Mr. John Jeffrey reports

SATURN OIL & GAS INC. ANNOUNCES PRELIMINARY SECOND QUARTER 2026 HIGHLIGHTS

Saturn Oil & Gas Inc. has released certain preliminary financial and operating highlights for the three and six months ended June 30, 2026 (Q2 (second quarter) 2026), based on information currently available to management.

The company anticipates the full financial results for the three and six months ended June 30, 2026, will be issued and filed on SEDAR+ after the market close on July 29, 2026. A conference call and webcast to discuss the full results has been scheduled for Thursday, July 30, 2026, at 8 a.m. Mountain Time (10 a.m. Eastern Time). Access details for the conference call and webcast are provided in this news release.

All figures reported below with respect to the second quarter of 2026 are preliminary, and have not been audited, compiled or reviewed by the company's auditor, nor has the company's auditor performed any procedures with respect to this information. These figures are subject to change and adjustment as Saturn's Q2 2026 financial results are finalized. These estimated results have been prepared by management in good faith on a basis consistent with prior periods based on information available to management as of the date hereof, however, management has not completed its financial closing procedures for Q2 2026 and actual results could be materially different from these preliminary results. Accordingly, investors are cautioned not to place undue reliance on the following figures and should not draw any inferences from this information regarding operating or financial data not provided. These preliminary results should not be viewed as a substitute for full financial statements prepared in accordance with IFRS (international financial reporting standards) (as defined below) and are not necessarily indicative of the results to be expected for any future period as a result of various factors. The company does not intend to continue providing preliminary results in the future. The preliminary results provided in this news release constitute forward-looking statements within the meaning of applicable securities laws, are based on a number of assumptions, and are subject to a number of risks and uncertainties. Actual results may differ materially from those contained herein.

Select preliminary q2 2026 results:

• Production averaged 41,447 barrels of oil equivalent per day (boe/d) (81 per cent oil and liquids) in Q2, contributing to first-half 2026 volumes averaging 42,277 boe/d.
• Petroleum and natural gas revenue totalled $359-million in Q2, driven by an average realized price per barrel of oil equivalent (boe) of $95.11 that contributed to a Q2 2026 operating netback, net of derivatives, of $39.05 per boe.
• Adjusted funds flow (AFF) totalled approximately $122-million in Q2, while adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was approximately $142-million.
• Capital expenditures totalled $40-million, including capitalized G&A (general and administrative) expenses.
• Free funds flow totalled $82-million in the quarter.

Q2 2026 conference call and webcast

Subsequent to the issuance of its full Q2 2026 results, expected after the market close on July 29, the company plans to host a conference call on Thursday, July 30 2026, at 8 a.m. Mountain Time (10 a.m. Eastern Time), which will include a discussion with Saturn's leadership team regarding the full Q2 2026 results, followed by a question-and-answer session with attendees.

Date:  Thursday, July 30 2026

Time:  8 a.m. MT (10 a.m. ET)

Webcast:  A live webcast will be available.

North America (toll-free) dial-in:  1-800-715-9871

International dial-in:  1-647-932-3411

An audio replay of the webcast will be available one hour after the end of the call and will remain accessible for 12 months. The replay link will be posted on Saturn's website.

About Saturn Oil & Gas Inc.

Saturn is a returns-driven Canadian energy company focused on the efficient, responsible and innovative development of high-quality, light oil weighted assets, supported by an acquisition strategy targeting accretive and complementary opportunities. The company's portfolio of free-cash-flowing, low-decline operated assets in Saskatchewan and Alberta provide a deep inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an entrepreneurial and safety-focused culture, Saturn's goal is to increase per-share reserves, production and cash flow at an attractive return on invested capital. The company's shares are listed for trading on the Toronto Stock Exchange under ticker SOIL and on the OTCQX under the ticker OILSF.

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