Saturn Oil & Gas Inc. Announces Employees' Share Purchase

Rhea-AI Summary

Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) announces the purchase of 891,898 common shares by certain purchasers, including Saturn's executives, from a previous shareholder of Ridgeback Resources Inc., subject to a contractual hold period.

Calgary, Alberta--(Newsfile Corp. - December 20, 2023) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) ("Saturn" or the "Company") announces that pursuant to an agreement between certain purchasers, including Saturn's executives (the "Saturn Purchasers"), and a previous shareholder of Ridgeback Resources Inc. ("Ridgeback"), the Saturn Purchasers have purchased an aggregate of 891,898 common shares of Saturn (the "Subject Shares"). The Subject Shares were previously issued in connection with Saturn's acquisition of Ridgeback on February 28, 2023. The Subject Shares remain subject to a contractual hold period and will be released as to: (A) 50% on the February 28, 2024; and (B) the remaining 50% on May 28, 2024.

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'.

Further information and a corporate presentation are available on Saturn's website at www.saturnoil.com.

Saturn Oil & Gas Investor & Media Contacts:

John Jeffrey, MBA - Chief Executive Officer
Tel: +1 (587) 392-7900
www.saturnoil.com

Kevin Smith, MBA - VP Corporate Development
Tel: +1 (587) 392-7900
info@saturnoil.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191735

FAQ

What is the latest announcement from Saturn Oil & Gas Inc. (TSX: SOIL)?

Saturn Oil & Gas Inc. (TSX: SOIL) has announced the purchase of 891,898 common shares by certain purchasers, including Saturn's executives, from a previous shareholder of Ridgeback Resources Inc.

What are the details of the share purchase agreement?

The agreement involves the purchase of 891,898 common shares of Saturn, previously issued in connection with Saturn's acquisition of Ridgeback on February 28, 2023, subject to a contractual hold period.

When will the Subject Shares be released?

The Subject Shares will be released as to 50% on February 28, 2024, and the remaining 50% on May 28, 2024.