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.

Corporate Contacts:		Investor Relations Advisor:
Robert Bose                         Chief Executive Officer         212-201-4125	Sean J. Austin