CALGARY, ALBERTA--(Marketwire - Oct. 16, 2012) -Angle Energy Inc. ("Angle" or the "Company") (TSX:NGL) is providing an update on third quarter operational activities as well as a project update on the Harmattan Cardium play, as of October 16, 2012.

HIGHLIGHTS

• Drilled and rig released 10 gross (7.1 net) horizontal wells in the quarter, with 8 gross (5.1 net) wells targeting Cardium light oil. Year to date, Angle has drilled 35 gross (29.1 net) horizontal wells and 1 gross (1.0 net) directional well with a 100% success rate. Angle has 3 gross (1.6 net) horizontal Cardium oil wells, and 1 gross (1.0 net) horizontal Mannville liquids-rich gas well awaiting completion, and is currently drilling 2 gross (2.0 net) horizontal wells, one for Cardium oil and one for Mannville liquids-rich gas.

• Of the 35 wells drilled thus far in 2012, 25 gross (19.9 net) horizontal wells targeted our Cardium light oil projects. Of the 25 wells, 17 net wells were in the Harmattan Cardium project.

• Field estimated production is currently at 14,400 boe/d (ethane extraction at normal capacity) with approximately 22% light oil and condensate, 26% NGLs and 52% natural gas. Current tested volumes not on stream are approximately 1,300 boe/d which are expected to be on stream in the month of October, bringing corporate production to approximately 15,700 boe/d.

• Continued focus on our light oil and condensate production has resulted in a 39% increase from January 2012 (approximately 2,200 bbl/d) to 3,050 bbl/d in September 2012. Cardium oil volumes in Harmattan being tied-in during October will bring total light oil and condensate production to approximately 3,650 bbl/d, a 66% increase over January 2012.

• Third quarter production is expected to average 14,200 - 14,400 boe/d of which 21% is light oil and condensate, 24% is NGLs and 55% is natural gas. Average production for the quarter was lower than anticipated due to reduced ethane recoveries at the Harmattan Deep Cut facility (400 boe/d), unscheduled facility downtime (150 boe/d) and tie-in delays (180 boe/d), affecting the quarter by approximately 730 boe/d. Ethane extraction does not affect Angle's cash flow, as revenue from this product is received on the basis of gas heat equivalency.

• At Harmattan, 4 additional (100% working interest) development wells in the Cardium light oil play have been completed and tested, with average five day producing rates (post initial test) of approximately 223 bbl/d of light oil with minor solution gas. Three of these wells were drilled in step out areas in the project, two in the southern area, and one in the western area. The success of these drills is significant as it de-risks the project inventory and proves up additional unbooked oil reserve value. Current drilling inventory in this play is approximately 176 wells.

• Third quarter financial reporting will be available after market close on or about November 7^th, 2012.

CARDIUM LIGHT OIL PROGRAM

Harmattan Cardium

The Cardium play in Harmattan has provided stellar light oil growth for Angle since the initial well was drilled and completed with a slick water fracture in October 2011. Angle is currently using a type curve for the play, generated from industry results for slick water fractured Cardium wells, of 233 boe/d (89% light oil & NGL and 11% gas) for the first 3 months of production, with expected ultimate recoveries of 220 mboe per well Actual IP 3 month rates average 235 boe/d (196 bbl/d, 7% gas) for the first 12 full horizontal wells drilled in the play, which validates the current type curve view. Operating costs of $8.42/boe have been realized in the play to date. The total drilling inventory in the Cardium fairway between Garrington and Lochend is approximately 176 wells at a four well per section drilling density.

From the program start in late 2011, Angle has drilled 18 wells and completed a total of 17 wells to date, with 14 wells on production by the end of the third quarter. The remaining 4 wells will be brought on production in the month of October. The project is currently producing 1,100 bbl/d light oil with 600 bbl/d (stabilized IP30 productivity estimate, flush volumes would be higher) to tie in, from a start in October 2011 at zero production.

Currently, only 10% of the 176 well drilling inventory has been drilled, and reserves are largely unbooked. As at December 31, 2011, proved plus probable reserves of only 2.4 mmboes (81% oil) were recognized exclusively in the northern area of the play. The successful results in the step out areas south and west of the original producing wells has significantly de-risked the drilling inventory and will provide additional reserve bookings for 2012. Angle has plans to drill up to an additional 2 wells in the play in the fourth quarter which will also de-risk additional lands and provide new reserve assignments. The cost to drill and complete the latest three wells in the play was $2.8 million per well.

Angle is very pleased with the 2012 results of this highly successful light oil resource play and is confident in further improvements in both well cost and productivity for our 2013 drilling plans. The progress made to date underpins the Company's view of a large, repeatable, oil in place resource with significant value exceeding Angle's current share price.

The table below outlines the oil rates only (does not include gas volumes or estimates of NGL production, as gas-oil ratios are low) from the wells over varying production time periods.

Edson Cardium

Angle has participated in the drilling of 4 gross (1.1 net) non-operated wells in the third quarter in the Edson Cardium light oil play. The Company also has an additional 2 gross (0.3 net) wells as potential drills for the remainder of the fourth quarter, taking the program to 8 gross (1.8 net) wells total for 2012. Four wells are currently on production, with gross oil production of 375 bbl/d (net to Angle 92 bbl/d). Two of the wells have been on production for over 30 days, with IP 30 rates of over 120 bbl/d. These wells are showing stabilized production with continued clean up (oil rate increasing) post slick water fracture completions. The operators in the play have shown recent improvements in both drill cost and fracturing technique, with monobores reducing drill time by approximately 3 to 4 days.

Current slick water fracture applications have been employing additional stages (27 instead of the 17 previously being applied) with improved productivity achieved. The non-operated wells have provided information to de-risk Angle's 100% working interest Cardium rights offsetting the activity. The early results in Edson are encouraging and Angle sees a total drilling inventory in this play of 75 gross (45 net) unbooked locations. Prior to expected cost savings, the cost to drill and complete is approximately $3.5 million with expected risked recoveries of 175 mboe per well.

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 targeting and maintaining the right degree of leverage within its corporate structure and pursuing sustainable 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 may contain forward-looking statements and are made as of October 16, 2012 and based on assumptions as of that date. Forward looking statements contained within this press release may 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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