San Angelo Oil Limited Proceeding with Non-Brokered Private Placement

NEWS RELEASE

San Angelo Oil Limited Proceeding with Non-Brokered Private Placement

May 11, 2016 – Vancouver, British Columbia – San Angelo Oil Limited (TSX-V: SAO) (the “Company”) announces that it is proceeding with its non-brokered private placement previously announced on February 3, 2016 (the “Offering”). The Company will now issue up to 3,000,000 postconsolidated units (each a “Unit”) at $0.05 per Unit. All other terms of the Offering remain the same.

The Offering is subject to TSX Venture Exchange acceptance.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Eileen Au, Interim Chief Executive Officer San Angelo Oil Limited Tel: 604 609-6131

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: the Offering; and the issuance of Units. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.