things, to vote in favour of the Transaction.


The shareholders of Tamarack have unanimously approved the Amalgamation, the
Agreement and related matters by way of a written resolution.


Preferred Shares 

In Tango's press release dated April 15, 2010, the parties disclosed that under
the Amalgamation, Tango replacement warrants were to be issued in exchange for
outstanding Tamarack performance warrants. On May 20, 2010, after discussions
with the TSXV, the parties entered into an amended and restated amalgamation
agreement (the "Agreement") providing for, among other things, the issuance and
exchange of Tamarack preferred shares instead of Tamarack performance warrants.
Effectively, there are no economic implications of replacing the Tamarack
performance warrants with preferred shares. However the amendments to the
Agreement were made for structuring efficiencies.


Pursuant to the Agreement, Tamarack preferred shares will be exchanged for
preferred shares of the resulting Amalco entity ("Amalco Preferred Shares") on a
one-to-one basis. Tango also entered into a share exchange and shareholders
agreement (the "Exchange Agreement") dated May 20, 2010 with Tamarack and all of
the holders of Tamarack preferred shares which provides for the exchange of each
Amalco Preferred Share for 11.538462 Tango common shares upon payment of $0.26
per Tango common share equivalent, subject to certain conditions.


The preferred share exchange must occur within five years from the closing date
of the Amalgamation. Up to one-third of the Amalco Preferred Shares may be
exchanged for Tango common shares on or after each of the first, second and
third anniversary dates from the closing date of the Amalgamation. If there is a
"change of control" (as defined in Tango's option plan), the exchange right
shall be fully exercisable. 


In certain circumstances, Tango shall have the option to purchase each Amalco
Preferred Share for either, a cash payment reflecting the "in-the-money" amount
or equivalent Tango share consideration upon either, the occurrence of a "change
of control" of Tango, the holder ceasing to act as a director, officer, employee
or consultant of Tango for any reason or the Tango common shares trading at a
300% premium to the exercise price of $0.26 per Tango common share equivalent
over any 20 consecutive day period.


Tamarack currently has 2,024,273 Tamarack preferred shares outstanding. A
maximum of 23,356,997 Tango common shares may be issued upon exercise of the
Amalco Preferred Shares. It is anticipated that immediately following the
completion of the Amalgamation, there will be approximately 122,874,387 Tango
common shares issued and outstanding. 


Tango Board of Directors' Recommendations 

The Tango Board of Directors has determined that the transaction is in the best
interests of Tango and the Tango shareholders, has unanimously approved the
Agreement, and recommends that the Tango shareholders vote in favour of the
matters to be considered at the Tango Meeting, including the issuance of Tango
common shares issuable under the Amalgamation. In coming to the foregoing
determination, the Tango Board also considered advice provided by Peters & Co.
Limited related to the transaction. 


About Tango

Tango Energy Inc. is a junior oil and gas exploration and development company
based in Calgary, Alberta, which is focused west of the fifth meridian in
Alberta. 


Tango has 65,774,620 common shares that trade on the TSXV under the symbol TEI. 

Forward Looking Statements

This document contains forward-looking statements. More particularly, this
document contains statements concerning the completion of the transactions
contemplated by the Agreement, including a private company acquisition by
Tamarack, and certain other matters related to the transactions. 


The forward-looking statements are based on certain key expectations and
assumptions made by Tango, including expectations and assumptions concerning
completion of the private company acquisition, the proposed transaction and
related matters, timing of receipt of required shareholder and regulatory
approvals and third party consents and the satisfaction of other conditions to
the completion of the transactions. Although Tango believes that the
expectations and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the forward-looking
statements because Tango can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to, risks that required
shareholder, regulatory and third party approvals and consents are not obtained
on terms satisfactory to the parties within the timelines provided for in the
Agreement, the private company acquisition may not be completed, and risks that
other conditions to the completion of the transactions are not satisfied on the
timelines set forth in the Agreement or at all. 


The forward-looking statements contained in this press release are made as of
the date hereof and Tango undertakes no obligation to update publicly or revise
any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws. 


The term "BOE" may be misleading, particularly if used in isolation. A boe
conversion of 6 Mcf:1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
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