Business
Tango provides budget update and announces management changes
Tango provides budget update and announces management changes.
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, June 20 /CNW/ - Tango is pleased to provide the following budget\nand management update.\n\n\nFor the balance of 2007, the Board of Directors has approved a\n$10 million capital budget. The proposed expenditures, will allow the Company\nto move aggressively forward with its principally exploration drilling program\nin a number of areas. Significant activity will commence as soon as possible\nin Hanlan and Deanne, with further activity scheduled during the fall in the\nBlackstone, Quaich, Karr, and Cecilia project areas. Geological targets being\npursued encompass both Cretaceous and Devonian formations located in the Deep\nBasin, west of the fifth meridian in Alberta. Tango is committed to its\nprogram which represents exposure to both high impact exploration as well as\nlower risk development targets.\n\n\nAdditionally, Tango announces the resignation of John E. Bell as\nPresident and Secretary of the Corporation, effective immediately. Mr. Bell\nwill remain as a director and technical consultant to Tango, as he pursues his\nrecreational business interests. Tango would like to thank Mr. Bell for his\npast contributions to Tango as President and Secretary, and looks forward to\nhis continued involvement in the future growth of Tango through the Board of\nDirectors.\n\n\nJohn M. Gunn, P.Eng. will assume the role of President and CEO of the\nCorporation; Jeremy P. Newton, P.Land will become Vice President of Land and\nExploration, and David E. Blain, C.A. will remain as Vice President Finance\nand CFO. Tango is currently recruiting additional engineering and geological\nstaff members to complement its team.\n\n\nTango currently expects to average approximately 750 barrels of oil\nequivalent per day during the second quarter of 2007 and is committed to\ndelivering superior returns to our shareholders through its exploration\nprogram in west central Alberta.\n\n\nTango Energy Inc. is listed on the TSX-Venture Exchange under the Symbol\nTEI.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release. This release\ncontains forward-looking information. By their nature, forward-looking\nstatements involve assumptions and known and unknown risks and uncertainties\nthat may cause actual future results to differ materially from those\ncontemplated. These...