Quattro Enters into Purchase and Sales Agreement To Acquire 100% of Three Producing Saskatchewan Oil Fields

CALGARY, ALBERTA--(Marketwire - May 15, 2012) - Quattro Exploration And Production Ltd. ("Quattro" or the "Company") (TSX VENTURE:QXP) is pleased to announce that it has entered into an arms-length definitive purchase and sale agreement (the "PSA") with an Alberta-based oil and gas exploration and production company, for $ 1.5 million, plus adjustments. The properties are located in southwest Saskatchewan (the "Properties"). Closing of the purchase of the Properties is expected to occur on May 31, 2012 and is subject to a number of conditions including, but not limited to, approval of the TSX Venture Exchange, and will be funded through a mix of equity and debt.

The fields are currently producing 65 barrels of oil per day ("BOE/d") with more than 75 BOE/d of oil and gas production shut in awaiting remediation. Through the acquisition, Quattro is acquiring low-decline, high quality oil assets with a substantial land base and two underutilized, first-rate processing facilities. The assets are currently operated by one party with a very high working interest. The properties have a series of underdeveloped locations and contain 3D seismic over the majority of the existing developed lands.

Quattro's due diligence process over the past 30 days has confirmed its initial analysis that the potential for further development of these fields and the associated undeveloped lands is significant. Through measured investment the Company intends to grow production to over 400 BOE/d through the refinement of operations and the drilling of the identified probable reserves within the acquired lands.

Leonard Van Betuw, President of the Company, commented, "We continue to vigorously advance this Acquisition with the intention of further positioning the Company to execute year round on its diversified approach. The Company intends to continually add accretive low-risk cash-flowing development and exploration in southern Saskatchewan, to compliment its ongoing high impact exploration and development efforts being advanced in Guatemala."

Summary of the Acquisition

About Quattro Exploration and Production Ltd.

Quattro Exploration and Production Ltd. ("QXP") continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan and the aggressive pursuit of a series of high impact exploration efforts in Central and South America. The company intends to balance a portfolio of activities that assures its shareholders that it achieves material growth in both reserves and production.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward - looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

BOE presentation:

Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

Trading in the securities of Quattro Exploration & Production Ltd. should be considered highly speculative.