Quetzal Energy Ltd. Announces Company Name Change and Results of Annual General Meeting

CALGARY, ALBERTA--(Marketwire - June 1, 2012) -

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Quetzal Energy Ltd. (The "Company") (TSX VENTURE:QEI) is pleased to announce the following:

RESULTS OF THE ANNUAL GENERAL MEETING ("AGM")

• The Company passed a special resolution to change the name of the Company to Santa Maria Petroleum Inc. This is subject to filing articles of amendment and obtaining regulatory approval. After approval by the TSX Venture Exchange ("TSXV") the new trading symbol will be "SMQ".
  
  
• The Company invites readers to the new website at www.smpetroleum.com. The latest corporate presentation, which was presented at the AGM, may be viewed there.
  
  
• The Company received approval to consolidate its issued and outstanding Common Shares on the basis of one post-consolidated Common Share for every 10 pre-consolidation Common Shares. The Consolidation is subject to TSX Venture Exchange ("TSXV") approval and is subject to filing articles of amendment and obtaining regulatory approval.
  
  
• The Company received approval to adopt a new incentive share option plan (the "Option Plan") and granted stock options to purchase an aggregate of 14,937,593 common shares of the Company at a price of $0.10 per share to certain eligible participants. The Options are exercisable for a period of five years from the date hereof and vest as to one-third on each of the first, second and third anniversaries of the date hereof. The Option Plan is subject to approval by the shareholders of the Company and the TSX Venture Exchange and no further stock options may be granted until such approvals have been received. As of the date hereof, the Company has granted Options to purchase an aggregate of 24,587,559 common shares of the Company.
  
  
• The members of the Board of Directors was approved as nominated. The board members are Andrew DeFrancesco (Chairman), Ronald MacMicken, Gerald Feldman, Steven R. VanSickle, Douglas Manner and Scott R. Cochlan.
  

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Quetzal, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with oil and gas activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.