Angle Energy Inc. provides shareholders with an activity update with respect to its test results in the Harmattan Cardium oil play, Ferrier Cardium oil play, and the Ferrier Mannville liquids-rich gas play.

HARMATTAN CARDIUM LIGHT OIL PROJECT

Angle drilled and completed a 100% working interest Cardium oil horizontal well in the Harmattan area with an 19 stage, 21 tonne per stage slick water fracture. The well commenced clean up flow in November and has been producing for over two weeks. In the first week of the test, daily oil rates exceeded 1,200 bbl/d. Following two weeks of production, the well yielded an average flowing production rate of 665 boe/d, 93% light oil and 7% gas. Over the two week test period the well produced over 9,000 bbls of new oil, 37 degree API. Current production rates at the well are 610 boe/d, 93% light oil.

In the first half of 2012, Angle plans to drill and complete a total of 6 follow up Cardium wells. The program planned covers over 30 sections of 100% owned acreage with a well density of four wells per section yielding a project inventory of 120 wells. As at year end 2010, this program had no corporate reserves booked by Angle's independent engineers.

The operating netback of production from the Harmattan Cardium project is estimated to be $48.55/boe for the first quarter of 2012, which is 110% higher than Angle's third quarter corporate producing netback of $22.97/boe. The operating netback is calculated using current benchmark pricing of $3.00/GJ for AECO natural gas, and $100/bbl Edmonton par oil.

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