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Angle Energy Reports 113% Increase in Light Oil Reserves, Announces New Independent Director

CALGARY, ALBERTA -- (Marketwire) -- 02/06/13 -- Angle Energy Inc. ("Angle" or the "Company") (TSX:NGL) announces a significant increase to its 2012 year-end oil reserves and top tier capital efficiencies in its oil reserve additions. The Company also announces the addition of M. Scott Bratt, an experienced financial executive, to its Board of Directors.

2012 YEAR END RESERVES REPORT HIGHLIGHTS

The following highlights are calculated using the estimated and unaudited financial results of 2012, pro forma the Edson gas asset disposition which closed on January 9, 2013. Additional reserve information as required under NI 51-101 will be included in the Company's Annual Information Form which will be filed on SEDAR by March 31, 2013. GLJ Petroleum Consultants ("GLJ"), an independent reserve engineering firm, evaluated Angle's December 31, 2012 reserves.


--  Total proved plus probable reserves are 60.9 million barrels of oil
    equivalent, "boe", with an increase in light oil reserves of 113%, from
    5.2 million barrels to 11.1 million barrels, as compared to December 31,
    2011. Light oil and natural gas liquids now represent 55% of Angle's boe
    reserves. 
    
--  Proved plus probable reserve additions total 11.0 million barrels
    equivalent, of which 81% is light oil and natural gas liquids, and 19%
    is natural gas. These additions are substantially all from Angle's
    Cardium projects. 
    
--  Finding and development costs pro forma the Edson gas asset disposition,
    including future development capital, are $18.73/boe on proved plus
    probable reserve additions, and $23.11/boe on total proved reserve
    additions. The resulting corporate recycle ratios are 1.3 and 1.1,
    respectively, based on the Company's Q4 operating netback (pro forma the
    Edson gas asset disposition) of $24.92/boe. 
    
--  Cardium proved plus probable reserves have grown by 180% since December
    31, 2011 bringing total Cardium proved plus probable reserves to 17.1
    million boes, of which light oil reserves represent 9.6 million barrels.
    These bookings include 58 undrilled Cardium wells, which represents 20%
    of Angle's total undrilled Cardium inventory.  
    
--  Cardium finding and development costs are $18.09/boe on proved plus
    probable reserve additions, and $25.48/boe on total proved reserve
    additions. The recycle ratios related to the Cardium reserve additions
    on a proved plus probable basis, are 1.9 times based on a $34.41/boe
    operating netback in the full year 2012, and 2.3 times based on a
    $41.36/boe operating netback for Q4 2012. 
    
--  The net asset value ("NAV") of the Company is calculated to be $6.08 per
    diluted share on a 10% discounted proved plus probable reserve basis.
    This number is inclusive of $82 million of undeveloped land value, as
    evaluated at December 31, 2012 by Seaton-Jordan and Associates, a
    leading independent consulting firm in non-reserve oil and gas land
    evaluations.

"Angle's 2012 drilling program concentrated on Cardium light oil assets which provide recycle ratios of over 2.0 times." said Gregg Fischbuch, Chief Executive Officer. "This follows our strategy of focusing on more profitable production, with a barrel of oil currently being worth approximately five times more than a "barrel of oil equivalent" of natural gas."

2013 OUTLOOK

Cardium light oil is now Angle's dominant asset and has become so in only one year. The Company is a large undeveloped land holder in the Cardium play, and has only 20% of its undrilled inventory booked in the 2012 report.

The higher weighting of light oil in total production will be directly reflected in expected increases to the cash flow per share for 2013. The sale of the Edson gas assets in December 2012 reduced Angle's near term debt to less than 2.0 times debt to cash flow. Angle is committed to maintaining risk-appropriate leverage and has a corporate directive of managing its debt to cash flow ratio for the overall 2013 capital program to under 2.0 times on a fourth quarter annualized basis.

Angle plans to release its 2012 year end financials on March 20, 2013, and will provide an operations update on first quarter drilling activities subsequent to this release in late March or early April.

SCOTT BRATT JOINS ANGLE'S BOARD OF DIRECTORS

Noralee Bradley, Chairman of the Board of Angle Energy Inc., is pleased to announce that Mr. M. Scott Bratt, B. Comm, CA, CFA, has joined the Board of Directors, effective immediately. Mr. Bratt has 18 years of experience in the capital markets, primarily with FirstEnergy Capital Corp, where he recently retired as Managing Director and Co-Head of Corporate Finance. Mr. Bratt has significant experience in mergers, acquisitions, valuations and financings, and has been a trusted advisor to numerous boards and senior management teams.

Mr. Bratt said, "Angle's genuine commitment to building shareholder value is compelling. The Company's transition from natural gas to light oil in a very short time frame is on track. Angle's Cardium assets are attractive and their successful organic development highlights the Company's differentiation as adept drillers and low cost operators. The entire Board is focused on the gap between the trading price of the stock and intrinsic NAV. I look forward to working with the Board and Angle Management to find ways to increase value for the benefit of shareholders, particularly as the gas to oil transition strategy continues to prove itself."

2012 YEAR END CORPORATE RESERVES

Angle's December 31, 2012 reserves were evaluated by the Company's independent reserve engineering firm, GLJ Petroleum Consultants ("GLJ"). The evaluation of all of Angle's petroleum and natural gas reserves was conducted pursuant to National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH") reserves definitions. Additional reserve information as required under NI 51-101 will be included in the Company's Annual Information Form which will be filed on SEDAR by March 31, 2013.

The December 31, 2012 Angle reserve assessment, pro forma the sale of the Edson gas assets, yielded the following results:


----------------------------------------------------------------------------
December 31, 2012 Reserves Summary                                          
(Pro Forma Edson Natural Gas Asset Disposition, Company interest before     
 royalties)                                                                 
----------------------------------------------------------------------------
(January 1, 2013 escalated price     Natural    Crude                   Oil 
 forecast)                               Gas      Oil     NGLs   Equivalent 
----------------------------------------------------------------------------
                                        (Bcf)  (Mbbls)  (Mbbls) (Mboe) (6:1)
----------------------------------------------------------------------------
Proved developed producing              50.7    2,528    7,126       18,108 
----------------------------------------------------------------------------
Proved undeveloped                      35.0    2,483    4,715       13,028 
----------------------------------------------------------------------------
Total Proved                            90.5    5,195   12,457       32,735 
----------------------------------------------------------------------------
Probable                                73.7    5,902    9,966       28,154 
----------------------------------------------------------------------------
Total Proved plus Probable             164.2   11,096   22,423       60,890 
----------------------------------------------------------------------------
(Columns may not add due to rounding)                                       
                                                                            
----------------------------------------------------------------------------
December 31, 2012 Net Present Values ("NPV") Summary                        
(Pro Forma Edson Natural Gas Asset Disposition, Company interest before     
 royalties)                                                                 
----------------------------------------------------------------------------
                                                                         Net
(January 1, 2013 escalated       Present value of cash   Future  Undeveloped
 price forecast)                flows before-tax ($MM)  Capital Wells Booked
----------------------------------------------------------------------------
                                   0%      10%      15%    ($MM)            
----------------------------------------------------------------------------
Proved developed producing    $367.0   $267.0   $231.3     $4.9             
----------------------------------------------------------------------------
Proved undeveloped            $226.9    $73.6    $40.4   $176.6         53.8
----------------------------------------------------------------------------
Total Proved                  $628.0   $358.6   $285.9   $190.1         53.8
----------------------------------------------------------------------------
Probable                      $696.2   $225.7   $147.8   $188.9         53.3
----------------------------------------------------------------------------
Total Proved plus Probable  $1,324.2   $584.3   $433.6   $379.0        107.1
----------------------------------------------------------------------------
(Columns may not add due to rounding)                                       

Angle's total proved reserves carry $190 million of future development capital, representing 1.9 times the 2013 first half cash flow annualized (from Angle's January 9, 2013 press release guidance, approximately $98 million), while Angle's total proved plus probable reserves carry $379 million of future development capital, or 3.9 times 2013 first half cash flow annualized.


----------------------------------------------------------------------------
Net Asset Value at Dec 31, 2012                                             
Pro Forma Edson Natural Gas Disposition                                     
----------------------------------------------------------------------------
Proved Plus Probable NPV 10% GLJ                                   $584.3MM 
----------------------------------------------------------------------------
Net Debt                                                          ($177.0MM)
----------------------------------------------------------------------------
Value of Net Undeveloped Land                                       $82.1MM 
----------------------------------------------------------------------------
Value of Seismic                                                     $7.0MM 
----------------------------------------------------------------------------
Total                                                              $496.4MM 
----------------------------------------------------------------------------
Fully Diluted Shares Outstanding                                     81.6MM 
----------------------------------------------------------------------------
Net Asset Value per Share                                             $6.08 
----------------------------------------------------------------------------

ABOUT ANGLE

Calgary-based Angle Energy Inc. is a publicly traded oil and gas exploration and development company incorporated in 2004. Angle's objective is to build shareholder value through the profitable growth of its high-quality asset base using a combination of drilling and strategic acquisitions. Angle's proven and dedicated team of industry specialists is 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 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.

Forward-Looking Information

Information set forth in this press release contains estimates and forward-looking statements and are made as of February 6, 2013 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 and ability to access sufficient capital from internal and external sources. Netbacks are calculated by subtracting royalties and operating costs from revenue and the calculation follows industry standards. The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year. Furthermore, estimates of net asset value and net present values as disclosed do not represent fair market value. 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.

Contacts:
Angle Energy Inc.
Heather Christie-Burns
President and Chief Operating Officer
(403) 263-4534
(403) 263-4179 (FAX)

Angle Energy Inc.
Gregg Fischbuch
Chief Executive Officer
(403) 263-4534
(403) 263-4179 (FAX)

Angle Energy Inc.
Suite 700, 324 Eighth Avenue SW
Calgary, Alberta T2P 2Z2
www.angleenergy.com

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