February 04, 2013 at 10:59 AM EST
Tallgrass Energy Corp. Corporate Update

CALGARY, ALBERTA- (TheNewswire) - February 4, 2013)

Tallgrass Energy Corp. ("Tallgrass") is pleased to announce that the common shares of Tallgrass, the resulting entity of the previously announced amalgamation with Anglo Canadian Oil Corp., will begin trading on the TSX Venture Exchange ("TSXV") under the trading symbol "TLC" on February 4, 2013.

Tallgrass is focused on light oil; producing about 515 boepd (73% oil). Its core area is the Bigoray-Niton area west of Edmonton where it currently has an inventory of in excess of 60 drilling locations to back its plans to build to 3,000 boepd in three years. Tallgrass owns 383 sections of undeveloped Cardium, Duvernay and Nordegg rights.

Board of Directors:

Jonathan Lexier: B.Sc., P.Eng., MBA Independent Chairman of the Board,

Chair - ReservesCommittee

Jim Screaton: CAIndependent Chair - Audit Committee

John McAdam: B.Sc., P.Eng., ICD.DPresident and CEO of Tallgrass

Greg Weild: B.Sc., P.Eng.Vice President: Exploitation and Engineering of Tallgrass

Share Structure: as of February 4, 2013

Common shares:23,736,857

Warrants: 2,500,000*

Options: 752,500*

Fully Diluted 26,989,357

*note does not include186,486 out of the money warrants that are expected to expire February 9, 2013 and 1,086,855 out of the money options that are expected to expire March 31, 2013

2012 Reserves:

Tallgrass is pleased to report that it has received its final independent evaluation of reserves as of December 31, 2012 from McDaniel Associates prepared in accordance with NI51-101. As summarized below, the proven and probable reserves total 3.52 million boe (77% oil and NGL) having a net present value discounted at 10% per annum of $36.1 million. Of its current inventory of in excess of 60 locations, Tallgrass booked only 7 locations and as such, has in excess of 50 locations that are un-booked.

---------------------------------------------------------------

|  |Oil + NGL|Natural Gas|Total |NPV10-BT |

| |(mbbls) |(mcf) |(mboe) |(thousands)|

|-------------------------------------------------------------|

|Proven Producing |935.9 |2,174.3 |1,298.3|$18,234 |

|-------------------------------------------------------------|

|Total Proved |1,416.3 |3,288.0 |1,964.3|$23,472 |

|-------------------------------------------------------------|

|Proven and Probable|2,693.7 |4,963.4 |3,520.9|$36,115 |

---------------------------------------------------------------

mbbls = thousands of barrels

NGL = natural gas liquids

mcf = thousand cubic feet

mboe = thousands of barrels of oil equivalent

BT = before taxes

Development plans:

Tallgrass has developed a detailed plan to increase its production base to over 1300 boepd per day in 2013 by drilling 8 development wells in its Bigoray-Niton core area. Tallgrass will require funding to execute this plan.

Note Regarding Forward-Looking Statements and Other Advisories

This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. The forward-looking information is based on certain key expectations and assumptions made by Tallgrass' management. Although Tallgrass believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Tallgrass can give no assurance that they will prove to be correct.

Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. These forward-looking statements are made as of the date of this press release and Tallgrass disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Information Regarding Disclosure on Oil and Gas Reserves. The reserves data set forth above is based upon an independent reserves assessment and evaluation prepared by McDaniel Associates with an effective date of December 31, 2012 (the "McDaniel Report"). The presentation summarizes the Company's crude oil, natural gas liquids and natural gas reserves and the net present values before income tax of future net revenue for the Company's reserves using forecast prices and costs based on the McDaniel Report. The McDaniel Report has been prepared in accordance with the standards contained in the COGEH and the reserve definitions contained in NI 51-101. All evaluations and reviews of future net cash flows are stated prior to any provisions for interest costs or general and administrative costs and after the deduction of estimated future capital expenditures for wells to which reserves have been assigned. It should not be assumed that the estimates of future net revenues presented in the tables above represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material. The recovery and reserve estimates of our crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein. The reserve data provided in this release only represents a summary of the disclosure required under NI 51-101. Additional disclosure will be filed on www.sedar.com on or before April 30, 2013.

Barrel of Oil Equivalent Presentation - Natural gas is converted to a barrel of oil equivalent ("boe") using six thousand cubic feet ("mcf") of natural gas equal to one barrel of oil unless otherwise stated. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of six mcf to one barrel ("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. All boe measurements and conversions in this report are derived by converting natural gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil. Natural Gas Liquids ("NGL") are reported in barrels directly.

For further information:

John H. McAdam

President

Tallgrass Energy Corp.

Suite 1540, 700-6th Avenue SW

Calgary, Alberta, T2P 0T8

Main: (403) 262-0315

Fax: (403) 262-0319

info@tallgrassenergy.ca

www.tallgrassenergy.ca

This News Release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

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