CALGARY, Feb. 9 /CNW/ -
Ansell Prospect Area
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In December 2005, Tango completed the drilling of a new well at 12-13 in
the Ansell area of Alberta. With this well, Tango extended the pool size of
its earlier Viking gas discovery in 16-14 and successfully completed two
additional new zones. Along with the original successful re-entry Viking gas
discovery in 16-14, Tango expects to produce about 70 boepd net to Tango.
Three additional locations exist on land controlled by Tango in the Ansell
area.
Blackstone South Prospect Area
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Tango participated in a recompletion operation in Blackstone South at
12-25 which resulted in a two-zone exploration discovery. Five kilometers away
at 09-17, Tango participated in a second well which was also drilled, cased
and completed. Net production from these two wells is expected to add 50 boepd
net to Tango. Plans are underway to drill a third well at 03-31 which is
currently scheduled for immediately after break-up.
Blackstone North Prospect Area
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Earlier this year, Tango successfully re-entered, completed and flow
tested a new gas bearing zone in a cased, abandoned wellbore at 11-13. This
well is currently being tied in and is expected to add 40 boepd net to Tango.
Additional recompletion operations are planned for this well where Tango has
identified bypassed pay potential. Two other locations exist on these lands.
Cecilia Prospect Area
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Tango's core development project in Cecilia continues to deliver positive
results. Two wells at 4-14 and 3-10 were drilled during the fourth quarter of
2005. Both wells were cased with a combined 11 separate zones of pay between
them. The 4-14 well has been tied in and is currently producing 130 boepd net
to Tango. The 3-10 well is currently undergoing completion operations and is
expected to be on production during the second quarter. Three additional
locations exist on Tango lands, at least one of which is expected to be
drilled later this year.
Deanne Prospect Area
--------------------
Tango expects to spud its first well in Deanne during the second quarter
of 2006. Deanne is a multi-zone, sweet gas prospect west of Rocky Mountain
House, where Tango holds a 100% working interest in 6 sections of land. Tango
plans to twin a well at 7-20 where it has identified a number of bypassed pay
opportunities.
Hanlan Prospect Area
--------------------
Tango plans to conduct another re-entry operation on its multi-zone gas
prospect in the Hanlan area. Tango has an interest in 24 sections of mineral
rights on this prospect which is expected to proceed during the summer of
2006.
Karr Prospect Area
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Tango is participating in a 4,300 meter exploratory test well at 13-1,
for a 30% working interest. This well was spud on January 27, 2006 and is
targeting both Cretaceous and Devonian hydrocarbon potential. The Karr 13-01
well is expected to be drilled in two phases with the deep portion of the well
to be completed during next winters drilling season. Tango owns significant
additional interests in offsetting lands.
Corporate Update
----------------
Tango is pleased to announce that current production levels are in excess
of 300 boepd. Incremental production is expected to be realized over the next
2-3 months from wells which are currently being tied in at Ansell, Blackstone,
and Cecilia which should add between 100-150 boepd during the third quarter of
2006. Additional productivity in the Hanlan and Blackstone areas has been
proven and is scheduled for tie in later this year, totaling between
75-125 boepd. Tango anticipates further production additions from ongoing
activities as well.
A copy on Tango's updated corporate presentation will be available on its
website at www.tangoenergy.com on Tuesday, February 14.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release
Forward Looking Statements
--------------------------
This press Release contains forward looking statements including
expectations of future production. These statements are based on current
expectations that involve a number of risks and uncertainties, which could
cause actual results to differ from those anticipated. A BOE conversion ratio
of 6 mcf: 1 boe has been used in converting volumes included in this release.
%SEDAR: 00017586E
