Saturn Oil & Gas Announces Filing of Prospectus Supplement

Calgary, Alberta--(Newsfile Corp. - May 8, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) ("Saturn" or the "Company") is pleased to announce that in connection with its previously announced bought-deal subscription receipt financing for aggregate gross proceeds of approximately $100 million (the "Offering"), the Company has filed a prospectus supplement (the "Prospectus Supplement") to its short form base shelf prospectus dated May 19, 2022, as amended pursuant to amendment no. 1 to the short form base shelf prospectus dated May 2, 2024 (the "Shelf Prospectus").

The Prospectus Supplement and accompanying Shelf Prospectus qualify the distribution of approximately 42.6 million subscription receipts ("Subscription Receipts") on a bought deal basis at a price of $2.35 per Subscription Receipt, with Echelon Wealth Partners Inc. ("Echelon") acting as lead underwriter and sole bookrunner in a syndicate of underwriters including National Bank Financial Inc., Canaccord Genuity Corp. and Eight Capital.

The Prospectus Supplement has been filed with the securities commissions or similar regulatory authorities in each of the provinces of Canada, except Québec. The Prospectus Supplement (together with the related Shelf Prospectus) is available on Saturn's SEDAR+ profile at www.sedarplus.ca and may be obtained from Echelon at ecm@echelonpartners.com. The Prospectus Supplement and Shelf Prospectus contain important information about Saturn and the Offering. Prospective investors should read the Prospectus Supplement, the Shelf Prospectus, and other documents the Company has filed before making an investment decision.

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 Saskatchewan and 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 available on Saturn's website at www.saturnoil.com.

Saturn Oil & Gas Investor & Media Contacts:

John Jeffrey, MBA - Chief Executive Officer
Tel: +1 (587) 392-7902
www.saturnoil.com

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

Reader Advisory

This news release is not an offer of the securities for sale in the United States. The securities offered have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an 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.

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