Canada’s Alange Energy Corp cuts 49 jobs

* Says has cut 49 jobs till date

* Repaid $9 mln, finalizing repayment of $22 mln debt

* Says output at key oil asset hurt by trucking woes

* Shares rise as much as 5 percent (Adds share movement)

March 7 (Reuters) – Canada’s Alange Energy Corp , which started restructuring its operations in January, said it cut about 45 percent of jobs till date and ended certain sales deal as part of efforts to reduce costs, sending its shares up 5 percent.

The oil and gas exploration and production company, which had a cash balance of about $6 million as at Dec. 31, 2010, said it also cancelled the contract of a local public relations firm.

The company, which had total debt of about $47 million as at the end of 2010, said it has repaid $9 million of its long-term debt and is finalizing repayment of another $22 million of credit-line borrowings and long-term debt.

Alange, which has more than 1.2 million acres of property in Colombia, said it is reviewing other contracts and activity based spending to identify more cost savings.

Production at Cubiro, one of its core oil assets, has been hurt by trucking disruptions in the first two months of 2011.

From: Alange