Alange Energy Announces Approximately C$10 Million Increase in Bought Deal Equity Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Alange Energy Corp (TSX VENTURE:ALE) ("Alange Energy" or the "Company") is
pleased to announce that due to strong investor demand for its recently
announced bought deal financing of Units (the "Offering"), the Company and the
Underwriters have agreed to increase the size of the Offering by C$10 million.


The Offering which is being conducted by a syndicate of underwriters led by GMP
Securities L.P., and including Canaccord Genuity Corp., Jennings Capital Inc.
and Raymond James Ltd. (collectively, the "Underwriters"), will now include the
issuance of an additional 36,000,000 Units at a price of C$0.30 per Unit, for a
total of 203,000,000 Units being issued for aggregate gross proceeds of
C$60,900,000. In connection with the Offering, the Company has granted the
Underwriters an option, exercisable for a period of up to 30 days following the
closing of the Offering, to purchase 30,450,000 additional Units to cover
over-allotments, if any, and for market stabilization purposes.


Each Unit will consist of one common share of the Company and one-half of one
common share purchase warrant of the Company. Each full warrant will entitle the
holder to purchase an additional common share of the Company at an exercise
price of C$0.50 for a term of 5 years from the closing date of the Offering. In
addition, the Company will issue Units equal to 6% of the Units sold pursuant to
the Offering to the Underwriters in settlement of their underwriting commission.



The additional proceeds raised under the Offering will be used for the further
retirement of a portion of the Company's debt outstanding. The Offering is
expected to close on or about February 10, 2011 and is subject to the Company
receiving all necessary regulatory approvals. 


This news release is not an offer of securities for sale in the United States.
The securities described in this press release have not and will not be
registered under the U.S. Securities Act of 1933, and may not be offered or sold
in the United States absent registration under the U.S. Securities Act of 1933
or an applicable exemption from the registration requirements thereof.


About Alange Energy Corp.

Alange Energy is a Canadian-based oil and gas exploration and production
company, with working interests in 12 properties in four 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 production; costs of production; success of exploration activities;
currency exchange rate fluctuations; the use of proceeds of the proposed
financing; the anticipated results of the implementation of the Company's
strategic plans and operational decisions, including its decisions to focus on
certain core properties, transfer operatorship of Topoyaco to Pacific Rubiales
Energy Corp., decrease G&A and dispose or farm-out certain non-core assets;
Alange Energy's debt levels and expectations to meet its debt service levels;
the amount of royalties; the effect of cost saving measures on the Company's
cash flow; expectations regarding sufficiency of operating cash flows; and the
timing for reporting results of the review of the Company's internal controls
and procedures, management systems and corporate governance practices. 


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, other risks of
the oil and gas industry, failure of plant, equipment or processes to operate as
anticipated; the ability of Alange Energy to obtain qualified staff, equipment
and services in a timely and cost efficient manner to develop its business; the
ability to replace and expand oil and natural gas reserves through acquisition,
development of exploration; the timing and costs of drilling, completion,
pipeline, storage and facility construction and expansion; the regulatory
framework regarding royalties, taxes and environmental matters; the ability of
Alange Energy to successfully market its oil and natural gas products and
completion of the review of internal controls and procedures, management systems
and corporate governance practices. 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. 


Statements concerning oil and gas reserve estimates may also be deemed to
constitute forward-looking statements to the extent they involve estimates of
the oil and gas that will be encountered if the property is developed.
Information in this press release expressed in boe is derived by converting
natural gas to oil in the ratio of six thousand cubic feet (mcf) of natural gas
to one barrel (bbl) of oil. Boe may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. Estimated values of future
net revenue disclosed do not represent fair market value.
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