Received by email:

File: SAO-NR2016-05-26.docx


NEWS RELEASE

San Angelo Oil Limited Completes $150,000 Financing
May 26, 2016 - Vancouver, British Columbia - San Angelo Oil Limited (TSX-V: SAO) (the "Company") is pleased to announc
--->e that it has completed its previously announced non-brokered private placement of an aggregate 3,000,000 units (the "
--->Units") at a price of CDN$0.05 per Unit, for gross proceeds of CDN$150,000 (the "Offering"). Each Unit consists of one
---> post-consolidated common share and one transferable common share purchase warrant (each a "Warrant") exercisable into
---> one additional post-consolidated common share at an exercise price of $0.05 per common share for a period of 5 years.
---> 

All securities issued in connection with this Offering, and all securities issued upon exercise of those securities ar
--->e subject to a 4-month "hold period" expiring on September 27, 2016 as prescribed by the TSX Venture Exchange and appl
--->icable securities laws.

The proceeds from the Offering will be used for general working capital. 

Pursuant to the private placement, John Proust of Vancouver, British Columbia, purchased 1,000,000 Units in considerat
--->ion for CDN$50,000. The Units he acquired consist of 1,000,000 common shares of the Company which represents approxima
--->tely 15.40% of the issued and outstanding shares on an undiluted basis, and 1,000,000 Warrants, which together with th
--->e 1,000,000 common shares and assuming full exercise of his Warrants, represent approximately 26.69% of the issued and
---> outstanding shares on a partially diluted basis assuming that no other common shares of the Company are issued. Mr. P
--->roust did not hold any common shares or warrants of the Issuer immediately before the acquisition. As a result of the 
--->foregoing acquisition (assuming full exercise of the acquired Warrants), Mr. Proust would own and/or control a total o
--->f 2,000,000 common shares of the Company representing 26.69% of the issued and outstanding shares on a partially dilut
--->ed basis, assuming no further common shares of the Company have been issued. 

Pursuant to the private placement, Donald Sharpe of Vancouver, British Columbia, purchased 1,000,000 Units in consider
--->ation for CDN$50,000. The Units he acquired consist of 1,000,000 common shares of the Company which represents approxi
--->mately 15.40% of the issued and outstanding shares on an undiluted basis, and 1,000,000 Warrants, which together with 
--->the 1,000,000 common shares and assuming full exercise of his Warrants, represent approximately 26.69% of the issued a
--->nd outstanding shares on a partially diluted basis assuming that no other common shares of the Company are issued. Mr.
---> Sharpe did not hold any common shares or warrants of the Issuer immediately before the acquisition.  As a result of t
--->he foregoing acquisition (assuming full exercise of the acquired Warrants), Mr. Sharpe would own and/or control a tota
--->l of 2,000,000 common shares of the Company representing 26.69% of the issued and outstanding shares on a partially di
--->luted basis, assuming no further common shares of the Company have been issued. 

Pursuant to the private placement, 676541 BC Limited (a company controlled by Brad Windt) of Vancouver, British Columb
--->ia, purchased 1,000,000 Units in consideration for CDN$50,000. As a result, Mr. Windt acquired ownership and/or contro
--->l of 1,000,000 common shares of the Company which represents approximately 15.40% of the issued and outstanding shares
---> on an undiluted basis, and 1,000,000 Warrants, which together with the 1,000,000 common shares and assuming full exer
--->cise of his Warrants, represents approximately 26.69% of the issued and outstanding shares on a partially diluted basi
--->s assuming that no other common shares of the Company are issued.  Mr. Windt did not hold any common shares or warrant
--->s of the Issuer immediately before the acquisition. As a result of the foregoing acquisition (assuming full exercise o
--->f the acquired Warrants), Mr. Windt would own and/or control a total of 2,000,000 common shares of the Company represe
--->nting 26.69% of the issued and outstanding shares on a partially diluted basis assuming that no further common shares 
--->of the Issuer have been issued. 

Mr. Proust, Mr. Sharpe, and 676541 BC Limited acquired the Units for investment purposes, and have no present intentio
--->n to acquire further securities of the Company, although they may in the future participate in financings and/or acqui
--->re or dispose of securities of the Company in the market, privately or otherwise, as circumstances or market condition
--->s warrant. The Units were issued to the Mr. Proust, Mr. Sharpe, and 676541 BC Limited in reliance upon the prospectus 
--->exemption in Section 2.3 of National Instrument 45-106 - Prospectus Exemptions on the basis that they meet the criteri
--->a of an Accredited Investor (as defined in National Instrument 45-106). 

This information regarding ownership of common shares and warrants is being issued pursuant to Multilateral Instrument
---> 62-103, and a report respecting the above private placement will be filed with the applicable securities commissions 
--->using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing at 
--->www.sedar.com or by contacting San Angelo Oil Limited at 604-609-6131.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Eileen Au, Interim Chief Executive Officer
San Angelo Oil Limited
Tel: 604 609-6131

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the 
--->TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as ame
--->nded, and may not be offered or sold in the United States absent registration or applicable exemption from the registr
--->ation requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor
---> will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation o
--->r sale would be unlawful prior to registration or qualification under the securities laws of any such province, state 
--->or jurisdiction.

Forward-looking Statements 

This news release contains certain forward-looking information and forward-looking statements within the meaning of ap
--->plicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and sim
--->ilar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks
--->, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated 
--->in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news releas
--->e contains forward-looking statements and assumptions pertaining to the following: the Offering; the completion of the
---> Offering; and the use of proceeds from the Offering. Actual results achieved may vary from the information provided h
--->erein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the ex
--->pectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expe
--->ctations will prove to be correct.