Sagres Energy Acquisition Interest in L1anos 11 and Putumayo 3 Block

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Sagres Energy Inc an international oil and gas exploration company with an exploration portfolio in Colombia, Guyana and Jamaica, announced today that further to its news releases of August 27, 2010, March 14, 2011, and April 20, 2011, Sagres has completed the acquisition of private participating interests in each of the Llanos 11 and Putumayo 3 blocks located in Colombia.

A wholly-owned subsidiary of Sagres is party to separate private participation agreements with each of Stetson Oil & Gas Ltd. (“Stetson”) (TSX VENTURE:SSN) and Vast Exploration Inc. (“Vast”) (TSX VENTURE:VST) pursuant to which Sagres has acquired a 90% private participating interest in each of the Llanos 11 and Putumayo 3 blocks. Pursuant to the terms of these agreements, Stetson and Vast, as operators of the blocks, will each have a 10% carried interest and Sagres will be responsible for 100% of all costs required to be incurred by the operators under their respective exploration and production contracts with the Agencia Nacional de Hydrocarburos of Colombia (the “ANH”) for the duration of the first exploration phases. In respect of each block, Sagres will be entitled to 98.5% of the net revenue from the block until it has recovered the cost of the 10% carried interest held by the operator. Once cost recovery has occurred, each operator’s carried interest will convert to a participating interest whereafter the parties will share the net revenues and costs from the block on the basis of their respective participating interests. For further details concerning the blocks, please see Sagres’ news release of April 20, 2011.

Effective today, Mr. Gerold Fong has resigned as the Chairman of Sagres and Mr. Stan Bharti has been appointed to the board of directors of Sagres as Chairman. Sagres wishes to thank Mr. Fong for his time and contributions to Sagres.

Sagres Energy Inc. is a Canadian based international oil and gas exploration company with an exploration portfolio in Colombia, Guyana and Jamaica. The common shares of Sagres are listed for trading on the TSX Venture Exchange under the symbol “SGI”.