Saturn Oil & Gas Inc. Announces its First Development of Cardium and Bakken Light Oil and the Highest Initial Production Rates on New Frobisher Wells to Date

Calgary, Alberta--(Newsfile Corp. - December 5, 2023) - 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 13 gross (11.4 net) wells, including Saturn's first development of Alberta Cardium and Saskatchewan Bakken light oil targets. Saturn has continued its success in the development of its deep inventory of locations in Southeast Saskatchewan including the best performing group of Frobisher wells the Company has drilled to date.

"Saturn has been active developing new light oil production in all four core operating areas in the second half of 2023 and is delivering excellent drilling results," commented Justin Kaufmann, Saturn's Chief Development Officer. "The diversity of Saturn's large and high-quality portfolio of drilling locations has been key to delivering strong and repeatable returns on invested capital."

Southeast Saskatchewan Drilling Update

Saturn completed 6 gross (5.5 net) horizontal wells targeting Bakken light oil in the Viewfield area in the third and fourth quarter of 2023. The new Bakken wells' initial 30-day production ("IP30") averaged approximately 113.8 bbls/d of light oil. During the initial production periods the Bakken wells typically showed improving oil production, averaging the first 15 days at approximately 100.0 bbls/d and increasing to an average of approximately 127.6 bbls/d in the last 15 days. The average IP30 production was 13% above the Company's type curve expectations.

Saturn recently put on production 4 gross (4.0 net) horizontal wells targeting Frobisher light oil in the Crealman, Glen Ewen, Ingoldsby and Weir Hill areas. The new Frobisher wells had an average IP30 of 98.7 bbls/d of light oil and are the highest initial producing set of Frobisher wells the Company has drilled. The Crealman 01/04-02-009-10W2/00 was Saturn's best performing new Frobisher well, averaging over 200.0 bbls/d of light oil for a 13-day period. The average IP30 production for the four new Frobisher wells was 43% above the Company's type curve expectations.

Central Alberta Drilling Update

During the third quarter the Company completed 3 gross (2.0 net) horizontal wells targeting Cardium light oil in the Lochend area with an average IP30 of approximately 279.0 boe/d (91% light oil and NGLs). Saturn's Lochend 100/12-02-026-03W5/00 well was the fourth longest Alberta Cardium well ever drilled out of a sample set of ~19,000 wells, with a Total Measured Depth of 6.8 kilometres. The Lochend 100/12-02-026-03W5/00 well had average production in the first 15 days of approximately 315.7 boe/d (94% light oil and NGLs) and increased to an average of approximately 385.2 boe/d (94% light oil and NGLs) in the last 15 days. The average IP30 production of the Lochend Cardium wells was 7% above the Company's type curve expectations.

The following table highlights Saturn's recent drilling results, along with the performance of previous drilling:

Outlook

The fourth quarter of 2023 to date has been the most active period for oil field development in Saturn's history, with a drilling rig contracted for each of Southeast Saskatchewan, West Central Saskatchewan, and Alberta. Saturn expects to drill a total of up to 48 gross operated (46.2 net) wells in 2023, with the initial production results of the last 16 gross (16.0 net) wells expected to be announced in January 2024.

In November 2023, Saturn placed its first open hole multi-lateral ("OHML") well, with eight horizontal lateral legs onto production, and is currently drilling a second OHML well. Both OMHL wells are in the Viewfield area of Southeast Saskatchewan and are 100% working interest to Saturn. The Company recently completed and put on production the final well of the seven well stimulated Viewfield Bakken program (100% working interest). In the Crealman area of Southeast Saskatchewan the Company put online the final 2023 Frobisher well in November (100% working interest).

Saturn is currently completing 4 wells drilled in November 2023 targeting Viking light oil in the Plato area of West Central Saskatchewan, all with 100% working interest. The new Viking wells are expected to be brought online in December 2023.

In November 2023 the Company drilled a 4 well pad targeting Montney light oil in the Kaybob area of North Alberta with 100% working interest, which has now been completed and placed into production.

The following table summarizes the remainder of Saturn's expected 2023 drilling program to report:

Current production, based on field estimates, is approximately 27,300 boe/d (81% light oil and NGLs).

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-looing 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, workover program and the maintenance of base production and the business plan, 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, the ability to allocate capital to pay down debt and grow productions, the geological characteristics of Saturn's properties, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners and prevailing commodity prices. 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, ESG initiatives, debt repayment plans and future growth 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, 2022.

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

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