San Angelo Oil Limited Announces Sale of Subsidiary

NEWS RELEASE

San Angelo Oil Limited Announces Sale of Subsidiary

September 7, 2016 – Vancouver, British Columbia – San Angelo Oil Limited (TSX-V: SAO) (the “Company”) announces that it has entered into an agreement (the “Agreement”) with Michael Arguijo pursuant to which the Company has agreed to sell all of the issued and outstanding shares of its wholly owned and controlled U.S. subsidiary, San Angelo Operating Corp. (the “Sale”) for nominal consideration.

The board of directors of the Company have determined that it is in the best interest of the Company to sell SAOC in order to avoid any impediments to the acquisition of future assets by the Company.

Pursuant to the terms of the Agreement, the Sale is anticipated to close no later than September 30, 2016. No finder’s fee is payable in connection with the Sale.

Completion of the Sale is subject to customary closing conditions, including approval of the regulatory authorities and TSX Venture Exchange.

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.

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 word “will”, “anticipates” 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 closing date and the completion of the Sale. 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.