Communicators

CALGARY, ALBERTA – June 14, 2024 - Saturn Oil & Gas Inc. (TSX: SOIL)(FSE: SMKA)(OTCQX: OILSF)("Saturn" or the "Company") today announced that it has closed its previously announced private placement (the “Offering”), to eligible purchasers under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”), of US $650 million in aggregate principal amount of 9.625% senior secured second lien notes due 2029 (the “Notes”).

The Notes have not been registered under the Securities Act, Canadian securities laws, or the securities laws of any other jurisdiction, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. Person, absent registration or an applicable exemption from registration requirements. The Company is under no obligation, and has no intention to, register the Notes under the Securities Act, Canadian securities laws or the securities laws of any other jurisdiction in the future.

This press release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Saturn Oil & Gas Inc.

Saturn Oil & Gas Inc. 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 ESG-focused culture, Saturn’s goal is to increase reserves, production and cash flows at an attractive return on invested capital.

Saturn’s shares are listed for trading on the TSX under ticker 'SOIL' on the Frankfurt Stock Exchange under symbol 'SMKA' and on the OTCQX under the ticker 'OILSF'.

Saturn Oil & Gas Investor & Media Contacts:

John Jeffrey, MBA – Chief Executive Officer

Tel: +1 (587) 392-7900

Info@saturnoil.com

Kevin Smith, MBA – VP Corporate Development

Tel: +1 (587) 392-7900

info@saturnoil.com