Sanction Capital Corp. Announces Drilling Update of Marsa Energy Inc.

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2014) - Sanction Capital Corp. ("Sanction") (TSX VENTURE:SRP.H) is pleased to report that Marsa Energy Inc.'s ("Marsa") wholly owned subsidiary, Marsa Turkey BV, has finished drilling the first well, Poyraz N3-1, in its current three well drilling program on the Ortakoy Block in the Republic of Turkey.

Poyraz N3-1 spud August 15, 2014 and was directionally drilled, as planned, to a total measured depth of 1,000 metres and a total vertical depth of 976 metres. The well was cased on August 26, 2014 to a measured depth of 467 metres with a plugged back total depth of 457 metres. Poyraz N3-1 mud logs and open hole logs indicate the potential presence of gas which will need to be confirmed by production testing which will commence once all three wells in the current drilling program have been drilled.

The Viking International I-7 drilling rig was released on August 28, 2014 and is mobilizing from Poyraz N3-1 to the Poyraz W-1 location, which is the next well in Marsa's three well program. Marsa Turkey BV holds a 100% working interest in, and is the operator of, the Ortakoy Block.

Sanction and Marsa entered into an arm's length amalgamation agreement effective July 30, 2014 (the "Amalgamation Agreement") with respect to the amalgamation of Sanction and Marsa (the "Amalgamation") details of which were previously announced on July 31, 2014 and August 22, 2014. The Amalgamation is expected to constitute the Qualifying Transaction (as such term is defined in the policies of the TSX Venture Exchange ("TSXV")) of Sanction.

About Marsa Energy Inc.

Marsa is a junior oil and gas company focused on the Middle East, North Africa and Mediterranean regions. Marsa is engaged in the exploration for and development and production of oil and natural gas. Marsa is active (through its subsidiaries) in Turkey and has offices in Calgary, Canada, Amsterdam, The Netherlands and Ankara, Turkey.

Trading Halt

Trading in Sanction's shares was voluntarily halted on July 31, 2014 and will remain halted until the documentation required by the TSXV in connection with the Qualifying Transaction has been reviewed and accepted by the TSXV.

Subject to satisfaction or waiver of the conditions precedent referred to in the Amalgamation Agreement, the parties anticipate the proposed Amalgamation will be completed on or about September 11, 2014.

All information contained in this press release with respect to Sanction and Marsa was supplied by Sanction and Marsa, respectively, for inclusion herein. Sanction and its directors and officers have relied exclusively on Marsa for any information concerning Marsa including, without limitation, all information concerning Marsa's drilling program.