Saturn Oil & Gas Inc. Announces Voting Results of AGM

Rhea-AI Summary

Saturn Oil & Gas held its Annual General and Special Meeting on May 28, 2024, where 63.34% of total common shares were voted. All proposals were approved, including the election of eight directors and appointing KPMG LLP as auditor.

Key voting results include John Jeffrey with 94.59% approval, Ivan Bergerman with 65.26%, and Murray Payne with 96.11%. A special resolution to move the 's jurisdiction from Saskatchewan to Alberta was also approved with 94.94% in favor.

Positive

• 63.34% of total common shares were voted, indicating strong shareholder engagement.
• All eight director nominees were elected, showing shareholder confidence in current leadership.
• High approval ratings for directors: John Jeffrey (94.59%), Murray Payne (96.11%), S. Janet Yang and Andrew Claugus (both 96.15%).
• KPMG LLP reappointed as auditor with 99.99% approval, signaling trust in financial oversight.
• Special resolution to move jurisdiction to Alberta approved with 94.94% in favor, potentially offering better regulatory benefits.

Negative

• Ivan Bergerman and Christopher Ryan received comparatively lower approval ratings of 65.26% and 65.49%, respectively, possibly indicating some shareholder concerns.
• Only 63.34% of total shares were voted, suggesting nearly a third of shareholders did not participate.

Calgary, Alberta--(Newsfile Corp. - May 28, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) ("Saturn" or the "Company") is pleased to announce the voting results of its Annual General and Special Meeting of shareholders (the "Meeting") held on May 28, 2024.

Saturn is pleased to report that that all matters presented at the Meeting were approved. A total of 102,320,139 common shares representing 63.34% of the total 161,544,643 outstanding common shares ("Common Shares") of the Company were voted at the Meeting.

At the Meeting, the number of directors to be elected to the Board was fixed at eight (8), with 96.59% of votes in favour. All eight director nominees were elected, with the results of the election as follows:

Name of Nominee	Votes for	Percentage of Votes
John Jeffrey	88,230,553	94.59%
Ivan Bergerman	60,642,037	65.26%
Murray (Jim) Payne	89,309,566	96.11%
Christopher Ryan	60,855,024	65.49%
Grant MacKenzie	64,800,581	69.74%
Thomas Gutschlag	88,373,180	95.11%
S. Janet Yang	89,339,416	96.15%
Andrew Claugus	89,343,016	96.15%

 

All other matters considered at the Meeting were approved by the shareholders, including:

• The appointment of KPMG LLP as the auditor of the Company (99.99% of votes in favour), and

• a special resolution to approve the continuance of the Corporation out of the jurisdiction of Saskatchewan under the Business Corporations Act (Saskatchewan) and into the jurisdiction of Alberta under the Business Corporations Act (Alberta) (94.94% of votes in favour).

The full text of each resolution and biography of the director nominees is set forth in the management information circular of the Company dated April 25, 2024 available on the Company's profile at www.sedarplus.ca.

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 an updated corporate presentation is 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/210856

FAQ

What were the key outcomes of Saturn Oil & Gas' AGM on May 28, 2024?

The AGM approved all proposals, elected eight directors, and reappointed KPMG LLP as auditor. It also approved a special resolution to move the 's jurisdiction from Saskatchewan to Alberta.

What percentage of Saturn Oil & Gas' common shares were voted at the AGM?

63.34% of Saturn Oil & Gas' common shares were voted at the AGM.

Which directors were elected at Saturn Oil & Gas' AGM?

Directors elected include John Jeffrey, Ivan Bergerman, Murray Payne, Christopher Ryan, Grant MacKenzie, Thomas Gutschlag, S. Janet Yang, and Andrew Claugus.

What was the shareholders' approval rate for John Jeffrey at the Saturn Oil & Gas AGM?

John Jeffrey received a 94.59% approval rate at the AGM.

What was the approval rate for the resolution to move Saturn Oil & Gas' jurisdiction to Alberta?

The resolution to move the 's jurisdiction to Alberta was approved with 94.94% in favor.