3,000% Production Growth in 20211

400+ Non-Producing Wells For

Workover & Put Into Production

351 Drilling Locations Booked With

Reserves

20 Years Of Drilling Inventory

19 Year Reserve Life Index

1)Q4 2021 average daily production of 7,279 boe/d vs. Q1 2021 average daily production of 233 boe/d

We have assembled a platform for years of growth, funded by internally generated cash flow from a low decline, light oil production base.

Closing Date

6,400 boe/d

Net Production Added at

$119M Transaction Financing

$87M Term debt with New York based family office partner

  • ▪ Ideal financial partner for future acquisitions

$32M Equity financing, oversubscribed

Attractive Transaction Metrics3

  • ▪ All senior management and directors invested in financing

MMboe

$ / boe

Proved Developed Producing (PDP)

24.1 $3.30

Total Proved (TP)

30.4

$2.60

43.3 $1.85 $ / boe / day

Proved + Probable (P+P)Production Acquisition

$12,420

  • 1) Per Acquisition Company Production Report, as of April 1, 2021

  • 2) Assuming WTI price of USD 65, see Disclaimer "Information Regarding Disclosure on Oil and Gas Operational Information and Non-IFRS Measures"

  • 3) See Disclaimer "Reserve Assumptions"

Vast Inventory of Drilling Opportunities for Growth

351 booked drilling locations

  • ▪ Oxbow Asset

    • o 6 horizontal wells drilled in Dec '21 - Jan '22

      • • Average IP30 = 96 bbl/d, 40% above industry 5 year average

    • o 6 horizontal wells drilled prior to break up - 21 for remainder of year

    • o Booked drilling locations: 298

      • • 21,500 bbls/d of potential IP90 net production additions

  • ▪ Viking Asset

    • o Three wells drilled in Q3/2021

      • • 200 bbl/d additional production (IP30)

      • • $3.7 million total capital

      • • $18,500 /Bbl/d capital efficiency

    • o Booked locations: 53 at YE 2021

      • • 4,600 bbls/d of potential IP90 production additions

1)Based on public data of 550+ wells with over 500 hours production data

Results To Date

1,100 producing wells and 400+ non-producing wells to optimize

  • ▪ 3,500 bbls/d of workover potential identified1

  • ▪ Target capital efficiencies of $5,000/bbl/d2

  • ▪ Activities include: acidization, perforation, scab liners

  • 1) Management estimate

  • 2) See Disclaimer "Information Regarding Disclosure on Oil and Gas Operational Information and Non-IFRS Measures"

30 inactive wells returned to production

  • ▪ Capital efficiencies of $2,000/bbl/d

Workover Rig at Edenvale Oil Well

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Saturn Oil & Gas Inc. published this content on 09 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2022 16:41:08 UTC.