Saturn Oil & Gas Inc. Announces Voting Results of AGM

CALGARY, ALBERTA - 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:

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 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) 392-7900

www.saturnoil.com

Kevin Smith, MBA – VP Corporate Development

Tel: +1 (587) 392-7900

[email protected]