Santa Maria Petroleum Inc. has completed the previously announced disposition of a wholly-owned subsidiary of the Company, which includes the Company's Colombian branch (the "Branch"); any of the Branch's rights or obligations, including any recovery or liability associated with applicable incomes taxes and VAT; and the Company's participation interest in the investments, income and revenues of the LLANOS 27 Project in the Llanos Basin in Colombia, which disposition constituted all or substantially all of the assets of the Company (the "Transaction").

The Transaction was completed pursuant to a share purchase agreement between the Company and Global Oil & Gas Services Ltd. dated November 21, 2013 and amended December 18, 2013 (collectively, the "Share Purchase Agreement"). The Transaction was previously announced by the Company in press releases dated November 25, 2013 and December 24, 2013. Shareholders of the Company ("Shareholders") voted in favour of the Transaction at the special meeting of the Shareholders on January 22, 2014.

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