Alange announces initiation of listing process on the Colombian Stock
Exchange

TORONTO, Sept. 23 /CNW/ - Alange Energy Corp (TSXV: ALE) announced today that it has initiated the process whereby it intends to list on the Colombian Stock Exchange (Bolsa de Valores de Colombia or "BVC") as well as on the Registro Nacional de Valores y Emisores ("RNVE") in Colombia. For such purpose, Alange has engaged Citivalores S.A. Sociedad Comisionista de Bolsa ("Citi") to act as exclusive advisors in the process. This will be a secondary listing, while the company's primary exchange will remain the Toronto Stock Exchange Venture ("TSXV"), on which it has traded since July 15, 2009.

The company is currently working with Citi in order to submit, on a timely basis, the required documentation to both BVC and Superintendencia Financiera de Colombia ("Superfinanciera"). Once such documentation has been reviewed and approved by the Superfinanciera, Alange Energy will be ready to be listed on the BVC. The company does not anticipate an offering in conjunction with the afore-mentioned listing; hence there will be no dilution to existing shareholders.

The significance of the step that Alange Energy is taking is that a BVC listing is the ideal complement for its anticipated growth, while expanding its institutional and retail shareholders' base in Colombia, where it has 100% of its operations. The potential of the intended dual listing is boosted by the rapid growth of Colombian capital markets, as well as the ongoing integration with other growing Latin American markets.

Luis E. Giusti, Chief Executive Officer, stated that "This is an excellent opportunity for Alange Energy. We believe the company has reached a stage in which it is the natural path to follow, allowing mid and long term investors to participate in its growth story, while at the same time, enhancing the stock liquidity. Oil & gas in Colombia has become one of the most important drivers of the country's economy, and local investors are looking for a more diversified portfolio of foreign issuers, in which Alange Energy certainly plans to play a key role in 2011."

The application process is expected to take 4 to 5 months. The listing in Colombia will be subject to the local regulations applicable to foreign issuers. All reporting and disclosure regulations, including corporate governance, voting rights and proxy voting will be in accordance with Canadian and Colombian regulations, as applicable to foreign investors. Alange Energy will appoint an administrative and depositary agent in Colombia to maintain shareholders' records, and be responsible for dividend payments, if declared, and all other matters regarding shareholders' rights.

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 future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. 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 and other risks of the oil and gas industry, failure of plant, equipment or processes to operate as anticipated. 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. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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For further information: Luis E. Giusti, Jr., Vice President, Investor Relations, 416-360-4653