Saturn Oil & Gas Inc. Announces Graduation to the Toronto Stock Exchange and Restored Production from Alberta Wildfires

Calgary, Alberta--(Newsfile Corp. - June 13, 2023) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) (OTCQX: OILSF) ("Saturn" or the "Company") is pleased to announce that it has received approval from the Toronto Stock Exchange (the "TSX") to graduate the listing of its common shares (the "Common Shares") to the main board of the TSX. Saturn expects the Common Shares to commence trading under the symbol "SOIL" on the TSX on June 15, 2023 at which time trading on the TSX Venture Exchange will cease. No action is required to be taken by Saturn shareholders. The Company's listed warrants (expiring July 7, 2023 and March 10, 2025, respectively) will also transition to the TSX.

"The graduation to the TSX, Canada's most senior stock exchange, is an exciting achievement for our Company," said John Jeffrey, CEO of Saturn. "The hard work of our staff and support of shareholders over the past 24 months has made it possible to rapidly grow into a company that meets the stringent listing requirements of the TSX. We anticipate that trading on the TSX will provide us with additional visibility in the marketplace, provide our shareholders will additional liquidity and allow access to a broader and more diverse range of international and institutional investors."

Saturn is further pleased to announce that it has restored over 90% of the estimated 10,000 boe/d (60% oil and NGLs) of production that was curtailed since May 4, 2023 as a result of the wildfires in Alberta. We are relieved to report that all of Saturn's employees and contractors that were displaced by the wildfires have returned to their undamaged homes. Saturn is assessing the potential damage of our wells and infrastructure, and we are currently not aware of any significant impairments.

The Company also confirms that 268,333,333 of the Company's listed common share purchase warrants exercisable on a 20:1 basis at $0.16 per share (ticker SOIL.WT) have expired and have ceased trading on the TSX Venture Exchange effective June 5, 2023. As the warrants were listed, amendments to the terms thereof (including any extension or price adjustment) was not permissible within the rules of the TSX Venture Exchange's Corporate Finance Manual.

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 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. Effective June 15, 2023 Saturn's shares will be listed for trading on the TSX under ticker 'SOIL' and on the Frankfurt Stock Exchange under symbol 'SMKA'.

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) 392-7902
www.saturnoil.com

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

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