April 7, 2011 / 12:31 PM / in 7 years

UPDATE 3-Alange names CEO, says 2 board members have resigned

* Says internal review by exec committee to be completed by April 28

* Names Luciano Biondi Golinucci as new CEO

* Buys 32.14 percent more stake in Colombia block

* Says acquisition to raise gross output by almost 600 bopd

* Shares fall 5 pct (Updates share movement)

April 7 (Reuters) - Canada’s Alange Energy Corp , which started restructuring its operations in January, said it named a new chief executive and two of its board members quit.

Shares of the company fell nearly 5 percent to 30.5 Canadian cents on the Toronto Venture Exchange. They have lost more than 40 percent of their value in the last one year.

Last month, the company cut about 45 percent of jobs and ended certain sales deal as part of its efforts to reduce costs as it looked to dispose of or farm out its non-core assets. ID:nL3E7E718I]

Production at one of Alange’s key oil assets in Cubiro was also hit as the company faced trucking disruptions at the site.

The oil and gas company, which had total debt of about $47 million as at the end of 2010, said on Thursday the executive committee of the board is continuing its review and analysis of the company’s past business practices.

The internal review is expected to be completed by April 28, the company said in a statement.

The company, whose chief executive resigned in January, named Luciano Biondi Golinucci as its new CEO. Golinucci has been working as a consultant to the company.

Alange also named board member Jaime Perez as executive chairman.

The company, which has more than 1.2 million acres of property in Colombia, also said it will buy an additional 32.14 percent interest in the Cubiro Block in Colombia.

Alange, which holds a 25 percent participating interest in Cubiro in the Llanos Basin, said it will raise C$27 million via a private placement of units to fund the Cubiro transaction.

The acquisition will increase its share of gross production by almost 600 barrels of oil per day at the Copa wells in Cubiro, where it is currently producing about 1,800 barrels of oil per day, the company said.

The company which will be reporting its fourth-quarter results on April 28. (Reporting by Bhaswati Mukhopadhyay; Editing by Gopakumar Warrier, Vyas Mohan)

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