Alange Energy Announces Third Quarter 2010 Financial Results

TORONTO, Nov. 29, 2010 /PRNewswire/ -- Alange Energy Corp. (TSXV: ALE) ("Alange Energy" or the "Company") announced today the release of its unaudited consolidated financial results for the three and nine months ended September 30, 2010, together with its Management's Discussion and Analysis. These documents are available on the Company's website at www.alangeenergy.com and at www.SEDAR.com.

Luis E. Giusti, the Company's Chief Executive Officer, stated "our focus on development activities has now increased our daily production to 4,300 barrels of oil equivalent, more than a four-fold increase from where we were a year ago. Together with the recently announced commercial strategy for our crude sales and the benefits of the infrastructure investments we have been making in our key fields to optimize operations, we are incrementally strengthening our internally generated cash flows. These will be important to Alange Energy as we push forward with our exploration program at fields such as Topoyaco where the potential exists to develop additional future producing assets for the Company."

The Company's revenues increased to $13.0 million in the third quarter of 2010 bringing the total revenues for the first nine months of 2010 to $34.3 million, up significantly from the $4.6 million of revenues recorded in the first nine months of 2009. The Company had a cash balance at the end of September 2010 of $16.1 million and $32.3 million of debt.

For the third quarter ended September, 2010, the Company reported a net loss of $11.3 million or $0.02 per share compared with a net loss of $4.7 million or $0.01 per share in the third quarter last year. For the first nine months of 2010, the Company reported a net loss of $24.6 million or $0.03 per share compared with a net loss of $10.3 million or $0.04 per share a year earlier.

Management will hold a conference call on Tuesday, November 30, 2010 at 9:00 a.m. Eastern Time to provide an operational update and to discuss the third quarter 2010 results. Analysts and interested investors are invited to participate as follows:

A playback of this conference call will be available by using the above numbers until December 14, 2010.

Alange Energy is a Canadian-based oil and gas exploration and production company, with working interests in 12 properties in four basins in Colombia. Further information can be obtained by visiting our website at www.alangeenergy.com.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of production, revenue, cash flow and costs, reserve and resource estimates, potential resources and reserves and the company's exploration and development plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the company based on information currently available to the company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from the estimates and assumptions; failure to establish estimated resources or reserves; fluctuations in petroleum prices and currency exchange rates; inflation; changes in equity markets; political developments in Colombia; changes to regulations affecting the company's activities; uncertainties relating to the availability and costs of financing needed in the future; the uncertainties involved in interpreting drilling results and other geological data; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the company's periodic reports filed on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Information in this press release expressed in barrels of oil equivalent (boe) is derived by converting natural gas to oil in the ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Alange Energy Corp.

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