Santonia Energy Inc.

Santonia Energy Inc.

April 23, 2014 16:52 ET

Santonia Energy Inc. Announces Shareholder and Court Approvals of the Plan of Arrangement With Tourmaline Oil Corp.

CALGARY, ALBERTA--(Marketwired - April 23, 2014) - Santonia Energy Inc. ("Santonia") (TSX:STE) is pleased to announce that today it received shareholder and court approval for the previously announced plan of arrangement (the "Arrangement") pursuant to which Tourmaline Oil Corp. ("Tourmaline") will acquire all the issued and outstanding common shares of Santonia. Pursuant to the Arrangement, Santonia shareholders will receive 0.03012 of a common share of Tourmaline for each common share of Santonia held. The Arrangement was approved by Santonia shareholders holding greater than 99% of the common shares of Santonia who voted on the Arrangement. The Arrangement is expected to become effective on April 24, 2014.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this press release constitutes forward-looking information or statement including, without limitation, the expected timing and completion of the Arrangement. By their very nature, forward-looking information and statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information and statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to vary materially from the forward-looking information or statements, including, but not limited to, the failure of either Santonia or Tourmaline or any other third party to satisfy any of the conditions of closing the Arrangement. Santonia does not assume responsibility for the accuracy and completeness of the forward-looking information or statements and such information and statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Santonia does not undertake any obligation to revise these forward-looking information or statements to reflect subsequent events or circumstances. Furthermore, the forward-looking information contained in this press release is made as of the date of this document and Santonia does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking information and statements contained in this press release are expressly qualified by this cautionary statement.

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