Sintana Announces Closing of Private Placement

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TORONTO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSXV: SEI) (the "Company" or "Sintana") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering"), pursuant to which it has issued an aggregate of 5,128,205 common shares at a price of US$0.117 per share to Charlestown Energy Partners, LLC to raise aggregate gross proceeds of US$600,000. The gross proceeds of the Offering will be used for general corporate purposes and to fund a deposit in the amount of US$500,000 payable to Grisham Assets Corp. in connection with the proposed acquisition (the "Acquisition") by the Company of a 49% interest in all of the issued and outstanding shares of Inter Oil (Pty) Ltd. ("Inter Oil"). As previously announced, Inter Oil indirectly holds a strategic portfolio of onshore and offshore petroleum exploration license interests in Namibia.  

The completion of the Acquisition and all related transactions remain subject to various additional conditions including the approval of the TSXV and other applicable securities regulators, and certain other closing deliverables. Accordingly, there can be no assurance that the Acquisition or any related financing transactions will be completed upon the terms currently proposed or at all. For further details, please refer to the press releases of Sintana dated September 15, November 15 and November 26, 2021, and January 20, 2022, each available on SEDAR at www.sedar.com.

All securities issued pursuant to the Offering are subject to a statutory hold period expiring on May 22, 2022.

About Sintana

The Company is currently engaged in hydrocarbons exploration and development activities in Colombia's Magdalena Basin. Sintana's business strategy is to acquire, explore, develop and produce superior quality assets with significant reserves potential.

On behalf of Sintana Energy Inc.,

"Douglas G. Manner"
Chief Executive Officer

For additional information regarding Sintana and ongoing corporate activities, please visit the Company's website at www.sintanaenergy.com.

Neither the TSX Venture Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

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, including risks related to the satisfaction of all outstanding closing conditions for the completion of the Acquisition and/or related transactions, currency risk, political and security risks relating to operations in Namibia, availability of capital, permitting and land title issues, the risks inherent in oil and gas exploration and development activities, and such other risk factors as are set forth in the Company's continuous disclosure documents available on SEDAR from time to time. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company. 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. The Company disclaims any obligation to update the forward looking statements contained herein other than as required under applicable securities laws.