Saturn Oil & Gas Inc. announced the initial production results for its most recently drilled 13 gross (11.4 net) wells, including Saturn's first development of Alberta Cardium and Saskatchewan Bakken light oil targets. Saturn has continued its success in the development of its deep inventory of locations in Southeast Saskatchewan including the best performing group of Frobisher wells the Company has drilled to date. Southeast Saskatchewan Drilling Update.

Saturn completed 6 gross (5.5 net) horizontal wells targeting Bakken light oil in the Viewfield area in the third and fourth quarter of 2023. The new Bakken wells' initial 30-day production ("IP30") averaged approximately 113.8 bbls/d of light oil. The average IP30 production for the four new Frobisher wells was 43% above the Company's type curve expectations.

Central Alberta Drilling Update. During the third quarter the Company completed 3 gross (2.0 net) horizontal wells targeting Cardium light oil in the Lochend area with an average IP30 of approximately 279.0 boe/d (91% light oil and NGLs). The fourth quarter of 2023 to date has been the most active period for oil field development in Saturn's history, with a drilling rig contracted for each of Southeast Saskatchewan, West Central Saskatchewan, and Alberta.

Saturn expects to drill a total of up to 48 gross operated (46.2 net) wells in 2023, with the initial production results of the last 16 gross (16.0 net) wells expected to be announced in January 2024. In November 2023, Saturn placed its first open hole multi-lateral ("OHML") well, with eight horizontal lateral legs onto production, and is currently drilling a second OHML well. Both OMHL wells are in the Viewfield area of Southeast Saskatchewan and are 100% working interest to Saturn.

The Company recently completed and put on production the final well of the seven well stimulated Viewfield Bakken program (100% working interest). In the Crealman area of Southeast Saskatchewan the Company put online the final 2023 Frobisher well in November (100% working interest). The new Viking wells are expected to be brought online in December 2023.

In November 2023 the Company drilled a 4 well pad targeting Montney light oil in the Kaybob area of North Alberta with 100% working interest, which has now been completed and placed into production. The following table summarizes the remainder of Saturn's expected 2023 drilling program to report: Remaining 2023 Wells to Report (16), Forecast Online Date, Working Interest, Guidance Type Curve per Well (boe/d), SE Sask - OHML Bakken (2), Late November & December, 100%, 170, SE Sask - Stimulated Bakken (1), Late November, 100%, 101, SE Sask - Frobisher (1), November, 100%, 69, SW Sask - Viking (4), December, 100%, 68, Central AB - Cardium (4), December & January, 100%, 260, North AB - Montney (4), December, 100% working interest). Current production, based on field estimates, is approximately 27,300 boe/d (81% light oil and N GLs).

Saturn has assembled an attractive portfolio of free-cash flowing, low-decline operated assets in Southeastern Saskatchewan, West Central Saskatchewan and Central 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'.

The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Saturn, including expectations and assumptions concerning: the timing of and success of future drilling, development and completion activities, type curve expectations, the performance of existing wells, the performance of new wells, the performance of existing wells. The performance of new wells, the company's history, the performance of new wells was 43% above the company's type curve expectations. The company's type curve expectations.