Tango Energy Inc. ("Tango": TSX Venture: TEI) is pleased to report on its audited financial and operating results for the year ended March 31, 2008.
roduction averaged 583 barrels of oil equivalent per day during the three months ended March 31, 2008, an 8.6% decrease over the 638 boepd over the three months ended December 31, 2007. This decline in production was attributable to a combination of natural declines in both Cecilia and Hanlan.
During the three months ended March 31, 2007 one well was abandoned, a second well was completed in multiple zones and additional lands surrounding a new pool discovery were acquired.
In Kakwa the 13-01 Swan Hills well was abandoned. Tango has a 30% WI in this well.
In Deanne the 1-20 well was completed and tested gas in multiple cretaceous horizons. Tango has an 88% WI in this well, which is still under evaluation.
At Quaich, an additional 6.75 gross, 3.37 net, sections of petroleum and natural gas rights were acquired adjacent to Tango's new pool discovery and, the operator has advised that our 3-03 well will be placed on production in August.
Tango has 34,240 gross (19,666 net) acres of undeveloped land located west of the fifth and sixth meridian within the foothills and deep basin portion of the Western Canadian Sedimentary Basin. Tango continues to post and acquire crown land on new plays, as well as crown land offsetting existing opportunities. -- www.cnxmarketlink.com
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