Saturn Oil & Gas Inc T.SOIL

Record Production Levels in Q1 2022 Results

[Betteryear2]

Calgary, Alberta--(Newsfile Corp. - May 5, 2022) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) ("Saturn" or the "Company") is pleased to report its financial and operating results for the three months ended March 31, 2022.

"The first quarter of 2022 was another record period for production for Saturn, generating $16.3 million in EBITDA(1)," commented John Jeffrey, Saturn's CEO. "With March 2022 production reaching 7,600 boe/d, Saturn is on pace to meet or exceed the guidance of production averaging 7,800 to 8,200 boe/d for 2022."

Saturn Oil & Gas Inc. Reports Record Production Levels in Q1 2022 Results

[ROIcrusader]

Saturn is pleased with the initial results of the 2022 drilling program and expects to have an operational update released in the next two weeks with updated production data for the recent Oxbow wells. The fully funded 34.2 net well drilling program for 2022 is approximately 23% completed with a majority of the remaining drilling activity scheduled for June to August. The Company plans to operate