Santa Maria Petroleum Inc. Announces the Appointments of Andrew DeFrancesco as CEO, Michael Dai as CFO and Changes to the Board of Directors

TORONTO, ONTARIO--(Marketwired - May 22, 2014) -

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Santa Maria Petroleum Inc. (TSX VENTURE:SMQ.H) ("Santa Maria" or the "Company") today announces the appointment of Andrew DeFrancesco as President and CEO and Michael Dai, as CFO of Santa Maria, effective May 20, 2014.

Mr. DeFrancesco has been a member of the Board of Directors since July 7, 2011 and became Chairman of the Board on August 5, 2011. Mr. Dai C.P.A., C.A., C.F.A is a Chartered Public Accountant and Chartered Financial Analyst with over 7 years of experience working in a variety of audit, advisory, M&A and valuation engagements. Mr. Dai has been involved in a number of public and private market transactions, including business acquisitions and reverse takeovers, both domestically and internationally. Mr. Dai is an alumnus of Grant Thornton LLP and obtained his Master of Accounting from the University of Waterloo.

The Company is pleased to announce the appointments of Mr. Michael Galloro and Mr. Michael Dai, to the Board of Directors, effective May 20, 2014. Mr. Galloro, C.A., C.P.A. has 18 years experience focused on finance and capital markets, valuations, mergers & acquisitions, initial public offerings, financial reporting and corporate governance. He is an experienced officer and director of private and publicly listed companies operating domestically and in emerging markets and is a member of the Institute of Chartered Accountants of Ontario.

Mr. Ron MacMicken and Mr. Cameron Dow, C.A. resigned as CEO and CFO on May 20, 2014. The company thanks Mr. MacMicken and Mr. Dow for their commitment and hard work during their tenure with the Company.

Santa Maria also announces that it has received and accepted the resignations of Mr. Ron MacMicken and Mr. Gerald Feldman from the Board of Directors, effective May 20, 2014. The Company wishes to thank Mr. MacMicken and Mr. Feldman for their services and many contributions to the Company.

About Santa Maria Petroleum Inc.

Santa Maria is a junior oil and gas company that has completed the disposition of its private participating interests in 4 blocks in the Llanos Basin of Colombia.

Cautionary Statements

This news release may contain 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.

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