SMQ Santa Maria Petroleum

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 entered into an agreement with the operator of Block
LLA36 in the Llanos Basin in Colombia that will terminate the Company's
participation interest in LLA36. The Company will have no further interest in
the Block nor will it have any further obligations or liabilities.


$1.1 million in Letters of Credit that had been provided by Santa Maria to the
Colombian Angencia Nacional de Hidrocarburos (ANH) in order to guarantee work
commitments on this block have been released and replaced by Letters Credit
provided to the ANH by Montecz S.A. These Letters of Credit had been secured by
a combination of cash on deposit and an Indemnification Agreement with Export
Development Canada.


Following the sale of its interest in Block LLA36, Santa Maria will continue to
hold its private participating interests in Block LLA27 in the Llanos Basin of
Colombia.


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
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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Santa Maria Petroleum Inc.
Mr. Ron MacMicken
President and Chief Executive Officer
(416) 943-0021

Santa Maria Petroleum (TSXV:SMQ)
Historical Stock Chart
From Oct 2024 to Nov 2024

Santa Maria Petroleum (TSXV:SMQ)
Historical Stock Chart
From Nov 2023 to Nov 2024