SAN

THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION
TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES 


San Antonio Ventures Inc. (TSX VENTURE:SAN) ("San Antonio" or the "Company")is
pleased to announce that it has entered into a non-binding letter of intent
dated July 4, 2014 (the "LOI") with R2 Energy Ltd. (www.r2energy.ca) ("R2"), a
closely-held Alberta corporation at arm's length to San Antonio, pursuant to
which the parties propose that San Antonio will acquire all of the issued and
outstanding common shares of R2 in exchange for common shares of San Antonio on
a one-for-one post-consolidation basis by way of a court approved plan of
arrangement, three-cornered amalgamation or such other transaction structure as
is mutually agreed upon by San Antonio and R2 given applicable corporate, tax
and securities law considerations (the "Proposed Transaction").


As part of the Proposed Transaction, San Antonio will consolidate its issued and
outstanding common shares on two (2) old for one (1) new basis and change its
name to "R2 Energy Ltd." or such other name as is acceptable to applicable
regulatory authorities and R2, in its sole discretion.


About R2 

R2 is in the business of identifying, acquiring and developing a diversified
shale gas and shale oil land portfolio in Europe, Mexico and other strategic
countries, with its present principal focus being the investigation of gas and
oil land prospects in Mexico and Spain. R2 has made applications to acquire
various land positions in certain basins in Spain, which applications are at
varying stages of processing. R2 conducts its business, directly and indirectly,
through its 40%-owned Spanish subsidiary, Montero Energy Corporation, S.L. At
present, R2 has no material business interests, operations or holdings other
than its interests in and applications to acquire various land positions in
prospective Spanish basins. 


Craig Steinke, the Chief Executive Officer of R2, is the former Chief Executive
Officer of Realm Energy International Corp., a Canadian global energy company
focused on the exploration and development of major shale plays throughout
Europe and emerging countries. Founded by Mr. Steinke and Ian Telfer in 2009,
Realm collaborated with Halliburton (Houston), assembled key shale plays in ten
European basins, completed a major joint venture and merged the company, in
2011, with another European shale player, for a value of $130 million to Realm
shareholders. The combined entity now holds one of the largest land positions in
Europe and is one of Europe's most active unconventional drilling companies. 


Mr. Steinke has spent the last 10 years developing Shale & CBM plays, such as
coalbed methane in the Powder River Basin, and shale gas plays in the
Fayetteville, Marcellus and Montney formations. 


During his career, Mr. Steinke has been instrumental in acquiring in excess of
25 million acres of domestic and international petroleum and natural gas rights,
as well as financing and developing these assets.


Terms of the Proposed Transaction 

The LOI will be superseded by a definitive business combination agreement and
other formal documentation between San Antonio and R2, pursuant to which the
parties will combine their business operations to create a successor reporting
issuer to San Antonio (the "Resulting Issuer"). The parties expect that, upon
completion of the Proposed Transaction, the Resulting Issuer will be listed as a
Tier 2 oil and gas or industrial issuer on the TSX Venture Exchange (the
"Exchange"). 


The Proposed Transaction is contingent upon, among other things, the completion
by R2 of an equity financing to raise a minimum of $2.0 million in gross
proceeds by way of a private placement of units of R2, each unit expected to
consist of one R2 common share and up to one R2 common share purchase warrant,
with pricing to be determined by R2 and the financiers (the "Concurrent
Financing"). 


As part of the Proposed Transaction, all outstanding R2 securities exercisable
or exchangeable for, or convertible into, R2 common shares (including the
warrants issued pursuant to the Concurrent Financing) will be exercisable into
common shares of the Resulting Issuer on the same terms and conditions as such
original R2 securities (subject to the terms of the agreements that govern such
securities).


General 

Completion of the Proposed Transaction is subject to a number of conditions,
including, but not limited to, completion of satisfactory due diligence,
negotiation and execution of definitive documentation, receipt of applicable
regulatory, court and shareholder approvals, Exchange acceptance and completion
of the Concurrent Financing. The Proposed Transaction cannot close until the
required shareholder approval is obtained. There can be no assurance that the
Proposed Transaction will be completed as proposed or at all. 


Investors are cautioned that, except as disclosed in the management information
circular to be prepared in connection with the Proposed Transaction, any
information released or received with respect to the Proposed Transaction may
not be accurate or complete and should not be relied upon. Trading in the
securities of the Company should be considered highly speculative. 


The Exchange has in no way passed upon the merits of the Proposed Transaction
and has neither approved nor disapproved of the contents of this news release.


Other Information and Updates 

The Company will continue to provide further updates in respect of the Proposed
Transaction, in due course, by way of news releases.


SAN ANTONIO VENTURES INC. 

Christopher I. Dyakowski, P. Geo., President & Chief Executive Officer

Cautionary Note Regarding Forward-Looking Statements 

This news release contains certain "forward-looking statements" within the
meaning of Canadian securities legislation, relating to the Proposed Transaction
and the Concurrent Financing. Forward-looking statements are statements that are
not historical facts; they are generally, but not always, identified by the
words "expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "aims", "potential", "goal", "objective", "prospective", and similar
expressions, or that events or conditions "will", "would", "may", "can", "could"
or "should" occur. Forward-looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the statements
are made and they involve a number of risks and uncertainties. Consequently,
there can be no assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those anticipated
in such statements. Except as required by the securities disclosure laws and
regulations applicable to the Company, the Company undertakes no obligation to
update these forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause future
results to differ materially from those anticipated in these forward-looking
statements include, but are not limited to, the Company's inability to secure
the Exchange acceptance or shareholder approval required to complete the
Proposed Transaction, R2's inability to complete the Concurrent Financing, and
the parties inability to successfully negotiate and settle upon the terms of a
definitive business combination agreement.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
San Antonio Ventures Inc.
Christopher Dyakowski
604.250.2844
dyakowski@telus.net

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