SINTANA & COLCAN ANNOUNCE CLOSING OF $11 MILLION BOUGHT DEAL PRIVATE PLACEMENT

April 25, 2012

Mr. Keith Spickelmier reports

Sintana Energy Inc. and ColCan Energy Corp. have closed the previously announced $11-million bought-deal private-placement financing of subscription receipts of ColCan, announced on April 10, 2012, for gross proceeds of $11,000,010. The syndicate of underwriters was co-led by Canaccord Genuity Corp. and Cormark Securities Inc. and included Casimir Capital Ltd., Clarus Securities Inc. and GMP Securities LP.

Each subscription receipt represents the right to automatically receive one common share in the capital of ColCan immediately prior to the completion of the business combination between Sintana and ColCan, previously announced on March 13, 2012. 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 1.5 common shares in the capital of Sintana.

The subscription receipts were issued on a private-placement basis and are subject to an indefinite hold period, which commences from the date hereof; 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 shall be listed and posted for trading on the TSX Venture Exchange. The net proceeds of the offering will be used by the combined company to finance its capital expenditure program in South America and for general corporate purposes.

ColCan has also granted the underwriters an option, exercisable in whole or in part, for 30 days following the date hereof, to purchase up to an additional 13,333,300 subscription receipts to cover overallotments, if any, and for market stabilization purposes, at a price of 30 cents per subscription receipt for additional total gross proceeds of up to $4-million.

We seek Safe Harbor.