Mr. John Jeffrey reports

SATURN OIL & GAS INC. ANNOUNCES INITIAL PRODUCTION RESULTS OF FIRST OHML BAKKEN WELL ABOVE EXPECTATIONS AND UPDATED DEBT COVENANT

Saturn Oil & Gas Inc.'s first open-hole multilateral (OHML) Bakken well drilled in the Viewfield area of southeastern Saskatchewan, 101/01-07-011-06W2, had initial 30-day average production (IP30) of approximately 233 barrels per day of light oil, which is 49 per cent (1) above the company's expected IP30 type curves for OHML Bakken wells drilled in the area. The Viewfield 01-07 was drilled with eight open-hole, unstimulated lateral legs for a capital cost of approximately $2.3-million, for an implied capital efficiency of $9,870 per bbl/d.

"The strong initial production and low early declines of the Viewfield 01-07 well are excellent indications of the enhanced economics being driven by this new drilling innovation in Canada's oil and gas sector," commented Justin Kaufmann, chief development officer. "OHML wells have a smaller surface footprint and require less water compared to typical drilling and completion techniques used in developing Bakken formations. The superior economics of OHML drilling allows access to light oil resources previously not considered economically viable and opens a vast new fairway for Saturn's future development."

In late December, 2023, Saturn brought onto production its second OHML Bakken well, 102/01-22-011-06W2, which was drilled with seven open-hole, unstimulated lateral legs. Viewfield 01-22 is experiencing strong fluid inflow with high oil cuts and will have IP30 results available for late January, 2024. Saturn has identified up to 100 OHML drilling locations in the Viewfield area on lands where Saturn holds mineral rights.

Debt covenant

Saturn has entered into an amendment to its credit facility to reduce its current ratio covenant for the period ended Dec. 31, 2023. The amendment allowed the company the financial flexibility to complete its robust fourth quarter 2023 development plans. A copy of the amendment will be posted on the company's SEDAR+ profile.

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

(1) Previously disclosed type curve for the company's OHML Bakken wells was stated at 170 bbl/d, which represents initial day-one type curve. Guidance IP30 type curve for the company's OHML Bakken wells is 156 bbl/d.