Santa Maria Petroleum Inc. Implements Share Consolidation

TORONTO, ONTARIO--(Marketwired - March 28, 2016) -

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Santa Maria Petroleum Inc. (the "Company") (NEX:SMQ.H) announced today that it has filed articles of amendment to implement the consolidation of its common shares ("Common Shares") on the basis of one post-consolidation Common Share for every 12 pre-consolidation Common Shares. Shareholders of the Company approved the consolidation by special resolution at the annual and special meeting of shareholders held on March 7, 2016.

The Company expects that the post-consolidation Common Shares will begin trading on the NEX Board of the TSX Venture Exchange under the symbol "SMQ.H" on March 29, 2016.

About Santa Maria Petroleum Inc.

During the year ended December 31, 2014, the Company sold substantially all of its remaining assets and liabilities. As a result, it does not currently have an operating business.

The Common Shares were traded on the TSX Venture Exchange under the symbol "SMQ" until February 5, 2014 when its listing was transferred to the NEX board of the TSXV under the symbol SMQ.H. The address of the registered office is c/o Gowling WLG, Suite 1600, 1 First Canadian Place, 100 King Street West, Toronto, Ontario M5X 1G5.

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 the Company, 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.

Neither 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.