Santa Maria Petroleum Inc.
TSX VENTURE : SMQ

Santa Maria Petroleum Inc.

January 22, 2014 19:10 ET

Santa Maria Petroleum Inc. Announces the Results of the Special Shareholders' Meeting

TORONTO, ONTARIO--(Marketwired - Jan. 22, 2014) -

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Santa Maria Petroleum Inc. (The "Company") (TSX VENTURE:SMQ) announces the voting results of our special meeting of shareholders ("AGM") held on January 22, 2014.

The Shareholders voted to approve the sale of all or substantially all of the assets of the Company on the terms, conditions and provisions as substantially described in the management information circular of the Company dated December 23, 2013. The sale of the assets will be completed through a disposition of a wholly-owned subsidiary of the Company that owns the Company's Colombian branch, including any of its rights or obligations, any recovery or liability associated with applicable incomes taxes and VAT and its participation interest in the investments, income and revenues of the LLANOS 27 Project (the "Project") in the Llanos Basin in Colombia, which disposition constitutes all or substantially all of the assets of the Company (the "Transaction"). The Transaction is being completed pursuant to a share purchase agreement between the Company and Global Oil & Gas Services Ltd. ("Global") dated November 21, 2013 and amended December 18, 2013 (collectively, the "Share Purchase Agreement"). Pursuant to the Share Purchase Agreement, Global will replace the US$1.85 million letter of credit that has been provided by Santa Maria to the Agencia Nacional de Hidrocarburos ("ANH") in order to guarantee the operator's work commitments on the Project and the remaining cash balance, subject to any working capital adjustments provided for in the Share Purchase Agreement, will be released to Santa Maria. As of the date of this press release, the letter of credit that Global arranged to replace the letter of credit provided by Santa Maria has been accepted by the ANH. The Company expects to conclude the transaction by February 28, 2014.

The Transaction was previously announced by the Company in a press release dated November 25, 2013. A copy of the press release and Share Purchase Agreement is available on the Company's profile at www.sedar.com.

Santa Maria has been advised by the TSX Venture Exchange that upon closing of the transaction the common shares of Santa Maria will be moved from the Venture Exchange to the NEX and will trade on the NEX Board.

Cautionary Statements

This news release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws (together, "forward-looking information"). The use of any of the words "expect", "anticipate", "continue", "estimate", "believe", "plans", "intends", "confident", "may", "objective", "ongoing", "will", "should", "project", "should" and similar expressions are intended to identify forward-looking information.

The forward-looking information is based on certain key expectations and assumptions made by Santa Maria. Although Santa Maria believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Santa Maria can give no assurance that they will prove to be correct.

Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the inherent risks involved in the exploration and development of oil and gas properties, the uncertainties involved in interpreting drilling results and other geological data, uncertainties relating to fluctuating oil and gas prices, the possibility of cost overruns or unanticipated costs and expenses and other factors including unforeseen delays. Anticipated exploration and development plans relating to Santa Maria's properties are subject to change.

The foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this press release is made as of the date hereof and Santa Maria undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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