CALGARY, ALBERTA--(Marketwire - June 27, 2012) -Angle Energy Inc. ("Angle" or the "Company") (TSX:NGL) is providing an update on second quarter operational activities accomplished to June 26, 2012, and updated guidance for anticipated capital spending and production for the balance of 2012.

HIGHLIGHTS

• Drilled and rig released 7 gross (7.0 net) horizontal wells in Q2. Year to date Angle has drilled 25 gross (22.0 net) horizontal wells, and 1 gross (1.0 net) directional well with a 100% success rate. Angle has 1 gross horizontal Cardium oil well (0.2 net) awaiting completion which has not yet been accessible due to wet field conditions in the Edson operating area and currently has 2 gross (2.0 net) wells drilling in the Harmattan area.

• Field estimated production is currently at 16,000 boe/d with approximately 21% light oil and condensate, 25% NGLs and 54% natural gas (due to temporarily lower ethane recovery from our raw gas stream - normal recoveries would equate to 28% NGLs and 51% natural gas). Current tested volumes not on stream are approximately 1,700 boe/d of which 700 boe/d is expected to be on early in the third quarter (Harmattan Cardium oil). The remaining 1,000 boe/d of tested volumes is expected to be tied in by the fourth quarter of 2012.

• Second quarter production is expected to average 15,300 - 15,500 boe/d (20% light oil and condensate, 25% NGLs and 55% natural gas), representing an increase over the prior quarter and the most valuable commodities, light oil and condensate, have increased by 8% quarter over quarter.

• Light oil and condensate production has increased 53% from January 2012 from approximately 2,200 bbl/d to 3,360 bbl/d in June 2012.

• At Harmattan, 9 additional (100% working interest) development wells in the Cardium light oil play have been completed and tested, with flowing rates per well at the end of one week tests of approximately 316 bbl/d of light oil with minor solution gas. Thirteen development wells have been drilled in this program to date, with 2 additional wells currently drilling. The project is currently producing 1,630 bbl/d light oil with 635 bbl/d to tie in, from a start in October 2011 at zero production. Current drilling inventory in this play is approximately 120 wells.

• At Harmattan, Angle's two most recent 100% working interest horizontal Mannville gas condensate wells tested at final rates of 1,195 boe/d (26% condensate, 37% NGLs and 37% gas) after four day tests. The current two week average production for these wells is 896 boe/d per well (26% condensate, 37% NGLs and 37% gas). Current drilling inventory in this play is approximately 100 wells.

CARDIUM LIGHT OIL PROGRAM

Harmattan Cardium

The Cardium light oil play in Harmattan has provided stellar light oil growth for Angle since the initial well drilled in October 2011. The funds from the Company's January equity issue were deployed to the program in order to achieve the current results. Since that time, the Company has invested $44.9 million in the project (excluding $3.6 million in facilities), with a resulting production base of over 2,500 boe/d (91% light oil) at 100% working interest. Angle has drilled and completed a total of 13 wells, with 12 of these in the 2012 capital program. The table below outlines the oil rates (does not include gas volumes, which are minimal) from the wells over varying production time periods

*only 4 out of 20 planned frac's were successfully placed in this well due to mechanical issues.

Angle is currently using a budgeted type curve for the play, generated from industry results in slick water fractured Cardium wells, of 269 boe/d (89% light oil and 11% gas) for the first 30 days of production, with expected ultimate recoveries of 220 mboe per well. Operating costs of $7.25/boe have been realized during the first five months of play production. The 2012 development program plans for the drilling of 16 gross wells. The total drilling inventory in this play is approximately 120 wells in the thickest area of the Cardium sand.

Angle is pleased to announce that they have reached an agreement with the Town of Didsbury giving Angle exclusive rights for energy firms for the use of waste water for fracturing. Angle recognizes the importance of water and the need to determine alternate sources to protect environmental sustainability.

Edson Cardium

To date in 2012, Angle has participated in the drilling of 2 gross (0.3 net) non-operated wells. One well has been completed and is currently recovering load oil while the other is expected to be completed early in the third quarter.

The 2012 capital program includes the drilling of 6 gross (1.3 net) non-operated wells, and may expand upon evaluation of completion results. The Company expects the testing in 2012 to further define the 2013 drilling plans for the Cardium light oil play in this area.

MANNVILLE NGL PROGRAM

Harmattan Mannville NGL

This gas condensate pool offers superior NGL content, with a stabilized liquids ratio to sales gas of approximately 190 bbl/mmcf. The average production from this play is 52% gas and 48% NGLs, with a specific condensate content of approximately 10% of total volume on a 6:1 boe basis. The wells being drilled in the 2012 program are a combination of offsets to previously drilled vertical wells and step-out locations that will generate further low risk drilling inventory.

The two most recent 100% working interest horizontal Mannville gas condensate wells tested at final rates of 1,195 boe/d (26% condensate, 37% NGLs and 37% gas) after four day tests. The current two week average production for these wells is 896 boe/d per well (26% condensate, 37% NGLs and 37% gas). Current drilling inventory in this play is approximately 100 wells.

The Harmattan Mannville project features a low operating cost of $3.75/boe, with the ability to generate attractive IRR even at current commodity prices (20% at current strip price), and $12,500 /boe/d 6 month capital efficiency. Angle has invested $76 million to date since the fourth quarter of 2010 developing this play with horizontal drilling, yielding total cash flow of $49 million for a 64% payout ratio. The Company expects to pay out this project within the next 12 to 18 months based on current projected strip pricing.

CAPITAL SPENDING AND PRODUCTION GUIDANCE FOR 2012

As a result of Angle's view of near term market conditions, and the forward strip forecast on natural gas, light oil and NGLs the Company has elected to adjust capital spending and operational plans for the balance of 2012. Previous guidance was provided in Angle's press release of February 13, 2012 and first quarter report. The Company's high working interest and operatorship in the majority of its projects allows control over the pace of capital spending.

The Company's revised 2012 guidance incorporates the deferral of $29 million in the second half of 2012 related to drilling, the construction of an oil battery and related capital expenditures. As a result of this capital deferral, Angle expects to maintain the lower end of its previously guided net debt level at year end 2012 of approximately $225 million including the $60 million of convertible debentures.

Angle's revised guidance for the year ending December 31, 2012 is as follows:

• Drilling of 38 gross (32.0 net) wells for the year, including 12 gross (9.0 net) wells in the second half of the year. The activity in the second half of 2012 includes 4 gross (4.0 net) Cardium light oil wells at Harmattan, 4 gross (4.0 net) Mannville NGL wells at Harmattan, and 4 gross (1.0 net) Cardium light oil wells in Edson. This results in the deferral of 6.9 net wells from previous guidance.

• Average production in the range of 15,000 to 15,500 boe/d (approximately 16% growth over average production in 2011 of 13,163 boe/d). This is a minimal 3% reduction to prior guidance. Average oil and condensate production is expected to be maintained versus prior guidance, at 3,300 bbl/d or 22% of total production.

• Exit (December month average) production in the range of 16,000 to 16,500 boe/d comprised of 22% light oil and condensate, 24% NGLs and 54% natural gas. This results in a reduction in exit volume of approximately 9% from prior guidance.

• Capital expenditures of $140 million, resulting from the deferral of planned capital expenditures of $29 million (approximately 17%) from prior guidance.

• Cash flow in the range of $82 to $87 million and 2012 exit net debt of $220 to $225 million, based upon forecast prices of approximately $2.35/mcf AECO and $82.57/bbl WTI ($70.45/bbl Edmonton light) for the period of July 1 to December 31, 2012. Prior guidance was based on forecast prices of $2.50/GJ ($2.63/mcf) AECO and $101.62/bbl WTI ($95.00/bbl Edmonton light).

HEDGING UPDATE

Angle hedges to reduce the impact of commodity volatility on project investments and economics. In the second half of 2012 the Company has hedged approximately 15% of forecasted oil and condensate production at an average WTI floor price of $98.85/bbl WTI and approximately 20% of forecasted natural gas production at an average AECO fixed price of $2.43/GJ, with an additional 20% of natural gas production in a costless collar between $1.75 to $3.00/GJ from June to December 2012.

In 2013, Angle has hedged 10,000 GJ/d at an average AECO price of $3.04/GJ and for the first six months of 2013 has hedged 500 bbls/d of light oil at an average WTI price of $98/bbl. The Company will continue to monitor the commodity price environment to ladder in additional risk management as warranted.

MANAGEMENT CHANGES

Angle wishes to announce that Elizabeth More, Vice President of Exploration and Matthew Mazuryk, Vice President of Engineering have departed from the executive team and the Company wishes them success in their future endeavors.

SUMMARY

Angle's business plan is to continue to focus on cash flow per share growth, using its optionality in the asset base between light oil, natural gas and NGL oriented projects to achieve this. The Company is also focused on maintaining the right degree of leverage within its corporate structure and pursuing growth alongside rate of return.

ABOUT ANGLE

Angle Energy Inc. is a Calgary based public oil and gas exploration and development company that was incorporated in 2004. Angle's goal is to grow our high quality, focused asset base through a combination of drilling and strategic acquisitions. 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 forward-looking statements and are made as of June 27, 2012 and based on assumptions as of that date. Forward looking statements include 2012 expectations of timing and amount of drilling, drilling inventory and locations, completions, infrastructure and timing and amount of production to come on stream, capital allocation, payout timing, as well as asset mix. By their nature, 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, reservoir quality, inability to drill, complete, and tie-in wells on schedule due to land surface issues, the a lack of oilfield services being available on a cost efficient basis, mechanical failure, poor weather or inability to access infrastructure and facilities, unplanned processing issues, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources.

The drilling plans and expected costs and results of drilling and the reserve estimates are subject to all the aforementioned risks and uncertainties, as well as those risk factors identified by Angle's MD&A in the most recently completed financial quarter and yearend and most recent Annual Information Form.

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, including the commodity price assumptions, 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 forward-looking statements, and accordingly, no assurance can be given that any of the events anticipated by the 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 forward-looking statements, whether as a result of new information, future events or otherwise. The forward looking statements are expressly qualified by these cautionary statements.

Contributing Sources

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