NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

TORONTO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Charlestown Energy Partners, LLC (the “Acquirer”) announces that it has acquired ownership and control of an aggregate of 5,128,205 common shares (the “Subject Shares”) of Sintana Energy Inc. (the “Company” or “Sintana”), effective January 21, 2022 (the “Acquisition”).

The Subject Shares were issued pursuant to a private placement by the Company and represented approximately 3.7% of all issued and outstanding common shares of the Company (“Shares”) as of January 21, 2022, resulting in a corresponding change to the aggregate percentage ownership of the Company by the Acquirer.

Immediately before the Acquisition, the Acquirer and its joint actor held an aggregate of 12,902,973 Shares and convertible securities to acquire an additional 1,275,288 Shares (the “Convertible Securities”), representing approximately 9.5% of the issued and outstanding Shares (or approximately 10.4% on a partially diluted basis, assuming conversion of such Convertible Securities only) of which the Acquirer held 12,486,307 Shares and the Convertible Securities representing approximately 9.2% of the issued and outstanding Shares (or approximately 10.1% on a partially diluted basis, assuming conversion of such Convertible Securities only) and its joint actor held 416,666 Shares representing less than 1% of the issued and outstanding Shares. Immediately following the Acquisition, the Acquirer and its joint actor held 18,031,178 Shares (inclusive of the Subject Shares) and the Convertible Securities to acquire an additional 1,275,288 Shares, representing approximately 12.9% of the issued and outstanding Shares at January 21, 2022 (or approximately 13.6% on a partially diluted basis, assuming conversion of such Convertible Securities only) of which the Acquirer held 17,614,512 Shares and the Convertible Securities representing approximately 12.6% of the issued and outstanding Shares (or approximately 13.3% on a partially diluted basis, assuming conversion of such Convertible Securities only) and its joint actor held 416,666 Shares representing less than 1% of the issued and outstanding Shares.

The Subject Shares were acquired at a price of US$0.117 per Subject Share (or US$599,999.985 in the aggregate). The Subject Shares were acquired from the Company directly and not through the facilities of any stock exchange. The holdings of securities of the Company by the Acquirer are managed for investment purposes, and the Acquirer and/or its joint actors could increase or decrease their respective investments in the Company at any time, or continue to maintain their current investment position, depending on market conditions or any other relevant factor.

Additional Information

A copy of the applicable securities report filed in connection with the matters set forth above may be obtained by contacting the Acquirer at 17 State Street, New York, New York, 10004, Tel: 212-201-4125.