Santa Maria Petroleum Inc. Sells Interest in Canaguaro Block

TORONTO, ONTARIO--(Marketwired - May 6, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Santa Maria Petroleum Inc. (TSX VENTURE:SMQ) ("Santa Maria" or the "Company") today announces that it has agreed to sell its 25% oil and gas interest in the Canaguaro Block in the Llanos Basin in Colombia to Petrominerales Ltd. ("Petrominerales") (TSX:PMG).

Petrominerales will pay Santa Maria a total of $US6.0 million in cash, subject to customary post-completion price adjustments for its 25 per cent private participating interest. Subject to regulatory and other approvals, including final acceptance by the TSX Venture Exchange, the sale is expected to be completed in the next 10 days.

Following the sale of its interest in the Canaguaro block, Santa Maria will continue to hold its private participating interests in two other blocks in the Llanos Basin of Colombia: LLA27 and LLA 36. In addition, Santa Maria holds an option to participate in the LLA 21 block, the details of which are described in previous disclosure statements.

About Santa Maria Petroleum Inc.

Santa Maria is a junior oil and gas company with private participating interests in 4 blocks in the Llanos Basin of Colombia.

Cautionary Statements

This news release contains 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, including expectations and assumptions concerning the operational results in Colombia. Although Santa Maria believes that the expectations and assumptions on which the forward-looking information are 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.