Mr. John Jeffrey reports

SATURN OIL & GAS INC. REPORTS SUCCESSFUL Q1 2023 DRILLING RESULTS, PRODUCTION CURTAILMENT AND ESG REPORT

Saturn Oil & Gas Inc. has provided the results to date from its first quarter 2023 drilling program, and has released Saturn's inaugural report on its commitment to best practices for environmental, social and governance for sustainable development of the company's energy resources.

"The first quarter was a great start to Saturn's 2023 capital program with the successful drilling of 13 horizontal wells in Saskatchewan, which have all now been put into production," commented Justin Kaufmann, chief development officer. "The successes of the 2022 drilling campaign have led Saturn to focus on repeatable development opportunities in its best-performing oil pools in Saskatchewan, which is now being reflected in superior 2023 initial production results."

The attached table summarizes Saturn's first quarter 2023 drilling results.

Oxbow drilling update

Saturn drilled five Oxbow horizontal wells, with a 100-per-cent working interest (three Frobisher and two Midale targets), in Q1 2023 with initial 30-day average production of approximately 79.2 barrels per day per well, which is 15 per cent above the company's expected type curves for Oxbow wells. The average incurred capital cost of each Oxbow horizontal well has been within the budgeted $1.25-million per location. The highlight of the Q1 drilling program was the 101/11-21-006-05W2 well (the Weir Hill 11-21), targeting Frobisher light oil in the Oxbow asset, which achieved an average IP30 rate of 149 bbl/d. The Weir Hill 11-21 well was a follow-up location to a strong producing well drilled in 2022 and is an encouraging result for continued development of the Weir Hill light oil pool in second half 2023.

Viking drilling update

Saturn continues to have great success with its Viking development program, having drilled and completed eight horizontal Viking wells to date in 2023, with a 100-per-cent working interest. Saturn's 2023 Viking wells achieved an average IP30 rate of 103.2 bbl/d, which is approximately 52 per cent above the company's expected type curves for Viking wells. The average incurred capital cost per Viking well was within the budgeted $1.3-million per location.

Production curtailment from Alberta wildfires

Saturn advises that its operations in Alberta are being impacted by the continuing wildfires. Approximately 10,000 barrels of oil equivalent per day (60 per cent oil and natural gas liquids) of production has been temporarily curtailed, beginning May 4, 2023. The company is not aware of any significant damage or loss to its owned or third party infrastructure. The company is ready to restart production as soon as the currently shutdown third party infrastructure is restarted and will provide additional updates as more information becomes available.

Sustainability report

Saturn is pleased to announce the release of its inaugural sustainability report outlining Saturn's approach to climate-related risks and opportunities, aligned with the Task Force on Climate-related Financial Disclosures (TCFD) framework as a guideline. Highlights of Saturn's environmental, social and governance focus was the investment of $14.2-million into the abandonment and reclamation of previous operational areas, including the abandonment of 129 wells. The sustainability report outlines Saturn's commitment to minimizing its environmental footprint, including specific projects the company is undertaking in 2023 to reduce current carbon dioxide equivalent emissions from existing production facilities by approximately 36 per cent (high confidence) to 47 per cent (medium confidence). Saturn strongly believes in partnering with its neighbouring communities, and it contributes to several charitable organizations and community initiatives, which include KidSport and Children's Cottage Society, Alberta, and the Carlyle & District Food Bank, Saskatchewan.

First quarter 2023 financial results and investor webcast

Saturn expects to release first quarter financial results after market trading hours on Tuesday, May 16, 2023, and will host a webcast at 10 a.m. MDT (12 p.m. EDT) on Wednesday, May 17, 2023, to review the financial report. Participants can listen to the live webcast at the company website. A recorded archive of the webcast will be available afterward on the company's website.

About Saturn Oil & Gas Inc.

Saturn 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 has a goal to increase reserves, production and cash flows at an attractive return on invested capital. Saturn's shares are listed for trading on the TSX Venture Exchange under the ticker SOIL, on the Frankfurt Stock Exchange under the symbol SMKA and on the OTCQX under the ticker OILSF.