Santa Maria Petroleum Inc. Announces First Quarter 2013 Results

CALGARY, ALBERTA--(Marketwired - May 30, 2013) -

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Santa Maria Petroleum Inc. (formerly Quetzal Energy Ltd.) (TSX VENTURE:SMQ) announces its unaudited results for the three months year ended March 31, 2013.

HIGHLIGHTS DURING THE THREE MONTHS ENDED MARCH 31, 2013 AND THEREAFTER

• Through 2012 the Canaguaro joint venture was required to shut-in the Canaguay well in order to clean, swab and de-wax the well and repair or replace the electronic submersible pump at various periods of time. In the first quarter of 2013, the well was only shut in for seven days in February for regularly scheduled maintenance. Through the first quarter of 2013 this well has produced consistently at approximately 450-475 bopd with a 60% watercut. Production from this well in the first quarter totaled 38,736 barrels of crude oil for an average of 430 bopd of crude oil. Santa Maria has a 25% working interest in the Canaguaro block.
• On February 20, 2013 Santa Maria received $1,121,445 as the final payment for the sale of the Guatemalan exploration properties.
• On February 22, 2013 Santa Maria remitted $1,250,000 to the operators of the LLA-21 block in Colombia as the second installment pursuant to the Amending Agreement to the original Participation Agreement for Block 21.
• On February 26, 2013 the operator of Block 21 commenced drilling the Calacho-1 well, the first exploration well on this block. Total depth of 7,000 was reached on March 2, 2013. The well was cased and closed off so that the rig could move to the site of the Rocamao well, the second exploration well on this block. Testing of the well will be carried out after the second well is completed.
• On March 14, 2013 the operator of Block 21 commenced drilling the Rocamao well, the second exploration well on this block. Total depth of 7,870 was reached on March 27, 2013 and the well was cased and closed. Testing of the well has not been completed. Santa Maria believes that this completes its work commitment for the LLA-21 block.

HIGHLIGHTS SUBSEQUENT TO MARCH 31, 2013

• On May 6, 2013 Santa Maria announced that it has agreed to sell its 25% oil and gas interest in the Canaguaro Block 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. The sale is expected to be completed in the first week of June 2013.
• On April 29, 2013 the Company announced that its annual general meeting would be held at the offices of Torys LLP, Suite 3000, 79 Wellington Street West, TD Centre, Toronto, Ontario on Thursday, June 27, 2013, at 2:00 p.m. (Toronto time).

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Quetzal, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with oil and gas activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.