Calgary, Alberta--(Newsfile Corp. - May 1, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) ("Saturn" or the "Company") is pleased to announce the initial production results for its most recently drilled nine gross (9.0 net) wells, including the Company's first development of the Brazeau field in Central Alberta for Cardium light oil and natural gas. In addition, Saturn continued its successful development of conventional horizontal wells in Southeast Saskatchewan, with outstanding average initial production rates.

The following table summarizes Saturn's Q1 2024 drilling results:

Total capital costs for drilling, completion, equip and tie-in of the nine wells brought onto production in Q1 2024 was $23.9 million, which is approximately 5% below budgeted expenditures.

Central Alberta Drilling Update

During the first quarter the Company completed four gross (4.0 net) horizontal wells targeting Cardium light oil in the Brazeau area with an average initial 30-day ("IP30") average production per well of approximately 710 boe/d (50% light oil and NGLs), representing our best Cardium development wells to date. The standout well of the group was the Brazeau 100/03-17-045-11W5 well, and is the Company's best performing well drilled since inception, with an IP30 rate of 723 boe/d (50% light oil and NGLs). Saturn has 121 gross (101 net) de-risked additional booked and unbooked horizontal drilling locations in the Brazeau area of Central Alberta.

Southeast Saskatchewan Drilling Update

Saturn completed five gross (5.0 net) conventional horizontal wells with three Mississippian aged Frobisher and Tilston zone targets and two Spearfish zone targets in the first quarter of 2024, exceeding expected type curve IP30 average production rates by 33%. The highlight of the group was the Glen Ewen 101/03-01-004-02W2 ("Glen Ewen 03-01") Frobisher well which had IP30 production of 195.6 boe/d, with 95% light oil, which de-risks up to three gross (3.0 net) new drilling locations in the area. In 2023 Saturn field shot, processed and interpreted its first proprietary 3D seismic data in Southeast Saskatchewan which helped identify the Wier Hill 103/14-18-006-04W2 ("Wier Hill 14-18") location. Weir Hill 14-18 was drilled as a dual lateral well, had an IP30 rate of 154.4 bbl/d of 100% light oil, and its success yielded up to three gross (3.0 net) new development locations in the area. Saturn has 429 gross (381 net) additional booked and unbooked conventional drilling locations in Southeast Saskatchewan.

Outlook

Saturn has followed up its success in previous years drilling in Southeast Saskatchewan to enhance its IP30 initial production rates and overall return on invested capital. Saturn has recently finished drilling one gross (1.0 net) Open Hole Multi-Lateral ("OHML") well in the Viewfield area of Southeast Saskatchewan with eight horizontal legs of up to two miles each. The OHML well is expected to be put onto production in May 2024.

Corporate production for April 2024, based on field estimates, is approximately 28,000 boe/d (77% light oil and NGLs).

The Company plans to release its first quarter financial results on or about May 14, 2024. Saturn will host a webcast at 10:00 AM MDT (12:00 PM Noon EDT) on Wednesday, May 15, 2024, to review the first quarter 2024 financial results and provide additional colour on the Company's operational highlights.

Participants can access the live webcast via https://saturnoil.com/quarterly-results-webcast-registration/. A recorded archive of the webcast will be available afterwards on the Company's website.

About Saturn Oil & Gas Inc.

Saturn Oil & Gas Inc. is a growing Canadian energy company focused on generating positive shareholder returns through the continued responsible development of high-quality, light oil weighted assets, supported by an acquisition strategy that targets highly accretive, complementary opportunities. Saturn has assembled an attractive portfolio of free-cash flowing, low-decline operated assets in Southeastern Saskatchewan, West Central Saskatchewan and Central Alberta that provide a deep inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an ESG-focused culture, Saturn's goal is to increase reserves, production and cash flows at an attractive return on invested capital.

Saturn's shares are listed for trading on the TSX under ticker 'SOIL' on the Frankfurt Stock Exchange under symbol 'SMKA' and on the OTCQX under the ticker 'OILSF'.

Further information and a corporate presentation are available on Saturn's website at www.saturnoil.com.

Saturn Oil & Gas Investor & Media Contacts:

John Jeffrey, MBA - Chief Executive Officer
Tel: +1 (587) 392-7900
www.saturnoil.com

Kevin Smith, MBA - VP Corporate Development
Tel: +1 (587) 392-7900
info@saturnoil.com

READER ADVISORY

BOE PRESENTATION

Boe means barrel of oil equivalent. All boe conversions in this news release are derived by converting gas to oil at the ratio of six thousand cubic feet ("Mcf") of natural gas to one barrel ("Bbl") of oil. Boe may be misleading, particularly if used in isolation. A Boe conversion rate of 1 Bbl : 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 Bbl: 6 Mcf, utilizing a conversion ratio of 1 Bbl : 6 Mcf may be misleading as an indication of value.

FORWARD-LOOKING INFORMATION AND STATEMENTS

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") under applicable securities legislation. Forward-looking statements typically contain words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "scheduled", "will" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this press release may include, but is not limited to, the drilling of development wells and the business plan, timing of putting wells on production, the operational and capital guidance of the Company and the breakdown thereof, cost model and strategy of the Company.

The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Saturn, including expectations and assumptions concerning: the timing of and success of future drilling, development and completion activities, type curve expectations, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, and the availability of capital, labour and services. In addition, assumptions have been made regarding and are implicit in, among other things, our capital expenditure and drilling programs, drilling inventory and booked locations, production and revenue guidance and future growth and development plans. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.

Although Saturn believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Saturn can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraints in the availability of services, commodity price and exchange rate fluctuations, actions of OPEC and OPEC+ members, changes in legislation impacting the oil and gas industry, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. These and other risks are set out in more detail in Saturn's Annual Information Form for the year ended December 31, 2023.

All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.

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