Mr. John Jeffrey reports

SATURN OIL & GAS INC. ANNOUNCES COMPLETION OF THE OFFER FOR THE COMMON SHARES OF BURGESS CREEK EXPLORATION INC. AND MANDATORY EXTENSION PERIOD TO AUGUST 6, 2026

Saturn Oil & Gas Inc.'s offer to acquire all of the issued and outstanding common shares of Burgess Creek Exploration Inc., a privately held, 97-per-cent-light-oil-and-liquids-weighted producer with assets in the heart of Saturn's core southeastern Saskatchewan Oxbow area, as previously described in the press release issued by Burgess Creek dated June 19, 2026, has been accepted by holders of common shares representing over 99 per cent of the total issued and outstanding. Accordingly, the minimum tender condition under applicable Canadian securities laws has been satisfied, and all other conditions to the offer have been satisfied. The offer's purchase price features a low cash flow multiple and represents a value less than Burgess Creek's proven developed producing value. With meaningful identified synergies, it believes integrating Burgess Creek further supports its continuing core-up strategy, adding to its existing portfolio of high-tier conventional and open-hole multilateral targets.

Computershare Trust Company of Canada reported that as of 5 p.m. Calgary time on July 24, 2026, being the expiry time of the initial deposit period of the offer, at least 133,233,948 common shares were validly deposited under the offer and not withdrawn. Saturn has taken up the tendered shares and will pay for the tendered shares within three business days.

In addition, the offer is being extended for the mandatory extension period under applicable Canadian securities laws until 5 p.m. Calgary time on Aug. 6, 2026, to allow those shareholders who have not yet tendered their common shares to the offer an opportunity to do so. Saturn will take up and pay for any common shares validly deposited to the offer during the mandatory extension period within 10 calendar days after any such deposit.

Following the mandatory extension period, Saturn intends to acquire any remaining outstanding common shares pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta).

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 provides 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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