Santa Fe Petroleum, Inc. Announces the Status of the Frac/Completion of its Test Well Project

PLANO, TX, Nov. 28, 2012

The Company previously reported that results from its Project Test Well would be forthcoming.  Initially, some technical difficulties were encountered with the well bore causing a minor delay, however, a pump has now been installed and the Company's operational team feels confident the excess water can be removed in 10 to 15 days. Full production of the Test Well will begin once all the frac water has been removed.

Tom Griffin, the Chairman of the Board of the Company stated, "the fracing/completion process of our Test Well Project is progressing as expected.  We have installed a pump unit to remove approximately 5,300 barrels of water from the well that was injected during the fracing process.  The Water is currently being produced or removed at a rate of approximately 200-250 barrels per day.  Therefore, it will take approximately another 10 to 15 days to remove the remaining water.  However, with the well pressure being approximately 800 lbs when shut-in for 24 hours, the well could begin to flow on its own before all the injected water is removed.  Also, it is encouraging to see a significant amount of gas being produced from the Test Well along with the frac water."

Along with beginning to plan for the next well to be drilled in the Project Test Well pattern, the company is also looking at other acquisitions to bolster its inventory of drillable prospects.

Santa Fe's history of success has been accomplished by maintaining the highest standards possible in the selection of its prospects and in its drilling and operating procedures.  Our standards will continue to guide as we review these prospects.

For more Company information, please visit http://www.sfpetroleum.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction.