Saturn Oil & Gas Inc. Confirms 43.3 Million BOE of Reserves in New Oxbow Asset Evaluation and Announces New Director to the Board

Calgary, Alberta--(Newsfile Corp. - September 21, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) ("Saturn" or the "Company") is pleased to announce the completion of the final independent reserves evaluation of its newly acquired Oxbow Asset, effective April 1, 2021, in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and in accordance with the Canadian Oil and Gas Evaluation Handbook (the "Oxbow Report") as well as the appointment of Glenn Hamilton to the Saturn Board of Directors.

Oxbow Reserves Evaluation

The Oxbow Report, prepared by Ryder Scott Company-Canada, evaluated assets in Southeast Saskatchewan (the "Oxbow Asset") that Saturn acquired in June 2021 for net cash consideration of $76.8 million, after closing adjustments. The net present value of net future revenues, (net of royalties, operating costs, and capital expenditures, including asset retirement obligations) before income tax, discounted at 10% ("NPV 10%") of the total proved plus probable reserves is estimated at $435.7 million, or $0.87 per outstanding share (basic).

• Oxbow reserves comprise 95% light and medium oil, and natural gas liquids;

• Total Proved Reserves make up 70% of the Total Proved plus Probable Reserves;

• Oxbow Report identified 242 booked drilling locations with certified reserves; and

• Saturn has identified an additional 100+ un-booked horizontal drilling locations on the Oxbow Asset.

Summary of Gross Oil and Gas Reserves and Net Present Value of Revenue:
Before Income Taxes as of April 1, 2021 - Forecast Prices and Costs

1. Cash Acquisition Cost calculated as cash consideration of acquisition divided by the reserves (boe) of the category
2. Oxbow Report used Ryder Scott Company price forecast effective March 31, 2021

"We are encouraged that the independently prepared Oxbow Report confirms Saturn's initial evaluation of the large reserves in place and long-life production of the Oxbow Asset," commented Justin Kaufmann, Senior Vice President Exploration. "Saturn's focus now is to redeploy the strong cash flow from Oxbow's low decline production into growth projects and debt reduction."

New Director to the Board

Glenn Hamilton has over 35 years of experience in the oil and gas industry specializing in accounting finance. Mr. Hamilton served as Corporate Advisor of Bonavista Energy Corporation (formerly, Bonavista Energy Trust) from May 2015 until July 2016. Prior thereto, Mr. Hamilton served as Senior Vice President and Chief Financial Officer of Bonavista Energy Corporation from June 2008 until May 2015 and prior thereto served as its Vice President of Finance. Mr. Hamilton served as Vice President and Chief Financial Officer of NuVista Energy Ltd. from July 2003 until May 2006 and served as its Corporate Secretary from July 2003 to June 2008. Prior to Bonavista's reorganization in July 2003, he spent over five years as Vice President, Finance of Bonavista Petroleum Ltd. and played a key role in Bonavista's successful refinancing and restructuring from a junior company to company with $1.2 billion market capitalization at the time of reorganization. He currently sits on the Board of Directors of Ember Resources Inc., Inter Pipeline Ltd. and Islander Oil and Gas Inc. He has a Bachelor of Commerce degree from Carleton University, is a Chartered Accountant and holds the ICD.D designation from the Institute of Corporate Directors.

Summary of Oxbow Asset Gross Oil and Gas Reserves:

Natural Gas: 6.0 Mcf/boe

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 TSXV under ticker 'SOIL' and on the Frankfurt Stock Exchange under symbol 'SMK'.

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

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.

Reader Advisory

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.

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