Mr. John Jeffrey reports

SATURN OIL & GAS INC. ANNOUNCES EMPLOYEES' SHARE PURCHASE

Pursuant to an agreement between certain purchasers, including Saturn Oil & Gas Inc.'s executives and a previous shareholder of Ridgeback Resources Inc., the Saturn purchasers have purchased an aggregate of 891,898 common shares of Saturn. The subject shares were previously issued in connection with Saturn's acquisition of Ridgeback on Feb. 28, 2023. The subject shares remain subject to a contractual hold period and will be released as to: (A) 50 per cent on Feb. 28, 2024; and (B) the remaining 50 per cent on May 28, 2024.

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 Saskatchewan and 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.