Alange Energy Announces Spudding of Petirojo at Cubiro

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TORONTO, July 15, 2011 /PRNewswire/ -- Alange Energy Corp (TSXV: ALE) announced today the spudding of the Petirojo-1 exploration well, located in Polygon B of the Cubiro Block in the Llanos Basin. Alange Energy has a 70% working interest in Polygon B of Cubiro and is operator of this block.

The spudding of the well on July 14, 2011 follows the interpretation of a 49 km2 3D seismic survey shot in 2010. This interpretation revealed a prospect on trend with the Palmarito field, 5 km to the north, which had an OOIP of 19 MMBbls of 37o API. The Petirojo prospect is of the same nature as the typical exploration play in the Llanos Basin, an upthrown block of an antithetic fault. The well is aimed at the Carbonera Formation, specifically the C7, C5 and C3 intervals, with an anticipated depth of 6,808 feet (measured depth).

Luciano Biondi, the Company's Chief Executive Officer, commented: "I am pleased to start our 2011 drilling program, which is aimed at drilling 4 wells in Cubiro, a block we are very familiar with, and we expect that this exploration drilling will add incremental production to our portfolio. We look forward to sharing updates on Petirojo in the near future."

Alange Energy's gross before royalties share of proved and probable reserves at Cubiro is 5.8 million barrels, as per the NI 51-101 reserve report by Petrotech Engineering dated December 31, 2010, which can be found on the Company's website at www.alangeenergy.com.

Alange Energy is a Canadian-based oil and gas exploration and production company, with working interests in 19 properties in five basins in Colombia. Further information can be obtained by visiting our website at www.alangeenergy.com.

All monetary amounts in U.S. dollars unless otherwise stated. This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Alange Energy. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and reserve life of the various oil and gas projects of Alange Energy; the estimation of oil and gas reserves; the realization of oil and gas reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Alange Energy and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, risks relating to international operations, fluctuating oil and gas prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the oil and gas industry, failure of plant, equipment or processes to operate as anticipated. Although Alange Energy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Alange Energy undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

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.

For further information:

Miranda Smith
Investor Relations Representative
(647) 428-7422

(ALE.)

SOURCE Alange Energy Corp.