Alange Energy Completes Reverse Takeover of Alange Corporation

On July 13, 2009, Alange Energy Corp. (New Alange), which was formerly Cierra Pacific Ventures Ltd., completed a reverse takeover transaction pursuant to which New Alange acquired all of the issued and outstanding securities of Alange Corp. (Old Alange) in exchange for the issuance of 513,300,000 common shares of New Alange and a warrant to acquire an additional 33,284,516 common shares, by way of a three-cornered amalgamation. In connection with the reverse takeover transaction, Old Alange completed a brokered private placement of subscription receipts. GMP Securities L.P. was engaged by Old Alange, together with a syndicate including Canaccord Capital Corporation, Macquarie Capital Markets Canada Ltd. and Genuity Capital Markets, to act as agents in respect of the private placement. Pursuant to the private placement, Old Alange issued 400,000,000 subscription receipts at a price of $0.35 each, for gross proceeds to Old Alange of $170,000,000.

Old Alange was represented by Macleod Dixon LLP under the direction of Peter Volk, general counsel and secretary. The Macleod Dixon team was led by Jorge Neher in Caracas and Richard J. Lachcik in Toronto. The Toronto team included Robert Eberschlag, Drew K. Allen, John C. Carron, Michael Sabusco, Lynn Thomson, Steven Agnew, Morris Popowich and Janet L. Wong (securities) and Ed Heakes (tax). The Caracas team included Leopoldo Olavarría and Daniela Jaimes Cifuentas; and a team in Calgary included Jamie Gagner and Olga Kyselova (securities and oil and gas) and Craig Maurice (tax).

Old Alange was also represented concerning Panamanian corporate law matters by Maricarmen Plata Rovetto of Anzola Robles & Asociados, and concerning US securities law matters by Willkie Farr & Gallagher LLP with a team that included Melinda Wang, James Crowe and John DeSisto.

New Alange was represented by Anfield Sujir Kennedy & Durno with a team that was led by Jeff Durno and included Verlee Web and Eric Pau.

The agents were represented by Wildeboer Dellelce LLP with a team that was led by Perry Dellelce and included Rob Wortzman, James Brown, Joanne Sanci and Alexandra Vazquez (securities and corporate) and Kevin Fritz (tax).