TANGO PETROLEUM LIMITED

Tango Petroleum Limited ("Tango" or the "Company") has entered into a farmout agreement with Pass Petroleum LLC (a company registered in California) ("Pass Petroleum") pursuant to which Pass Petroleum granted to the Company the exclusive right to earn a 30% working interest in the Amazon Prospect located in Acadia Parish, Louisiana, United States of America (Amazon Prospect) and the option to earn a 30% working interest in another oil and gas prospect located in Acadia Parish, Louisiana, United States of America (Thames Prospect). The combined potential of these projects are between 500-750 billion cubic feet of gas and 45-65 million barrels of oil.

Amazon is a highly prospective onshore oil and gas exploration prospect situated South Louisiana. It has estimated gross recoverable reserve potential of 400-600 billion cubic feet of natural gas and 35-50 million barrels of oil. Drilling is expected to begin in Q3 2010.

Tango also has the right, but not the obligation, to participate in the Thames Prospect in South Louisiana ("Thames"). Thames covers an estimated area of 1,200 acres, with an estimated gross recoverable reserve potential of 100-150 billion cubic feet of natural gas and 10-15 million barrels of oil. Should the option to participate in Thames be exercised, drilling is expected to begin in Q4 2010.