Sintana Energy Announces Results of Warrant Exercise Activity – Approximately 99% Exercise Rate Generating $22.5MM in Additional Cash Resources

TORONTO, March 12, 2024 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to announce the results of warrant exercise activity through the expiry and delisting of the Company’s traded warrants that occurred on Friday, March 8^th.

Sintana issued approximately 92.9 million warrants in conjunction with a financing undertaken by the Company in March of 2022. The two-year warrants struck at an exercise price of $0.25 per share were listed and traded on the TSX-V under the ticker “SEI.WT” until Friday March 8^th, 2024 when they expired and were delisted.

In the period leading up to the expiry, approximately 91.6 million warrants were exercised generating approximately $22.5 million in additional cash resources for the Company – an exercise rate of approximately 99%.

“We are grateful for the continuing support of our shareholders. The Company’s progress over the past 24 months and its resulting impact on our share price performance continue to demonstrate the timeliness of our entry into Namibia.” said Robert Bose, CEO of Sintana. “The near complete exercise of the warrants are a further testament to that. We look forward to further progress as we build off of the two light oil discoveries we announced this past January.” he added.

ABOUT SINTANA ENERGY:

The Company is engaged in petroleum and natural gas exploration and development activities on five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and also in Colombia’s Magdalena Basin.  

On behalf of Sintana Energy Inc.,

“A. Robert Bose”
Chief Executive Officer

For additional information or to sign-up to receive periodic updates about Sintana’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com.

Forward-Looking Statements

Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to potential future activities on PEL 90, PEL 83 and/or PEL 87, including the exercise of any options or earn-in rights in connection thereafter, the proposed future exploration and development activities on neighboring properties, availability of permitting and timing of proposed activities as well as the prospective nature of the Company’s property interests.  Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time.  Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.  The Company assumes no obligation to update such information, except as may be required by law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Bay Street News