• Drilled 57 gross horizontal wells in 2022 targeting light oil with a 100% success rate
• Production was 16% above type curve well expectations, on average, for 30-day initial production (IP30) for the 2022 drilled operated wells
• Estimated average production for Q4 2022 was a record 12,514 boe/d (96% oil and natural gas liquids), in-line with production guidance released in May 2022

Calgary, Canada - Newsfile Corp. - February 13, 2023 - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) (OTCQX: OILSF) ("Saturn" or the "Company") is pleased to provide results from its 2022 capital expenditure program and operational highlights. The 2022 capital program totaled approximately $89.1 million with 80% of expenditures directed to horizontal drilling in Saturn's two operational areas, the Oxbow Asset in Southeast Saskatchewan, and the Viking Asset in West-central Saskatchewan. The balance of capital expenditures was invested in facilities improvements, workover & optimization projects and acquiring land. Highlights of the 2022 capital program include:

• 57 gross (55.4 net) horizontal wells drilled which all have been placed into production of light oil for total capital expenditure of approximately $71.1 million, consisting of:
  • 25 gross (24.4 net) wells were drilled in the Oxbow Asset, including five gross wells (4.7 net) that were re-drilled new horizontal legs of existing well bores, of which the final two wells were brought on production in December;
  • 32 gross (31.0 net) wells were drilled in the Viking Asset with initial production for 30 days (IP30) averaging 93.7 bbl/d per well, which is approximately 38% above Saturn's forecasted type curve for Viking wells, of which the final three well pad was completed and brought on production in January 2023; and
• Q4 2022 production is estimated at 12,514 boe/d, which is in line with guidance forecasted production announced with the Viking acquisition in May 2022, with December 2022 production estimated at 13,128 boe/d.

"2022 had the most active and impactful capital expenditure program in Saturn's history. We are very pleased with overall results of the drilling program, outperforming our forecasted type curves and expanding our geological model to capture additional light oil resources for future development," commented Justin Kaufmann, Saturn's Chief Development Officer. "As we kick off the 2023 drilling campaign, we look forward to following up on our successes of 2022 and capitalizing on the lessons learned in developing Saturn's rapidly expanded land base and drilling inventory."

The following table summarizes Saturn's 2022 drilling results:

	Gross Locations	Average IP30 per Location	Guidance Type Curve	Actual vs. Type Curve	Total Capital	Capital Efficiency
Oxbow New Horizontal Wells	20	63.3 bbls/d	69 bbls/d	-8%	$21.7M	$17,150/bbl/d
Viking New Horizontal Wells	32	93.7 bbls/d	68 bbls/d	+38%	$46.2M	$15,400/bbl/d
Oxbow Re-Drills	5	47.3 bbls/d	42 bbls/d	+12%	$3.2M	$13,330/bbl/d
Total/Average	57	79.0 bbls/d	66.1 bbls/d	+16%	$71.1M	$15,800/bbl/d

Oxbow Operations Update

The 2022 drilling program in Southeast Saskatchewan was focused on developing existing light oil pools where Saturn has identified pool extensions and opportunities top enhance light oil recoveries. Drilling costs per Oxbow location averaged approximately $1.1 million which was in-line with initial budgeting from early 2022, despite a general increasing industry cost environment for materials and services. Production optimization efforts in 2022 resulted in the addition of 656 bbl/d of light oil production with an average cost of $4,237/bbl. The Oxbow drilling was highlighted with six wells that had IP30 production of over 100 bbl/d of light oil. The 2023 drilling program in Oxbow is currently underway with two wells now completed targeting Frobisher light oil, following up on successful wells drilled in 2022 in the Weirhill and Gainsborough areas.

Viking Operations Update

Saturn had particular success in developing light oil production at the Company's Viking Asset with average IP30 production per new horizontal well at approximately 38% above forecasted type curves. Drilling costs per Viking location averaged approximately $1.4 million as a result of longer lateral lengths well designs, increased completion stages and increased completion costs. The combined 30 day average production of the 31 net wells drilled in the Viking Asset in 2022 amount to approximately 2,900 bbl/d of light oil production. Saturn closed on two acquisitions in the Viking Asset in 2022 including: the February Plato acquisition of 240 boe/d, and the July Viking acquisition of 4,000 boe/d. In aggregate, Saturn increased production 1,650% in the Viking Asset from approximately 294 boe/d in January 2022 to approximately 5,158 boe/d in December 2022. The 2023 drilling program in the Viking Asset is currently underway with the drilling of a three well pad offsetting strong performing wells drilled in 2022 in the Herschel area.

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 and West Central Saskatchewan 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.V 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 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) 392-7902
www.saturnoil.com

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

Reader Advisory
Non-GAAP and Other Financial Measures

Throughout this news release and in other materials disclosed by the Company, we employ certain measures to analyze financial performance, financial position and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers. Non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS. The Company's unaudited condensed consolidated interim financial statements and MD&A as at and for the three and nine months ended September 30, 2022 are available on the Company's website at www.saturnoil.com and under our SEDAR profile at www.sedar.com. The disclosure under the section "Non-GAAP and Other Financial Measures" including non-GAAP financial measures and ratios, capital management measures and supplementary financial measures in the MD&A is incorporated by reference into this news release.

This press release uses the term "capital expenditures", which is a non-GAAP financial measure. This non-GAAP financial measure is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See the disclosure under the section "Non-GAAP Financial Measures and Ratios" in our MD&A for the three and nine months ended September 30, 2022, for an explanation of the composition of these measures and how these measures provide useful information to an investor, and the additional purposes, if any, for which management uses these measures.

Where applicable, the supplementary financial measures used in this news release are either a per unit disclosure of a corresponding GAAP measure, or a component of a corresponding GAAP measure, presented in the unaudited condensed consolidated interim financial statements. Supplementary financial measures that are disclosed on a per unit basis are calculated by dividing the aggregate GAAP measure (or component thereof) by the applicable unit for the period. Supplementary financial measures that are disclosed on a component basis of a corresponding GAAP measure are a granular representation of a financial statement line item and are determined in accordance with GAAP.

FORWARD-LOOKING INFORMATION AND STATEMENTS.

Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "scheduled", "will" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to capital expenditure and business plans and strategy of the Company.

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, workovers & optimization projects, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Saturn's properties, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners and the ability to source and complete asset acquisitions.

Although Saturn believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Saturn can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, actions of OPEC and OPEC+ members, changes in legislation impacting the oil and gas industry, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. These and other risks are set out in more detail in Saturn's Annual Information Form for the year ended December 31, 2021.

Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Saturn believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Saturn can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the availability of services, ability to spend the increased planned capital expenditures and the effect of higher oil prices on the Company's business. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.

The forward-looking information contained in this press release is made as of the date hereof and Saturn undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

BOE PRESENTATION

Boe means barrel of oil equivalent. All boe conversions in this news release are derived by converting gas to oil at the ratio of six thousand cubic feet ("Mcf") of natural gas to one barrel ("Bbl") of oil. Boe may be misleading, particularly if used in isolation. A Boe conversion rate of 1 Bbl : 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 Bbl : 6 Mcf, utilizing a conversion ratio of 1 Bbl : 6 Mcf may be misleading as an indication of value.

ABREVIATIONS AND FREQUENTLY REOCCURING TERMS

Saturn uses the following abbreviations and frequently recurring terms in this press release: "bbl" refers to barrel; "bbl/d" refers to barrels per day; and "Mcf" refers to thousand cubic feet.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.

The issuer is solely responsible for the content of this announcement.