UPDATE: SINTANA & COLCAN ANNOUNCE A CHANGE FROM A MARKETED PRIVATE PLACEMENT TO A BOUGHT DEAL PRIVATE PLACEMENT OF $11 MILLION

April 10, 2012

Mr. Keith Spickelmier reports

Sintana Energy Inc. and ColCan Energy Corp.'s $11-million best-efforts private placement financing of subscription receipts of ColCan, arranged on March 19, 2012, has been revised to a bought-deal private placement of subscription receipts for gross proceeds of $11-million. The syndicate of underwriters is co-led by Canaccord Genuity Corp. and Cormark Securities Inc. and includes Casimir Capital Ltd., Clarus Capital Ltd. and GMP Securities L.P. (collectively, the "Underwriters").

Each subscription receipt will represent the right to automatically receive one (1) common share (a "ColCanShare") in the capital of ColCan 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 ("Sintana Shares") in the capital of Sintana.

As the subscription receipts will be issued on a private placement basis, the subscription receipts will be subject to an indefinite hold period, which commences from the date of issuance of the subscription receipts; however, it is expected that the Sintana Shares issuable in connection with the Transaction (including those issued in connection with the conversion of the subscription receipts) will be freely tradable on closing of the Transaction and an application will be made to have the shares listed and posted on the TSX Venture Exchange ("the Exchange"). The net proceeds of the Offering will be used by the combined company ("Amalco") to fund its capital expenditure program in South America and for general corporate purposes.

ColCan has also granted the Underwriters an option, (the "Over-Allotment Option") exercisable in whole or in part, for a period commencing on the closing of the Offering and ending 30 days following the closing date, to purchase up to an additional 13,333,333 subscription receipts to cover over-allotments, if any, and for market stabilization purposes, at a price of $0.30 per subscription receipt for additional aggregate gross proceeds of up to $4 million. If the Over-Allotment Option is fully exercised, gross proceeds from the Offering will be $15 million.

The subscription receipts will be issued pursuant to the terms of a subscription receipt agreement (the "subscription receipt Agreement") to be entered into among ColCan, the Underwriters and Equity Financial Trust Company (the "Escrow Agent") concurrent with the closing of the Offering 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, the definitive agreement between Sintana and ColCan is terminated, Sintana or Colcan advises the Underwriters or announces to the public that it does not intend to proceed with the Transaction or the Transaction does not close by July 31, 2012, each subscription receipt shall be cancelled and each holder of subscription receipts shall be entitled to receive its escrowed funds, plus any interest earned thereon from the Escrow Agent.

Closing of the Offering is expected to occur on or before April 24, 2012, and is subject to receipt of all necessary regulatory approvals.

We seek Safe Harbor.