Santa Maria Petroleum Inc. Releases Summary of Interim Reserve Report

Santa Maria Petroleum Inc. (TSX VENTURE:SMQ) ("Santa Maria" or the "Company") is
pleased to announce that it has obtained an updated reserve evaluation of its
oil and gas properties effective June 30, 2012 (the "Updated Reserves Report")
as prepared by Petrotech Engineering Ltd. ("Petrotech"), an independent
qualified reserves evaluator. Petrotech is the Company's independent qualified
reserve evaluator for annual disclosure requirements. The Updated Reserves
Report is an update to the reserve evaluation of the Company's oil and gas
properties effective December 31, 2011 (the "2011 Report") as prepared by
Petrotech and is based on the completion, testing and production of the Flami
field in Block 27 and revisions to operating costs and reserve data for the
Canaguay well in the Canaguaro field based on operations and production from
January 1, 2012 to June 30, 2012. 


A summary report is available for review on SEDAR at www.sedar.com.

The Updated Reserves Report presented a 219% increase to the Company's net
proved and probable ("2P") heavy oil reserves and a 259% increase to the
before-tax net present value of 2P reserves at a 10% discount rate as compared
to the annual filing, effective December 31, 2011. All of the Company's reserves
are located in Colombia. The Company only has heavy oil reserves.


MARKETABLE OIL AND GAS RESERVES

Proved and Probable Reserves and Net Present Values (in $US)

 (Forecast Prices and Costs)



----------------------------------------------------------------------------
Reserve                                NPV of Future Net Revenue Before Tax 
Category          Heavy Oil Reserves           Discounted (in M$) @         
----------------------------------------------------------------------------
                   100%  Gross    Net     0%      5%     10%     15%     20%
                 (Mbbl) (Mbbl) (Mbbl)   (M$)    (M$)    (M$)    (M$)    (M$)
Proved:                                                                     
Developed                                                                   
 Producing          414    104     95  3,288   2,986   2,734   2,521   2,340
Developed Non-                                                              
 Producing          304    136    124  5,770   5,391   5,060   4,768   4,509
Undeveloped       1,824    530    485  4,671   3,351   2,301   1,454     764
----------------------------------------------------------------------------
Total Proved      2,542    770    704 13,729  11,729  10,095   8,744   7,613
----------------------------------------------------------------------------
Probable:                                                                   
Developed                                                                   
 Producing          205     51     47  2,466   2,155   1,910   1,713   1,553
Developed Non-                                                              
 Producing          125     35     32  1,981   1,869   1,771   1,684   1,607
Undeveloped       2,333    703    643 22,036  18,560  15,885  13,788  12,115
----------------------------------------------------------------------------
Total Probable    2,663    789    722 26,483  22,584  19,565  17,185  15,275
----------------------------------------------------------------------------
Total Proved +                                                              
 Probable         5,205  1,559  1,426 40,213  34,312  29,660  25,929  22,888
----------------------------------------------------------------------------



CANAGUARO FIELD

Proved and Probable Reserves and Net Present Values (in $US) for the Canaguaro Block

(Forecast Prices and Costs)



----------------------------------------------------------------------------
                                       NPV of Future Net Revenue Before Tax 
                  Heavy Oil Reserves            Discounted(in M$) @         
----------------------------------------------------------------------------
Reserve Category   100%  Gross    Net     0%      5%     10%     15%     20%
                 (Mbbl) (Mbbl) (Mbbl)   (M$)    (M$)    (M$)    (M$)    (M$)
----------------------------------------------------------------------------
Proved:                                                                     
Developed                                                                   
 Producing          414    104     95  3,288   2,986   2,734   2,521   2,340
Undeveloped       1,021    255    235  1,975   1,194     589     117    -258
----------------------------------------------------------------------------
Total Proved      1,435    359    330  5,264   4,180   3,324   2,638   2,082
----------------------------------------------------------------------------
Probable:                                                                   
Developed                                                                   
 Producing          205     51     47  2,466   2,155   1,910   1,713   1,553
Undeveloped       1,033    258    238  6,803   5,459   4,472   3,735   3,176
----------------------------------------------------------------------------
Total Probable    1,238    309    285  9,269   7,613   6,382   5,449   4,729
----------------------------------------------------------------------------
Total Proved +                                                              
 Probable         2,673    668    615 14,532  11,793   9,705   8,087   6,811
----------------------------------------------------------------------------



Total Future Net Revenue, Undiscounted (in $US) for the Canaguaro Block

(Forecast Prices and Costs)



----------------------------------------------------------------------------
                                                                      Future
Reserves               ANH       Capital Variable Fixed Op. Pipeline     Net
 Category  Revenue Royalty   ORR    Exp. Op. Exp.      Exp.   Tariff Revenue
----------------------------------------------------------------------------
              (M$)  (Mbbl)  (M$)    (M$)     (M$)      (M$)     (M$)    (M$)
----------------------------------------------------------------------------
Proved:                                                                     
Developed                                                                   
 Producing   8,431       8   506      77    2,270     1,615      675   3,288
Developed                                                                   
 Non-                                                                       
 Producing                                                                  
Undeveloped 20,775      20 1,247   6,599    5,771     3,468    1,715   1,975
----------------------------------------------------------------------------
Total                                                                       
 Proved     29,207      29 1,752   6,676    8,041     5,084    2,390   5,264
----------------------------------------------------------------------------
Probable:                                                                   
Developed                                                                   
 Producing   4,161       4   250       0    1,129       -19      336   2,466
Developed                                                                   
 Non-                                                                       
 Producing                                                                  
Undeveloped 21,028      21 1,262   3,440    5,957     1,796    1,770   6,803
----------------------------------------------------------------------------
Total                                                                       
 Probable   25,189      25 1,511   3,440    7,086     1,777    2,106   9,269
----------------------------------------------------------------------------
Total                                                                       
 Proved +                                                                   
 Probable   54,395      53 3,264  10,116   15,126     6,861    4,496  14,532
----------------------------------------------------------------------------



FLAMI FIELD

Proved and Probable Reserves and Net Present Values (in $US) for the LLA Block-27

 (Forecast Prices and Costs)



----------------------------------------------------------------------------
                                       NPV of Future Net Revenue Before Tax 
                  Heavy Oil Reserves            Discounted(in M$) @         
----------------------------------------------------------------------------
Reserves                                                                    
 Category          100%  Gross    Net     0%      5%     10%     15%     20%
                 (Mbbl) (Mbbl) (Mbbl)   (M$)    (M$)    (M$)    (M$)    (M$)
----------------------------------------------------------------------------
Proved:                                                                     
Developed                                                                   
 Producing          304    136    124  5,770   5,391   5,060   4,768   4,509
Undeveloped         803    275    251  2,695   2,157   1,711   1,338   1,022
----------------------------------------------------------------------------
Total Proved      1,107    411    374  8,465   7,549   6,771   6,106   5,531
----------------------------------------------------------------------------
Probable:                                                                   
Developed                                                                   
 Producing          125     35     32  1,981   1,869   1,771   1,684   1,607
Undeveloped       1,300    445    405 15,234  13,101  11,413  10,053   8,940
----------------------------------------------------------------------------
Total Probable    1,425    480    437 17,215  14,970  13,183  11,737  10,546
----------------------------------------------------------------------------
Total Proved +                                                              
 Probable         2,532    891    811 25,680  22,519  19,954  17,842  16,078
----------------------------------------------------------------------------



Total Future Net Revenue, Undiscounted (in $US) for the LLA Block 27

(Forecast Prices and Costs)



----------------------------------------------------------------------------
                                     Variable            Pipeline Future Net
                     Revenue   CapEx     OpEx Fixed OpEx   Tariff    Revenue
Reserves Category       (M$)    (M$)     (M$)       (M$)     (M$)       (M$)
----------------------------------------------------------------------------
Proved:                                                                     
Developed Producing   10,802     343    1,173      1,228    2,289      5,770
Developed Non-                                                              
 Producing                                                                  
Undeveloped           21,496   4,088    2,805      6,925    4,983      2,695
----------------------------------------------------------------------------
Total Proved          32,299   4,430    3,978      8,153    7,271      8,465
----------------------------------------------------------------------------
Probable:                                                                   
Developed Producing    2,770       0      300        -95      584      1,981
Developed Non-                                                              
 Producing                                                                  
Undeveloped           35,045     942    4,647      5,970    8,253     15,234
----------------------------------------------------------------------------
Total Probable        37,815     942    4,946      5,875    8,837     17,215
----------------------------------------------------------------------------
Total Proved +                                                              
 Probable             70,114   5,372    8,925     14,028   16,108     25,680
----------------------------------------------------------------------------



Pricing Assumptions

The June 29, 2012 oil price closed at $84.96 per barrel for West Texas
Intermediate (WTI),$92.46 per barrel for Vasconia Oil (posted Colombian export
oil from Platts South America) and at $97.53 per barrel for Brent. The forecast
Vasconia oil price is $91.80 per barrel for the remaining months of 2012. All
future commodity prices of crude oil prices were taken from NYMEX
(www.cmegroup.com) on the last day of trading in June 2012. The historical
prices for oil were taken from Sproule and Associates Inc. A table of forecast
crude oil prices is provided on the summary report.


Reconciliation of Reserves

The following table sets out the reconciliation of the Corporation's net
reserves based on forecast prices and costs from December 31, 2011 to June 30,
2012.




----------------------------------------------------------------------------
                                            Heavy Oil Reserves              
----------------------------------------------------------------------------
                             Net proved Net probable Net proved and probable
----------------------------------------------------------------------------
Opening balance                     173          274                     447
Technical revisions                 177           11                     188
Discoveries - Flami-1               374          437                     811
Production                         (22)            -                    (22)
----------------------------------------------------------------------------
Closing balance                     702          722                   1,424
----------------------------------------------------------------------------



About Santa Maria Petroleum Inc.

Santa Maria is a junior oil and gas company with private participating interests
in 4 blocks in the Llanos Basin of Colombia.


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 the operational results in Colombia. Although Santa Maria believes
that the expectations and assumptions on which the forward-looking information
is 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 reserves and future net revenue in this news release represent estimates
only. The reserves and future net revenue from the Company's properties have
been independently evaluated by Petrotech with an effective date of December 31,
2011 and updated to June 30, 2012. This evaluation includes a number of
assumptions relating to factors such as initial production rates, production
decline rates, ultimate recovery of reserves, timing and amount of capital,
salvage values, royalties and other government levies that may be imposed during
the producing life of the reserves. 


These assumptions were based on the price forecast of Sproule and Associates
Inc. and many of these assumptions are subject to change and are beyond the
control of the Company. Actual production, sales and cash flows derived there
from, will vary from the evaluation and such variations could be material. The
present value of estimated future net cash flows referred to herein should not
be construed as the current market value of estimated heavy oil reserves
attributable to the Company's properties. Estimates of future net revenue do not
represent fair market value.


The foregoing list of assumptions, risks and uncertainties is not exhaustive.
The forward-looking information contained in this news 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Santa Maria Petroleum Inc.
Ron MacMicken
President & Chief Executive Officer
[phone]
[e-mail]