Mr. John Jeffrey reports

SATURN OIL & GAS INC. ANNOUNCES GRADUATION TO THE TORONTO STOCK EXCHANGE AND RESTORED PRODUCTION FROM ALBERTA WILDFIRES

Saturn Oil & Gas Inc. has received approval from the Toronto Stock Exchange to graduate the listing of its common shares to the main board of the TSX. Saturn expects the common shares to commence trading under the symbol SOIL on the TSX on June 15, 2023, at which time trading on the TSX Venture Exchange will cease. No action is required to be taken by Saturn shareholders. The company's listed warrants (expiring July 7, 2023, and March 10, 2025, respectively) will also transition to the TSX.

"The graduation to the TSX, Canada's most senior stock exchange, is an exciting achievement for our company," said John Jeffrey, chief executive officer of Saturn. "The hard work of our staff and support of shareholders over the past 24 months has made it possible to rapidly grow into a company that meets the stringent listing requirements of the TSX. We anticipate that trading on the TSX will provide us with additional visibility in the marketplace, provide our shareholders will additional liquidity and allow access to a broader and more diverse range of international and institutional investors."

Saturn is further pleased to announce that it has restored over 90 per cent of the estimated 10,000 boe/d (barrels of oil equivalent per day) (60 per cent oil and NGLs (natural gas liquids)) of production that was curtailed since May 4, 2023, as a result of the wildfires in Alberta. The company is relieved to report that all of Saturn's employees and contractors that were displaced by the wildfires have returned to their undamaged homes. Saturn is assessing the potential damage of the company's wells and infrastructure, and Saturn is currently not aware of any significant impairments.

The company also confirms that 268,333,333 of the company's listed common share purchase warrants exercisable on a 20:1 basis at 16 cents per share (ticker SOIL.WT) have expired and have ceased trading on the TSX Venture Exchange effective June 5, 2023. As the warrants were listed, amendments to the terms thereof (including any extension or price adjustment) was not permissible within the rules of the TSX Venture Exchange's Corporate Finance Manual.

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 environmental, social and governance 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 Venture Exchange under the ticker SOIL, on the Frankfurt Stock Exchange under the symbol SMKA and on the OTCQX under the ticker OILSF.