UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. San Angelo Oil Limited Announces Closing of Initial Public Offering Including Partial Exercise of Over-Allotment Option, Listing on TSX-V

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

San Angelo Oil Limited Announces Closing of Initial Public Offering Including Partial Exercise of Over-Allotment Option, Listing on TSX-V

March 10, 2015 – Vancouver, British Columbia – San Angelo Oil Limited (TSX-V: SAO) (“San Angelo” or the “Company”) is pleased to announce the closing of its previously announced initial public offering (the “Offering”) of 5,037,500 units (the “Units”), which includes the exercise in part by the agent of its over-allotment option. The 5,037,500 Units sold in the Offering, including the 37,500 Units sold pursuant to the over-allotment option, were sold at an offering price of $0.20 per Unit for gross proceeds of $1,007,500. Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one common share purchase warrant. Each warrant (a “Warrant”) entitles the holder thereof to acquire one additional Common Share upon payment of the exercise price of $0.30 at any time prior to 1:30 p.m. (Vancouver time) on March 10, 2017. The Company now has a total of 20,927,500 Common Shares issued and outstanding.

Richardson GMP Limited (the “Agent”) acted as agent in connection with the Offering. In consideration for its services, the Agent received a corporate finance fee, a cash commission and an option to purchase Common Shares (an “Agent’s Option”). A total cash commission of $80,600 was paid to the Agent and selling firms. In addition, the Company issued an aggregate of 403,000 Agent’s Options to the Agent and selling firms. Each Agent’s Option is exercisable at a price of $0.20 per Common Share, until March 10, 2017.

The Company’s Common Shares and Warrants were listed on the TSX Venture Exchange at the opening of the market on March 10, 2015 under the symbols “SAO” and “SAO.WT”, and immediately halted pending completion of the Offering and delivery of any closing documentation required by the TSX Venture Exchange. The Company’s Common Shares and Warrants will resume trading at market open on March 12, 2015.

The Units offered in the Offering were qualified for distribution pursuant to the Company’s amended and restated prospectus dated February 3, 2015 amending and restating the prospectus dated November 14, 2014 (the “Amended Prospectus”), and filed in the provinces of British Columbia, Alberta, Manitoba and Ontario. Net proceeds of the Offering will primarily be used to explore and develop San Angelo’s Orb Prospect, and for general and administrative expenses, as more particularly set out in the Amended Prospectus. The Amended Prospectus and further information on the Company is available on the SEDAR website at www.sedar.com.

About San Angelo Oil Limited

San Angelo through its subsidiary, San Angelo Operating Corp., is engaged in the acquisition, exploration and development of conventional oil and natural gas properties. San Angelo has acquired a 55% working interest in the Orb Prospect, which is located in the Wingate Field area of western Runnels County in the State of Texas. See the Amended Prospectus for further information.

• 2 -

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Arguijo President, CEO and Director T: (512) 330.4409 E: [email protected]

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 words “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. 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. This news release contains forward-looking statements and assumptions pertaining to the following: the resumption of trading of the Common Shares and Warrants and the use of proceeds of the Offering. Readers are cautioned that the foregoing list of factors is not exhaustive. Any forward-looking statement in this news release is based only on information currently available and speaks only as of the date on which it is made.