SINTANA & COLCAN ANNOUNCE A BEST EFFORTS PRIVATE PLACEMENT FINANCING FOR MINIMUM GROSS PROCEEDS OF $11 MILLION

March 19, 2012

Mr. Keith Spickelmier reports

Sintana Energy Inc. target ColCan Energy Corp. has entered into an agreement with a syndicate of agents co-led by Canaccord Genuity Corp. and Cormark Securities Inc., and including Casimir Capital Ltd. and Clarus Capital Ltd., for an offering of subscription receipts of ColCan on a best-efforts private-placement basis pursuant to applicable private-placement exemptions under applicable securities laws. The Subscription Receipts will be offered at a price of $0.30 per Subscription Receipt for aggregate minimum gross proceeds of $11 million.

Each Subscription Receipt will represent the right to automatically receive one (1) common share in the capital of ColCan ("ColCan Share") immediately prior to the completion of the business combination between Sintana and ColCan, previously announced on March 13, 2012 (the "Transaction"). On completion of the Transaction, each of the ColCan Shares (including those issuable pursuant to conversion of the Subscription Receipts under the Offering) will be exchanged for one and a half (1.5) common shares ("SintanaShares") in the capital of Sintana. It is expected that the Sintana Shares issuable in connection with the Transaction (including those issued in connection with the ColCan Subscription Receipts) will be freely tradable on closing of the Transaction. The net proceeds of the Offering will be used by the combined company to fund its capital expenditure program in South America and for general corporate purposes.

The Subscription Receipts will be issued pursuant to the terms of a subscription receipt agreement and the gross proceeds of the Offering will be held in escrow by an escrow agent. Each Subscription Receipt will automatically be exchanged, without payment of any additional consideration or further action on the part of the holder thereof, into one (1) ColCan Share upon delivery of a notice to the escrow agent that the escrow release conditions have been satisfied, including the receipt of all necessary approvals.

Provided that the notice is delivered to the escrow agent pursuant to the terms of the subscription receipt agreement, the net proceeds of the Offering shall be released from escrow to Amalco. If the notice is not provided to the escrow agent pursuant to the terms of the subscription receipt agreement, the definitive agreement between Sintana and ColCan is terminated or Sintana or Colcan advises the Agents or announces to the public that it does not intend to proceed with the Transaction, each Subscription Receipt shall be cancelled and each holder of Subscription Receipts shall be entitled to receive its investment plus interest.

Closing of the Offering is expected to occur on or before April 24, 2012, and is subject to receipt of all necessary shareholder and regulatory approvals. As the Subscription Receipts will be issued on a private placement basis, the Subscription Receipts (and the Sintana Shares into which they convert upon closing of the Transaction) will have a four month and one day restricted hold period, which starts to run from the date of issuance of the Subscription Receipts. If the Transaction does not close by July 31, 2012, the escrowed funds from the Subscription Receipts, plus interest earned thereon, will be returned to the investors.

We seek Safe Harbor.