Sagres Energy Inc. amended its by-laws to adopt a new policy that requires advance notice to Sagres for nominations of directors other than by management, through a requisition for a meeting or by way of a shareholder proposal. Among other things, the policy fixes a deadline by which holders of record of common shares of Sagres must submit director nominations to the company prior to any annual or special meeting of shareholders. In the case of an annual meeting of shareholders, notice to the company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting, provided that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the tenth day following such public announcement. In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the company must be made not later than the close of business on the 15(th) day following the day on which the first public announcement of the date of the special meeting was made. The new policy is intended to: (i) facilitate an orderly and efficient annual general or special meeting process; (ii) ensure that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) allow shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation. The by-law amendment and policy is effective immediately and will be placed before Sagres' shareholders for approval at the annual general and special meeting of shareholders scheduled to be held on June 13, 2013.

Sagres Energy Inc. announced that it has entered into a debt extension agreement with Canacol Energy (Guyana) Inc. relating to outstanding amounts owed by Sagres and its subsidiaries to Canacol Guyana. Sagres has outstanding debt owed to Canacol Guyana related to the disposition of its 25% interest in a petroleum prospecting license for a 7,800 km2 oil and gas exploration block in the Takutu Basin in Central Guyana. Pursuant to the Debt Extension Agreement Sagres and its subsidiaries will pay Canacol Guyana all outstanding amounts related to the Guyana Block on or before June 30, 2013.

Sagres Energy Inc. appointed Sam Yik as chief financial officer of the company. The appointment of Mr. Yik follows the resignation of Ms. Deborah Battiston as interim chief financial officer of the company. Mr. Yik is a chartered accountant with over 20 years of diversified business experience in areas of accounting, finance, corporate development, marketing, and logistics, with focus primarily in the resource sector. Mr. Yik has been directly involved in the resource industry for a number of years and has held senior financial, commercial, and operational positions with exploration and commercial production stage companies publically listed in Canada and the United States. Mr. Yik also spent 11 years with a large public petro-chemical company, where his roles served increasing responsibilities in reporting, marketing, logistics, and commercial management in an international setting.