Santa Maria Petroleum Spuds Calacho #1 Well, Llanos Basin, Colombia

Santa Maria Petroleum Inc. (TSX VENTURE:SMQ) ("Santa Maria" or the "Company")
has been informed by Omega Energy Colombia, the operator of Llanos 21 block in
the Llanos basin in Colombia, that it has commenced drilling the Calacho No. 1
well. The Calacho well is the first well of a planned two well drilling program
on the block. 


The Calacho well is being drilled to a planned total depth of 7,000 feet.
Drilling of the Calacho well is expected to take approximately 30 days. The
Calacho well is programmed to test the hydrocarbon potential of the C7 and Une
formations. The gross budget for drilling and testing of the well is
approximately $4.5-million (U.S.). 


The Rocamao No. 1 well is the second planned well in the drilling program on the
block and is expected to be drilled to a planned total depth of 6,900 feet.
Drilling of the Rocamao well is expected to take approximately 30 days. The
Rocamao well is also programmed to test the hydrocarbon potential of the C7 and
Une formations. The gross budget for drilling and testing the Rocamao well is
approximately $5.1-million (U.S.).


Under the terms of the original farm-in agreement, Santa Maria was to pay 50% of
the costs of the two wells in exchange for an income production participation of
35%. Under a new arrangement agreed to in the spring of 2012, Santa Maria will
pay a maximum of $3,875,000 towards the costs of the two wells, of which,
$2,000,000 has been paid. Following the completion of the wells and payment of
the remaining $1,875,000, Santa Maria will then have the option to: a) waive any
right to an income production participation going forward and have no further
financial obligations; or b) retain a 24.75% income production participation in
the block by reimbursing Omega Energy Colombia for the difference between the
costs of the two wells and the amounts already contributed to Omega prior to
exercising the option. 


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. In particular, but without limiting the foregoing, this news
release contains forward-looking information concerning the drilling of the
Calacho well and the Rocamao well and the associated costs and timing thereof.
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
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, 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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Santa Maria Petroleum Inc.
Ron MacMicken
President & Chief Executive Officer
416-943-0021
[e-mail]