Sintana Energy Inc. Announces VMM-37 Resolution

Rhea-AI Summary

Sintana Energy (OTCQX:SEUSF) announced its subsidiaries Patriot Energy Oil and Gas and Patriot Energy Sucursal Colombia reached a resolution with ExxonMobil to dismiss arbitration over the VMM-37 block.

Patriot will conditionally assign its VMM-37 rights to ExxonMobil in exchange for two cash payments: $3.0M within 60 days and $6.0M payable after Colombian government and contractual approvals, with mutual releases conditioned on the Assignment.

Positive

• Arbitration dismissal with ExxonMobil agreed, ending ongoing dispute
• Conditional Assignment of VMM-37 rights to ExxonMobil agreed
• Immediate cash payment of $3,000,000 due within 60 days
• Additional $6,000,000 payment conditioned on regulatory approval

Negative

• Assignment conditional on Colombian agency approvals, creating timing uncertainty
• Mutual releases tied to Assignment may limit future claims related to VMM-37

TORONTO, ON / ACCESS Newswire / February 3, 2026 / Sintana Energy Inc. (TSX-V:SEI)(AIM:SEI)(OTCQX:SEUSF) ("Sintana" or the "Company") is pleased to announce that its subsidiaries, Patriot Energy Oil and Gas Inc. and Patriot Energy Sucursal Colombia ("Patriot"), have successfully reached agreement to resolve the previously announced arbitration against ExxonMobil Exploration Colombia Limited and ExxonMobil Exploration Colombia Limited Sucursal Colombia (collectively, "ExxonMobil") associated with the VMM-37 block located in Colombia's Middle Magdalena Valley Basin ("VMM-37").

Pursuant to such resolution: Patriot and ExxonMobil have agreed to dismiss the current arbitration; Patriot has agreed to conditionally assign all of its rights and interests associated with VMM-37 to ExxonMobil (the "Assignment"); and ExxonMobil has agreed to make two cash payments to Patriot, the first $3 million due within sixty (60) days of execution, and a second payment of $6 million, together with mutual releases, conditioned on approval of the Assignment by the appropriate Colombian governmental agencies, including the Agencia Nacional de Hidrocarburos and other contractual requirements.

Robert Bose, Chief Executive Officer of Sintana commented "We are pleased to bring this matter associated with our legacy position in Colombia to an initial conclusion. This outcome supports our efforts to streamline operations focusing resources on our active, high impact portfolio across the Atlantic margin."

Enquiries

Sintana Energy Inc Robert Bose, Chief Executive Officer Eytan Uliel, President Jonathan Paterson, IR	Tel: +1 212 201 4125 +1 475 477 9401
Zeus - Nomad and Joint Broker Antonio Bossi / Darshan Patel / George Duxberry Simon Johnson (Broking)	Tel: +44 (0) 20 3829 5000
Cavendish Capital Markets Limited - Joint Broker Neil McDonald / Derrick Lee / Pearl Kellie	Tel: +44 (0) 20 3493 8000

About Sintana

Sintana, the Canadian parent company of a group of companies, is focused on the acquisition, exploration, potential development, and ultimately the monetisation of a diversified portfolio of interests in high-impact assets with significant hydrocarbon resource potential in emerging "frontier" geographies. Specifically, this includes interests in eight licences in two countries, Namibia and Uruguay, as well as a pending indirect interest in a licence in Angola (and legacy assets in Colombia and The Bahamas), providing diversified exposure to a range of geologic plays, basins, operators, regulators, jurisdictions and geopolitical regimes.

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 intentions for the future, and include, but not limited to, statements with respect to the anticipated issuance of common shares of the Company, 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.

SOURCE: Sintana Energy Inc.

View the original press release on ACCESS Newswire

FAQ

What did Sintana (SEUSF) announce about the VMM-37 arbitration on February 3, 2026?

Sintana announced a resolution with ExxonMobil to dismiss the arbitration and conditionally assign VMM-37 rights. According to the company, the parties agreed to dismiss the current arbitration and to proceed with an Assignment of Patriot's VMM-37 interests.

How much cash will Sintana (SEUSF) receive from ExxonMobil for VMM-37 and when?

Sintana will receive two cash payments totaling $9 million: $3 million then $6 million. According to the company, $3.0M is due within 60 days and $6.0M is payable after required Colombian approvals and contractual conditions.

What conditions must be met for the $6 million payment in the Sintana (SEUSF) VMM-37 deal?

The $6 million payment is conditioned on approval of the Assignment by Colombian agencies and contractual requirements. According to the company, approvals include Agencia Nacional de Hidrocarburos and other specified contractual conditions.

Does the Sintana (SEUSF) resolution with ExxonMobil end all VMM-37 claims?

The agreement includes mutual releases conditioned on the Assignment, which will limit future claims if approved. According to the company, the mutual releases are part of the conditional Assignment and linked to regulatory approvals.

What is the near-term impact of the VMM-37 resolution for Sintana (SEUSF)?

Near-term impact includes receipt of an initial $3.0M payment within 60 days and reduced litigation exposure. According to the company, the resolution streamlines operations, allowing focus on its active Atlantic margin portfolio.