Santa Maria Announces Closing of the Disposition of Its Participation Interest in the Llanos 27 Project in Colombia, Resignat...

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Santa Maria Petroleum Inc. (TSX VENTURE:SMQ) ("Santa Maria" or the "Company")
announces that it 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. Further information regarding the
Transaction, including copies of the above press releases and Share Purchase
Agreement, is available on the Company's profile at www.sedar.com.


Santa Maria also announces that it has received and accepted the resignations of
Mr. Steve Van Sickle and Mr. Douglas Manner as directors of the Company,
effective January 31, 2014. The Company wishes to thank Mr. Van Sickle and Mr.
Manner for their service and contributions to the Company.


In connection with the closing of the Transaction, the Company no longer meets
the tier maintenance requirements of the TSX Venture Exchange (the "TSXV") for a
tier 2 listed company. Therefore, effective February 5, 2014, the Company's
listing will transfer to the NEX board of the TSXV (the "NEX") and will be
listed under the trading symbol "SMQ.H". The NEX provides a trading forum for
listed companies that have fallen below the TSXV's ongoing listing standards.
NEX companies are subject to the same disclosure standards as all Canadian
public companies and must maintain good standing with all relevant Canadian
securities commissions. In addition, surveillance standards of NEX companies
remain unchanged - they continue to be overseen by the same independent service
that monitors TSXV and Toronto Stock Exchange companies. More information
regarding the NEX and its policies can be found on its website at:
http://www.tmx.com/en/nex/.


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 applicable stock exchange approvals related the Company's listing
being transferred to the NEX. 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, changes in stock exchange
approvals related to the Company's listing being transferred to the NEX. 


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.


NEITHER THE 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Santa Maria Petroleum Inc.
Mr. Ron MacMicken
President and Chief Executive Officer
[phone]