Mr. John Jeffrey reports

SATURN OIL & GAS INC. ANNOUNCES ANNUAL INCENTIVE AWARD GRANTS

Saturn Oil & Gas Inc. has granted its annual incentive award grants under the terms of its shareholder-approved omnibus long-term incentive plan. The annual grant includes 2,653,518 restricted share units and 622,530 performance share units issued to directors, officers and employees of the company. The awards may be settled in cash or common shares of the company issued from treasury or purchased in the market, at the discretion of the company's board of directors.

The RSUs are granted at a deemed price of $2.53, equal to the closing trading price of Saturn's common shares on April 2, 2024, and will vest in three equal instalments on the first, second and third anniversaries from the grant date.

The PSUs were granted to certain senior executive officers, vesting one year from the date of grant. Each has a payout ratio of 50 per cent to 150 per cent subject to the achievement of certain performance objectives.

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 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 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 ticker OILSF.