San Angelo Oil Limited Completes $150,000 Financing

NEWS RELEASE

San Angelo Oil Limited Completes $150,000 Financing

May 26, 2016 – Vancouver, British Columbia – San Angelo Oil Limited (TSX-V: SAO) (the “Company”) is pleased to announce that it has completed its previously announced non-brokered private placement of an aggregate 3,000,000 units (the “Units”) at a price of CDN$0.05 per Unit, for gross proceeds of CDN$150,000 (the “Offering”). Each Unit consists of one post-consolidated common share and one transferable common share purchase warrant (each a “Warrant”) exercisable into one additional post-consolidated common share at an exercise price of $0.05 per common share for a period of 5 years.

All securities issued in connection with this Offering, and all securities issued upon exercise of those securities are subject to a 4-month “hold period” expiring on September 27, 2016 as prescribed by the TSX Venture Exchange and applicable securities laws.

The proceeds from the Offering will be used for general working capital.

Pursuant to the private placement, John Proust of Vancouver, British Columbia, purchased 1,000,000 Units in consideration for CDN$50,000. The Units he acquired consist of 1,000,000 common shares of the Company which represents approximately 15.40% of the issued and outstanding shares on an undiluted basis, and 1,000,000 Warrants, which together with the 1,000,000 common shares and assuming full exercise of his Warrants, represent approximately 26.69% of the issued and outstanding shares on a partially diluted basis assuming that no other common shares of the Company are issued. Mr. Proust did not hold any common shares or warrants of the Issuer immediately before the acquisition. As a result of the foregoing acquisition (assuming full exercise of the acquired Warrants), Mr. Proust would own and/or control a total of 2,000,000 common shares of the Company representing 26.69% of the issued and outstanding shares on a partially diluted basis, assuming no further common shares of the Company have been issued.

Pursuant to the private placement, Donald Sharpe of Vancouver, British Columbia, purchased 1,000,000 Units in consideration for CDN$50,000. The Units he acquired consist of 1,000,000 common shares of the Company which represents approximately 15.40% of the issued and outstanding shares on an undiluted basis, and 1,000,000 Warrants, which together with the 1,000,000 common shares and assuming full exercise of his Warrants, represent approximately 26.69% of the issued and outstanding shares on a partially diluted basis assuming that no other common shares of the Company are issued. Mr. Sharpe did not hold any common shares or warrants of the Issuer immediately before the acquisition. As a result of the foregoing acquisition (assuming full exercise of the acquired Warrants), Mr. Sharpe would own and/or control a total of 2,000,000 common shares of the Company representing 26.69% of the issued and outstanding shares on a partially diluted basis, assuming no further common shares of the Company have been issued.

Pursuant to the private placement, 676541 BC Limited (a company controlled by Brad Windt) of Vancouver, British Columbia, purchased 1,000,000 Units in consideration for CDN$50,000. As a result, Mr. Windt acquired ownership and/or control of 1,000,000 common shares of the Company which represents approximately 15.40% of the issued and outstanding shares on an undiluted basis, and 1,000,000 Warrants, which together with the 1,000,000 common shares and assuming full exercise of his Warrants, represents approximately 26.69% of the issued and outstanding shares on a partially diluted

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basis assuming that no other common shares of the Company are issued. Mr. Windt did not hold any common shares or warrants of the Issuer immediately before the acquisition. As a result of the foregoing acquisition (assuming full exercise of the acquired Warrants), Mr. Windt would own and/or control a total of 2,000,000 common shares of the Company representing 26.69% of the issued and outstanding shares on a partially diluted basis assuming that no further common shares of the Issuer have been issued.

Mr. Proust, Mr. Sharpe, and 676541 BC Limited acquired the Units for investment purposes, and have no present intention to acquire further securities of the Company, although they may in the future participate in financings and/or acquire or dispose of securities of the Company in the market, privately or otherwise, as circumstances or market conditions warrant. The Units were issued to the Mr. Proust, Mr. Sharpe, and 676541 BC Limited in reliance upon the prospectus exemption in Section 2.3 of National Instrument 45- 106 – Prospectus Exemptions on the basis that they meet the criteria of an Accredited Investor (as defined in National Instrument 45-106).

This information regarding ownership of common shares and warrants is being issued pursuant to Multilateral Instrument 62-103, and a report respecting the above private placement will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing at www.sedar.com or by contacting San Angelo Oil Limited at 604-609-6131.

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 word “will” 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; the completion of the Offering; and the use of proceeds from the Offering. 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.