Santa Maria Petroleum Inc. Releases Summary of Interim Reserve Report

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.

MARKETABLE OIL AND GAS RESERVES

Proved and Probable Reserves and Net Present Values (in $US)

(Forecast Prices and Costs)

Reserve								NPV of Future Net Revenue Before Tax
Category		Heavy Oil Reserves						Discounted (in M$) @
		100%		Gross		Net		0%		5%		10%		15%		20%
		(Mbbl)		(Mbbl)		(Mbbl)		(M$)		(M$)		(M$)		(M$)		(M$)
Proved:
Developed Producing		414		104		95		3,288		2,986		2,734		2,521		2,340
Developed Non-Producing		304		136		124		5,770		5,391		5,060		4,768		4,509
Undeveloped		1,824		530		485		4,671		3,351		2,301		1,454		764
Total Proved		2,542		770		704		13,729		11,729		10,095		8,744		7,613
Probable:
Developed Producing		205		51		47		2,466		2,155		1,910		1,713		1,553
Developed Non-Producing		125		35		32		1,981		1,869		1,771		1,684		1,607
Undeveloped		2,333		703		643		22,036		18,560		15,885		13,788		12,115
Total Probable		2,663		789		722		26,483		22,584		19,565		17,185		15,275
Total Proved + Probable		5,205		1,559		1,426		40,213		34,312		29,660		25,929		22,888

CANAGUARO FIELD

Proved and Probable Reserves and Net Present Values (in $US) for the Canaguaro Block

(Forecast Prices and Costs)

								NPV of Future Net Revenue Before Tax
		Heavy Oil Reserves						Discounted(in M$) @
Reserve Category		100%		Gross		Net		0%		5%		10%		15%		20%
		(Mbbl)		(Mbbl)		(Mbbl)		(M$)		(M$)		(M$)		(M$)		(M$)
Proved:
Developed Producing		414		104		95		3,288		2,986		2,734		2,521		2,340
Undeveloped		1,021		255		235		1,975		1,194		589		117		-258
Total Proved		1,435		359		330		5,264		4,180		3,324		2,638		2,082
Probable:
Developed Producing		205		51		47		2,466		2,155		1,910		1,713		1,553
Undeveloped		1,033		258		238		6,803		5,459		4,472		3,735		3,176
Total Probable		1,238		309		285		9,269		7,613		6,382		5,449		4,729
Total Proved + Probable		2,673		668		615		14,532		11,793		9,705		8,087		6,811

Total Future Net Revenue, Undiscounted (in $US) for the Canaguaro Block

(Forecast Prices and Costs)

Reserves Category	Revenue		ANH Royalty		ORR		Capital Exp.		Variable Op. Exp.		Fixed Op. Exp.		Pipeline Tariff		Future Net Revenue
	(M$)		(Mbbl)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
Proved:
Developed Producing	8,431		8		506		77		2,270		1,615		675		3,288
Developed Non-Producing
Undeveloped	20,775		20		1,247		6,599		5,771		3,468		1,715		1,975
Total Proved	29,207		29		1,752		6,676		8,041		5,084		2,390		5,264
Probable:
Developed Producing	4,161		4		250		0		1,129		-19		336		2,466
Developed Non-Producing
Undeveloped	21,028		21		1,262		3,440		5,957		1,796		1,770		6,803
Total Probable	25,189		25		1,511		3,440		7,086		1,777		2,106		9,269
Total Proved + Probable	54,395		53		3,264		10,116		15,126		6,861		4,496		14,532

FLAMI FIELD

Proved and Probable Reserves and Net Present Values (in $US) for the LLA Block-27

(Forecast Prices and Costs)

								NPV of Future Net Revenue Before Tax
		Heavy Oil Reserves						Discounted(in M$) @
Reserves Category		100%		Gross		Net		0%		5%		10%		15%		20%
		(Mbbl)		(Mbbl)		(Mbbl)		(M$)		(M$)		(M$)		(M$)		(M$)
Proved:
Developed Producing		304		136		124		5,770		5,391		5,060		4,768		4,509
Undeveloped		803		275		251		2,695		2,157		1,711		1,338		1,022
Total Proved		1,107		411		374		8,465		7,549		6,771		6,106		5,531
Probable:
Developed Producing		125		35		32		1,981		1,869		1,771		1,684		1,607
Undeveloped		1,300		445		405		15,234		13,101		11,413		10,053		8,940
Total Probable		1,425		480		437		17,215		14,970		13,183		11,737		10,546
Total Proved + Probable		2,532		891		811		25,680		22,519		19,954		17,842		16,078

Total Future Net Revenue, Undiscounted (in $US) for the LLA Block 27

(Forecast Prices and Costs)

		Revenue		CapEx		Variable OpEx		Fixed OpEx		Pipeline Tariff		Future Net Revenue
Reserves Category		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
Proved:
Developed Producing		10,802		343		1,173		1,228		2,289		5,770
Developed Non-Producing
Undeveloped		21,496		4,088		2,805		6,925		4,983		2,695
Total Proved		32,299		4,430		3,978		8,153		7,271		8,465
Probable:
Developed Producing		2,770		0		300		-95		584		1,981
Developed Non-Producing
Undeveloped		35,045		942		4,647		5,970		8,253		15,234
Total Probable		37,815		942		4,946		5,875		8,837		17,215
Total Proved + Probable		70,114		5,372		8,925		14,028		16,108		25,680

Pricing Assumptions

The June 29, 2012 oil price closed at $84.96 per barrel for West Texas Intermediate (WTI),$92.46 per barrel for Vasconia Oil (posted Colombian export oil from Platts South America) and at $97.53 per barrel for Brent. The forecast Vasconia oil price is $91.80 per barrel for the remaining months of 2012. All future commodity prices of crude oil prices were taken from NYMEX (www.cmegroup.com) on the last day of trading in June 2012. The historical prices for oil were taken from Sproule and Associates Inc. A table of forecast crude oil prices is provided on the summary report.

Reconciliation of Reserves

The following table sets out the reconciliation of the Corporation's net reserves based on forecast prices and costs from December 31, 2011 to June 30, 2012.

		Heavy Oil Reserves
		Net proved		Net probable		Net proved and probable
Opening balance		173		274		447
Technical revisions		177		11		188
Discoveries - Flami-1		374		437		811
Production		(22)		-		(22)
Closing balance		702		722		1,424

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 reserves and future net revenue in this news release represent estimates only. The reserves and future net revenue from the Company's properties have been independently evaluated by Petrotech with an effective date of December 31, 2011 and updated to June 30, 2012. This evaluation includes a number of assumptions relating to factors such as initial production rates, production decline rates, ultimate recovery of reserves, timing and amount of capital, salvage values, royalties and other government levies that may be imposed during the producing life of the reserves.

These assumptions were based on the price forecast of Sproule and Associates Inc. and many of these assumptions are subject to change and are beyond the control of the Company. Actual production, sales and cash flows derived there from, will vary from the evaluation and such variations could be material. The present value of estimated future net cash flows referred to herein should not be construed as the current market value of estimated heavy oil reserves attributable to the Company's properties. Estimates of future net revenue do not represent fair market value.

The foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this news 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.