Claritas Pharmaceuticals Inc V.CLAS.H

Updated Reserves Report presented a 219% increase

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CALGARY, ALBERTA--(Marketwire - Nov. 28, 2012) - Santa Maria Petroleum Inc. (TSX VENTURE:SMQ) ("Santa Maria" or the "Company") is pleased to announce that it has obtained an updated reserve evaluation of its oil and gas properties effective June 30, 2012 (the "Updated Reserves Report") as prepared by Petrotech Engineering Ltd. ("Petrotech"), an independent qualified reserves evaluator. Petrotech is the Company's independent qualified reserve evaluator for annual disclosure requirements. The Updated Reserves Report is an update to the reserve evaluation of the Company's oil and gas properties effective December 31, 2011 (the "2011 Report") as prepared by Petrotech and is based on the completion, testing and production of the Flami field in Block 27 and revisions to operating costs and reserve data for the Canaguay well in the Canaguaro field based on operations and production from January 1, 2012 to June 30, 2012.

A summary report is available for review on SEDAR at www.sedar.com.

The Updated Reserves Report presented a 219% increase to the Company's net proved and probable ("2P") heavy oil reserves and a 259% increase to the before-tax net present value of 2P reserves at a 10% discount rate as compared to the annual filing, effective December 31, 2011. All of the Company's reserves are located in Colombia. The Company only has heavy oil reserves.