OR FOR Dissemination IN the United States

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT

AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

NEWS RELEASE

San Angelo Oil Limited Announces Extension of Business Combination Agreement

with Cabral Gold Ltd.

Vancouver, British Columbia, August 17, 2017 – San Angelo Oil Limited (“San Angelo ”) ( NEX:

SAO.H) announces that it continues to work towards the closing of the previously announced acquisition

of Cabral Gold Ltd. (see San Angelo’s news release dated May 11, 2017). The parties have agreed to extend

the completion deadline of the amalgamation to September 28, 2017 and Cabral Gold Ltd.’s subscription

receipt financing must be closed by August 31, 2017.

Further details regarding the transaction will be set forth in a filing statement of San Angelo, a copy of

which will be available at www.sedar.com. Completion of the transaction is subject to a number of

conditions, including but not limited to, TSX Venture Exchange approval. There can be no assurance that

the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with

the transaction, any information released or received with respect to the transaction may not be accurate or

complete and should not be relied upon. Trading in the securities of San Angelo remains halted on the TSX

Venture Exchange and should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has

neither approved nor disapproved the contents of this news release.

For further information please contact:

Eileen Au

Interim Chief Executive Officer

San Angelo Oil Limited

Tel: (778) 725-1488

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 (collec tively “forward -looking statements”). The use of any of the word “will” , “propose” 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: completion of the Transaction, receipt of required shareholder and

regulatory approvals, strategic plans and future operations, results of exploration, capital expenditures and objectives. Actual results

achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and

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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.