Mr. John Jeffrey reports

SATURN OIL & GAS INC. ANNOUNCES EXPIRY OF WARRANTS AND SHARE OWNERSHIP CHANGE

The majority of Saturn Oil & Gas Inc.'s outstanding warrants expired between June 3, 2023, and July 7, 2023, and the company's largest shareholder GMT Capital Corp., and certain of GMT's affiliates, recently announced the acquisition of an additional 6,994,049 common shares of Saturn, resulting in holdings as of June 30, 2023, of an aggregate of 34,531,029 common shares, representing approximately 24.91 per cent of Saturn's issued and outstanding common shares.

Warrant expiry

The July 7, 2023, expiry of the SOIL.WT.B warrants, together with the previously announced June 3, 2023, expiries and associated brokers' warrants, has resulted in the cancellation of an aggregate of 30,536,134 dilutive warrants and options, as outlined in the attached table.

Warrant group   Number of warrants  Number of common shares exchangeable to  Exchange traded

SOIL.WT                268,333,333                               13,416,666              Yes
SOIL.WT.B               13,663,717                               13,663,717              Yes
Broker options           2,132,866                                3,455,751               No
Total                                                            30,536,134                 

About Saturn Oil & Gas Inc.

Saturn Oil & Gas 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 (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 Toronto Stock Exchange under ticker SOIL, on the Frankfurt Stock Exchange under symbol SMKA and on the OTCQX under the ticker OILSF.