Santa Maria Petroleum Inc. Announces Third Quarter 2012 Results

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Santa Maria Petroleum Inc. (formerly Quetzal Energy Ltd.) (TSX VENTURE:SMQ)
announces its unaudited results for the nine months ended September 30, 2012.


HIGHLIGHTS DURING THE QUARTER ENDED SEPTEMBER 30, 2012 AND SUBSEQUENT 

HIGHLIGHTS DURING THE QUARTER



--  On July 5, 2012 Santa Maria announced the completion of initial test
    operations on the Flami-1 well in Block 27, Colombia. Well logs
    indicated an estimated 20 feet of potential gross oil pay in the Mirador
    formation and 22 feet in the Une formation, and upon further testing,
    the joint venture decided to pursue production from the Une formation.
    The well was shut-in until August 18, 2012 when it received regulatory
    approval to commence its longer term production testing. The well has
    produced continuously since that date with the following production
    results. 

----------------------------------------------------------------------------
                        Total gross                      Santa Maria's share
Month (2012)       production (bbls)    Average bopd      @45.275%(3) (bbls)
----------------------------------------------------------------------------
August (1)                    17,530           1,252                   7,937
September                     23,342             778                  10,568
----------------------------------------------------------------------------
Q3                            40,872             929                  18,505
October                       24,877             802                  11,263
November(2)                   17,572             651                   7,956
----------------------------------------------------------------------------
Total                         83,321             817                  37,724
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(1)  For the period of August 18, 2012 to August 31, 2012.                  
(2)  For the period of November 1, 2012 to November 27, 2012.               
(3)  Santa Maria has a 34.25% working interest in the Flami-1 well, but     
     earns 45.275% until it has recovered the capital expenditures made on  
     behalf of its carried interest joint venture partners.                 



During the third quarter, Santa Maria's 42.75% pre-payout share of sales
proceeds from the Flami-1 well, net of royalties and transportation costs, was
$1,273,198, which has been capitalized.




--  The Canaguay well in the Canaguaro block, which had been shut-in for a
    work-over at the end of the second quarter, was brought back into
    production on July 15, 2012. The well was again shut-in on August 31,
    2012 and for the month of September because of problems with the pump
    that caused the well to produce at an average of only 278 bopd.
    Production commenced again on October 1, 2012 and it has produced at an
    average of 618 bopd from that date until the date of this MD&A with a
    62% water cut ratio. 

----------------------------------------------------------------------------
Month (2012)             Total gross                     Santa Maria's share
                   production (bbls)    Average bopd             @25% (bbls)
----------------------------------------------------------------------------
July(1)                        5,156             303                   1,289
August                         8,165             263                   2,041
September                          -               -                       -
----------------------------------------------------------------------------
Q3                            13,321             277                   3,330
October                       18,587             600                   4,647
November(2)                   17,553             650                   4,388
----------------------------------------------------------------------------
Total                         49,461             471                  12,365
----------------------------------------------------------------------------
(1)  From the commencement of production on July 15, 2012 until July 31,    
     2012.                                                                  
(2)  For the period of November 1, 2012 to November 27, 2012.               



Santa Mara's 25% working interest share of sales proceeds, net of royalties,
from the Canaguaro production during the third quarter was $294,256, which was
capitalized. 




--  On November 28, 2012, Santa Maria released the results of an interim
    reserve report effective June 30, 2012. The Company's estimated proved
    and probable reserves increased by 219% from 447 mbbl to 1,426 mbbl
    because of a 38% increase to the 2P (proved plus probable) reserves for
    the Canaguaro block, net of production in the first six months in 2012,
    and the addition of the Flami-1 field in Block 27. More information is
    provided on page 5, in the Oil and Gas Exploration and Development
    Operations section of this MD&A and the report is available on SEDAR.  



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. 




FOR FURTHER INFORMATION PLEASE CONTACT: 
Santa Maria Petroleum Inc.
Ronald MacMicken
President & Chief Executive Officer
416-902-8099
[e-mail]
www.smpetroleum.com