CALGARY, ALBERTA--(Marketwire - March 21, 2012) - Angle Energy Inc. ("Angle" or the "Company") (TSX:NGL) is pleased to announce its year end 2011 financial and operating results and a $10 million increase to its credit facilities.

The Company has filed its audited consolidated financial statements and related management's discussion and analysis ("MD&A") for the year ended December 31, 2011 on [ www.sedar.com ] and [ www.angleenergy.com ]. Certain selected operational information for the three and twelve month periods, and financial information for the twelve month period ended, December 31, 2011 and the 2010 comparatives are set out below and should be read in conjunction with Angle's consolidated financial statements for the year ended December 31, 2011 and related MD&A.

HIGHLIGHTS

The following are selected highlights for the fourth quarter and the year ended December 31, 2011:

• Achieved average corporate production for 2011 of 13,163 boe/day, an increase of 42% over the 9,263 boe/day recorded in 2010.

• Increased light oil and condensate production to average 2,098 bbls/day in 2011, which is an increase of 45% from 2010. In addition, total light oil and natural gas liquids production for 2011 increased by 53% to 5,409 bbls/day from 3,535 bbls/day in the prior year. Light oil and condensate, the products commanding the highest per barrel prices, were 39% of this oil and liquids production.

• Increased operating netback in the fourth quarter of 2011 to $24.44 per boe (Q4 2010 - $23.60) and $24.09 per boe for the full year 2011 (2010 - $22.14).

• Cash flow from operations for 2011 increased by 63% to $95.7 million ($1.30 per diluted share) from $58.6 million ($0.91 per diluted share) in 2010. This reflects Angle's increasing focus on high netback light oil, condensate and liquids.

• Drilled 33 gross (32.5 net) wells with 91% net success rate. Of the 33 wells, 30 were drilled horizontally, one was drilled directionally and two were drilled vertically at an overall average working interest of 98%.

• Recorded a $38.9 write-down as a result of an impairment of the carrying value of the Company's Edson cash generating unit due to lower natural gas pricing. This resulted in a net loss for 2011 of $10.8 million ($0.15 per diluted share).

• Concluded the annual credit review with the banking syndicate and is pleased to announce a $10 million increase in the borrowing base to $220 million. Combined with Angle's $60 million convertible unsecured subordinated debentures that closed January 6, 2011, combined credit capacity is now $280 million. The Company exited 2011 with total net debt, including working capital deficiency, of $216.5 million.

• On February 28, 2012, closed the over-allotment portion of a previously announced bought deal equity offering. The aggregate gross proceeds from the primary and over-allotment equity offering was approximately $51.1 million from the issuance of 8,050,000 common shares at a price of $6.35 per common share.

• As previously announced, fourth quarter production was impacted by unplanned plant processing and lower ethane recovery from our raw gas stream by approximately 890 boe/d, and 225 boe/day for the fiscal year 2011. In addition, Angle's production mix was temporarily higher in natural gas due to lower ethane recovery from the Company's raw gas stream. The production mix for the fourth quarter of 2011 was approximately 16% light oil and condensate, 23% NGLs, and 61% natural gas (normal recoveries for the period would equate to 16% light oil and condensate, 27% NGLs and 57% natural gas).

As previously announced on February 13, 2012:

• Angle recorded total proved plus probable reserves of 73.8 million barrels of oil equivalent ("boe"), an increase of 24% from Angle's reserves as at December 31, 2010 of 59.7 million boe. The most significant change was related to light crude oil reserves which increased by 93%, followed by NGLs which increased by 30%, while the balance of the increase was attributed to a 15% increase in natural gas reserves.

• Total proved reserves of 38.1 million boe, which is an increase of 19% as compared to 31.9 million boe at year end 2010.

• Reserve life index of approximately 15.3 years on a proved plus probable basis and 7.9 years on a proved basis (based on 2011 average production of 13,163 boe/d).

• Angle's 2012 capital expenditure program reflects the Company's focus on the highest rate of return projects in the development portfolio, oriented to light oil and condensate. The majority of Angle's capital focus involves two projects: Cardium light oil and Mannville condensate/light oil. The budget includes $169 million in total capital, of which $152.2 million is allocated to drill 42 gross (39 net) wells and related completion, equipping and tie in activities. The following are the expected results from the 2012 capital expenditure program:

• Average 2012 production of 15,500 to 16,000 boe/d. This represents an approximate 20% increase over 2011 average production rates.
  
  
• Exit 2012 production of 17,500 to 18,000 boe/d with a production mix of approximately 27% light oil/condensate, 25% NGLs and 48% natural gas.
  
  
• Triple light oil production from the fourth quarter of 2011, with volumes to exceed 3,500 bbls/d by December 2012. Projected light oil and condensate volumes to reach 4,800 bbl/d by December 2012.
  
  
• Total light oil and liquids production to reach approximately 9,400 bbls/d by December 2012.
  
  
• Corporate operating netback to increase from $24.09/boe in 2011 to approximately $26.26/boe by December 2012 (using $2.50/GJ AECO gas pricing and $95.00 Edmonton Par light oil pricing).
  
  
• Funds from operations of $105 million to $110 million representing approximately a 15% increase over 2011.
  
  
• Funds from operations of $1.37 to $1.39 per diluted share.
  
  
• Exit 2012 with $165 million to $175 million in net debt and $60 million of convertible debentures, bringing the total debt to $225 million to $235 million, which represents a 1.5 times debt to forward cash flow ratio.

Additional selected operational and financial information for the years ended December 31, 2011 and 2010 is as follows:

ANGLE ENERGY INC.

SELECTED HIGHLIGHTS

(1) Funds from operations, funds from operations per share and funds from operations per boe are not recognized measures under International Financial Reporting Standards (IFRS). Refer to the Management's Discussion and Analysis for further discussion.

(2) Total capital expenditures, including acquisitions.

(3) Current assets less current liabilities, bank debt and convertible debentures, excluding derivative instruments.

(4) Operating netback equals oil and natural gas revenues plus realized gains on derivative instruments less royalties, operating costs and transportation costs calculated on a per boe basis. Operating netback is not a recognized measure under IFRS and therefore may not be comparable with the calculations of similar measures presented by other companies.

(5) Amounts presented for the year ended December 31, 2010 have been restated for the effects of adopting IFRS.

(6) For a description of the boe conversion ratio, refer to the commentary at the end of the Management's Discussion and Analysis.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

See accompanying notes to the consolidated financial statements on [ www.sedar.com ].

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

See accompanying notes to the consolidated financial statements on [ www.sedar.com ].

CONSOLIDATED STATEMENTS OF CASH FLOWS

See accompanying notes to the consolidated financial statements on [ www.sedar.com ].

ABOUT ANGLE

Angle Energy Inc. is a Calgary based public oil and gas exploration and development company that was incorporated in 2004 and commenced active oil and gas operations in 2005. Angle's goal is to grow our high quality, focused asset base through a combination of drilling and strategic acquisitions. Angle started in 2004 and has grown production while maintaining top decile operating costs, and industry competitive finding and development costs and recycle ratios. Angle's proven and dedicated team of industry specialists are focused on identifying and developing high quality assets in the Western Canadian Sedimentary Basin, with an emphasis in west central Alberta. Common shares of Angle are listed for trading on the Toronto Stock Exchange under the symbol "NGL."

Basis of Presentation

Production information is commonly reported in units of barrel of oil equivalent ("boe"). For purposes of computing such units, natural gas is converted to equivalent barrels of crude oil using a conversion factor of six thousand cubic feet of gas to one barrel of oil. This conversion ratio of 6:1 is based on an energy equivalent conversion for the individual products, primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Such disclosure of boes may be misleading, particularly if used in isolation.

Future Outlook and Forward-Looking Information

Information set forth in this press release contains estimates and forward-looking statements and are made as of March 21, 2012 and based on assumptions as of that date. By their nature, estimates and forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Angle's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, ability to access sufficient capital from internal and external sources and specifically, final approval of increased commercial credit borrowing base under the terms of our syndicated credit facility. Readers are cautioned that the assumptions and factors discussed in this press release are not exhaustive and that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise, and as such, undue reliance should not be placed on forward-looking statements. Angle's actual results, performance or achievement could differ materially from those expressed in, or implied by, these estimates and forward-looking statements, and accordingly, no assurance can be given that any of the events anticipated by the estimates and forward-looking statements will transpire or occur, or if any of them do so, what benefits that Angle will derive there from. Unless required by law, Angle disclaims any intention or obligation to update or revise any estimates and forward-looking statements, whether as a result of new information, future events or otherwise. The estimates and forward looking statements are expressly qualified by these cautionary statements.

Contributing Sources

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