Saturn Oil & Gas Inc. announced the results of the independent reserves evaluation of the Company's crude oil and natural gas assets, dated January 29, 2024 and effective December 31, 2023, in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and in accordance with the Canadian Oil and Gas Evaluation Guide (the " Reserve Report"). Reserves Evaluation Highlights: The Company's Reserve Report, prepared by Ryder Scott Company-Canada ("Ryder Scott"), evaluated the Company's oil and gas assets in Saskatchewan and Alberta and is highlighted by: 145.3 million BOE of Total Proved + Probable ("TP+P") reserves1, representing a 131% year over year increase; $1.4 billion net present value of future net revenue of the Proved Developed Producing ("PDP") reserves discounted at 10% ("NPV10%"); 879 gross (727.2 net) booked drilling locations, 78% located in Saskatchewan and 22% in Alberta; High oil weighting with TP+P reserves comprised of 82% light & medium oil and natural gas liquids ("NGL"); Long reserve life index ("RLI") of 6.2 years for PDP1 reserves and 14.8 years for TP+P1 reserves; 2023 TP+P F&D costs of $19.13 /boe (2.5x recycle ratio); 2023 TP+P FD&A costs of $15.29 /boe (3.1x recycle ratio); Net asset value ("NAV") per share: Proved Developed Producing of $6.72; Total Proved of $10.89; and Total Proved + Probable of $16.69. As a result of the successful 2023 drilling program and the acquisition of Ridgeback, Saturn's average oil and gas production in Fourth Quarter 2023 was approximately 26,890 boe/d and December 2023 average production of approximately 28,000 boe/d, based on field estimates, was in excess of the Company's guidance exit rate of 27,000 boe/d. The Reserve Report encompasses 680 gross (576.6 net) drilling location in Saskatchewan and 199 gross (150.6 net) drilling locations in Alberta.

Included in the Saskatchewan booked locations are 20 gross (18.1 net) Open Hole Multi-Lateral ("OHML") locations targeting Bakken light oil in the Viewfield area. The recent advancements in OHML drilling is expected to continue to open increased drilling inventory with greater capital efficiencies. The Company has an internally estimated additional 550 gross (450 net) unbooked drilling locations in Alberta and Saskatchewan, which combined with the booked locations of the Reserve Report, amounts to over twenty years of drilling inventory.