Mr. John Jeffrey reports

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

Saturn Oil & Gas Inc. has released 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 six 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 averaged approximately 113.8 barrels per day 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 bbl/d and increasing to an average of approximately 127.6 bbl/d in the last 15 days. The average IP30 production was 13 per cent above the company's type curve expectations.

Saturn recently put on production four 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 bbl/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 bbl/d of light oil for a 13-day period. The average IP30 production for the four new Frobisher wells was 43 per cent above the company's type curve expectations.

Central Alberta drilling update

During the third quarter, the company completed three gross (2.0 net) horizontal wells targeting Cardium light oil in the Lochend area with an average IP30 of approximately 279.0 barrels of oil equivalent per day (91 per cent light oil and natural gas liquids). 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 approximately 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 per cent light oil and NGLs) and increased to an average of approximately 385.2 boe/d (94 per cent light oil and NGLs) in the last 15 days. The average IP30 production of the Lochend Cardium wells was 7 per cent above the company's type curve expectations.

An attached 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 multilateral (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-per-cent working interest to Saturn. The company recently completed and put on production the final well of the seven-well stimulated Viewfield Bakken program (100-per-cent working interest). In the Crealman area of southeast Saskatchewan, the company put on-line the final 2023 Frobisher well in November (100-per-cent working interest).

Saturn is currently completing four wells drilled in November, 2023, targeting Viking light oil in the Plato area of west-central Saskatchewan, all with a 100-per-cent working interest. The new Viking wells are expected to be brought on-line in December, 2023.

In November, 2023, the company drilled a four-well pad targeting Montney light oil in the Kaybob area of Northern Alberta with a 100-per-cent working interest, which has been completed and placed into production.

An attached table summarizes the rest of Saturn's expected 2023 drilling program to report.

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

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 Toronto Stock Exchange under the ticker SOIL, on the Frankfurt Stock Exchange under the symbol SMKA and on the OTCQX under the ticker OILSF.

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