CALGARY, ALBERTA -- (Marketwire) -- 01/09/13 -- Angle Energy Inc. ("Angle" or the "Company") (TSX:NGL) is pleased to provide shareholders with the following activity updates and corporate information.

HIGHLIGHTS

--  Angle drilled and rig released 10 gross (8.3 net) horizontal wells in
    the fourth quarter of 2012, with 6 gross (4.3 net) wells targeting
    Cardium light oil, with a 100% success rate. Currently, Angle has 3
    gross (2.5 net) horizontal wells in completion operations or awaiting
    completion. 
    
--  Due to Angle's oil weighting in the fourth quarter of 2012, it is
    anticipated that quarterly cash flow will be in the guided range of
    approximately $25 - $26 million (estimated and unaudited). 
    
--  The previously announced Edson gas asset disposition has closed for
    gross proceeds of $74 million, reducing Angle's bank debt to
    approximately $100 million and enhancing Angle's capital focus on our
    expansive Cardium light oil drilling inventory. 
    
--  Angle has retained the Cardium and the Duvernay lands in the Edson area.
    The undrilled Cardium light oil inventory in the Edson area is 142 gross
    (75 net) wells. 
    
--  Field estimated production, post the disposition of the Edson gas
    assets, is currently at 11,300 boe/d with approximately 27% light oil
    and condensate, 27% NGLs and 46% natural gas. 
    
--  The most recent 100% working interest Harmattan Cardium horizontal light
    oil well, drilled in the southern area of the project, has averaged 283
    boe/d (78% oil, 11% NGLs, 11% natural gas) in its first two weeks of
    production. This well has provided key productivity information to
    increase expected year end reserve bookings on the Cardium play in this
    area. Angle has 176 gross (176 net) undrilled locations in inventory in
    this high netback, light oil play. 
    
--  The most recent 100% working interest Ferrier Cardium horizontal well
    was brought on production in late November and averaged 990 boe/d over
    its first 30 days of production (53% oil, 12% NGLs, 35% natural gas).
    This well has produced over 20,000 barrels of light oil in its first 50
    days of production and continues to perform well above the existing area
    type curve. Angle is awaiting completion of a two-well Cardium pad in
    this area and has recently spud a third well with completion planned for
    February. Angle has 58 gross (50 net) undrilled locations in inventory
    in this high netback light oil and liquids play.

CLOSING OF EDSON GAS ASSET DISPOSITION

The Company is pleased to report that it has closed its previously announced sale of its Edson gas assets for gross proceeds of $74 million. Proceeds from the disposition were used to reduce bank indebtedness and apply additional capital towards exploitation of Angle's extensive Cardium light oil inventory.

Concurrent with the closing of this disposition, the borrowing limit of Angle's credit facility was re-determined by its lenders at $215 million. Following the closing of the dispositions, Angle's bank indebtedness totaled approximately $100 million (excludes working capital deficiency and $60 million in outstanding convertible debentures).

The Edson area remains a core land position for Angle post the disposition, with 18,953 net acres (29.6 net sections) of undeveloped Cardium land, and 35,680 net acres (55.75 net sections) of undeveloped Duvernay land.

OPERATIONAL UPDATE

Angle drilled and rig released 10 gross (8.3 net) horizontal wells in the fourth quarter of 2012, with 6 gross (4.3 net) wells targeting Cardium light oil. In 2012, Angle drilled 45 gross (37.4 net) horizontal wells and 1 gross (1.0 net) directional well with a 100% success rate. Currently, Angle has 1 gross (1.0 net) liquids-rich Mannville gas well, and 2 gross (1.5 net) Cardium oil wells in Ferrier in completion operations or awaiting completion. Current drilling activity includes 4 gross wells, all 100% working interest.

Of the 46 wells drilled in 2012, 30 gross (23.1 net) horizontal wells targeted our Cardium light oil projects. Of the 23.1 net Cardium wells, 18 net wells are in the Harmattan Cardium project.

Fourth quarter production is expected to average 13,800 - 14,000 boe/d of which 24% is light oil and condensate, 23% is NGLs and 53% is natural gas. This estimate is inclusive of the production from the Edson gas assets in the month of December. Light oil and condensate production has increased over 50% from January 2012 (approximately 2,200 bbl/d) to 3,300 bbl/d in December 2012. Average NGL and natural gas production for the quarter was lower than anticipated due to reduced ethane recoveries at the Harmattan Deep Cut facility (275 boe/d), unscheduled facility downtime at the Ferrier Strachan plant during November and December (140 boe/d) and budgeted changes as related to the Edson gas asset disposition and lower than anticipated gas volumes in Lone Pine Creek (600 boe/d), affecting the quarter by approximately 1,015 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. Due to Angle's higher oil weighting in the quarter, it is anticipated that quarterly cash flow will be in the guided range of approximately $25 - $26 million (estimated and unaudited).

Current field estimated production, post closing of the Edson gas asset disposition, is 11,300 boe/d with approximately 27% light oil and condensate, 27% NGLs and 46% natural gas

2013 CAPITAL PROGRAM AND GUIDANCE

Angle's 2013 capital expenditure program focuses on the highest rate of return projects in the Company's development portfolio, with emphasis on light oil growth in the Cardium plays across the Company. The full year budget includes $145-$160 million in total capital, of which $125-$140 million is allocated to drill 43 - 47 gross (34 - 38 net) wells and related completion, equipping and tie in activities.

Facility capital of $10 million is expected to construct the central oil battery, initially sized to process 4,000 bbls/d of light oil, and related emulsion gathering lines at Harmattan. Drilling, completion, equipping and tie-in capital is expected to be allocated approximately 75 - 80% to the Cardium light oil projects in Harmattan, Ferrier and Edson, and 20 - 25% to Mannville liquids-rich gas and light oil in Harmattan and Ferrier. Capital may be allocated towards the Duvernay shale or other high value projects and is not primarily included in the development budget.

Expected production volumes resulting from the year's capital program will be in the range of 11,300 - 11,700 boe/d, with December month average volumes estimated at 12,000 - 13,000 boe/d. During the year, the production mixture is expected to average approximately 45% natural gas, 25% NGLs, and 30% light oil and condensate. The December month volumes are expected to average approximately 45% natural gas, 23% NGLs, and 32% light oil and condensate.

Expected results in the first half of 2013 from the capital expenditure program are as follows, with specific focus on the Cardium drilling program at Harmattan, Ferrier and Edson:

                                                           Cardium Light Oil
                                        Angle Corporate             Projects
                                                                            
Gross Wells                                        20.0                 15.0
Net Wells                                          16.9                 11.9
Capital Expenditures                        $75 - $85MM          $52 - $57MM
                                                                            
Cash Flow                                    $43 - 49MM      $21.5 - $24.5MM
                                                                            
H1 2013-End Debt                          $200 - $215MM                     
                                                                            
H1 2013 Average Production        11,300 - 11,500 boe/d  3,700 - 3,900 boe/d
H1 2013 Average Production % Gas                     46                   31
Exit H1 2013 Production           11,500 - 12,000 boe/d  4,100 - 4,300 boe/d
Exit H1 2013 Production % Gas                        44                   30
                                                                            
                                                                            
Commodity Pricing Assumptions H1 2013                                       
Gas ($/GJ)                                                            $3.10 
WTI ($/bbl)                                                          $90.00 
Differential to Edmonton Light ($/bbl)                               -$6.00 
Edmonton Light ($/bbl)                                               $84.00 
C3% of WTI                                                               29%
C4% of WTI                                                               69%
C5% of WTI                                                              105%

RETIREMENT ANNOUNCEMENT

Stuart Symon, Vice President Finance and CFO, will be retiring from Angle Energy at the end of the first quarter of 2013. As well as assisting in the year end financial preparations, Stuart will aid in the transition to a successor and ensure continuity for Angle's shareholders. Angle's board and management wish to thank Stuart for his contributions to the Company's success and wish him all the best in the future.

SUMMARY

Angle's business plan is to continue to focus on cash flow per share growth, and proving up its extensive Cardium light oil drilling inventory. Angle is a major Cardium land holder in Alberta, with over 212 net sections (135,680 acres) of undeveloped Cardium land in its portfolio which is estimated to be the fifth largest land position in the Cardium. Additionally, Angle has a high quality drilling inventory in liquids-rich gas plays in the Mannville, and exposure to the prospective Duvernay shale play. The Company is also focused on maintaining the right degree of leverage within its corporate structure and pursuing growth alongside rate of return. We look forward to reporting the Company's year end 2012 reserves and financial results within the next two months.

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 January 9, 2013 and based on assumptions as of that date. Forward looking statements include 2013 expectations of drilling locations, capital allocation, production growth, increases in oil production, asset mix, and cash flow. In addition to commodity price assumptions, the forward looking statements have also been made based on assumptions relating to past drilling results, well performance and past operations on the drilled areas including access and lack of disruption at facilities and infrastructure. 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 are subject to all the aforementioned risks and uncertainties, as well as those risk factors identified by Angles' most recent MD&A and 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.