Saturn Oil & Gas Inc. Reports Q1 2024 Financial and Operating Results

Calgary, Alberta--(Newsfile Corp. - May 15, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) ("Saturn" or the "Company") is pleased to report its financial and operating results for the three months ended March 31, 2024.

"The first quarter development plan returned some of the best results in Saturn's history," commented Justin Kaufmann, Saturn's Chief Development Officer. "These results were from conventional development in Southeast Saskatchewan and the Cardium in Central Alberta, which exceeded our expectations yielding numerous wells with record breaking initial production rates. This bodes extremely well for Saturn's future capital programs, considering the depth of inventory the Company has around these locations."

First Quarter 2024 Highlights:

• Achieved quarterly production averaging 26,394 boe/d, compared to 17,783 boe/d in the first quarter of 2023;

• Generated quarterly adjusted EBITDA⁽¹⁾ of $88.2 million, compared to $69.9 million in the first quarter of 2023;

• Achieved quarterly adjusted funds flow⁽¹⁾ of $68.2 million, up from $54.5 million in the first quarter of 2023;

• Invested $34.0 million in capital expenditures⁽¹⁾ during the first quarter of 2024, drilling nine gross (8.3 net) wells; including six in Southeast Saskatchewan; and three in Central Alberta;

• Generated free funds flow⁽¹⁾ of $34.2 million, up from $30.2 million in the first quarter of 2023;

• Completed a bought deal equity financing for total gross proceeds of $50.0 million;

• Directed $76.1 towards debt repayment on the on the Senior Term Loan; and

• Exited the first quarter of 2024 with $386.4 million of net debt⁽¹⁾, realizing a net debt to annualized quarterly adjusted funds flow⁽¹⁾ of 1.4x.

			Three months ended March 31,
($000s, except per share amounts)			2024				2023
FINANCIAL HIGHLIGHTS
Petroleum and natural gas sales			168,219				131,407
Cash flow from operating activities			70,222				46,794
Adjusted EBITDA(1)			88,153				69,860
Adjusted funds flow(1)			68,178				54,454
per share	- Basic		0.46				0.63
	- Diluted		0.45				0.62
Free funds flow(1)			34,212				30,171
per share	- Basic		0.23				0.35
	- Diluted		0.23				0.35
Net income (loss)			(62,982		)		219,050
per share	- Basic		(0.42		)		2.52
	- Diluted		(0.42		)		2.51
Acquisitions, net of cash acquired			-				465,233
Capital expenditures(1)			33,966				24,283
Net debt(1), end of period			386,417				556,605

		Three months ended March 31,
(000s, except per boe amounts)		2024			2023
OPERATING HIGHLIGHTS
Average production volumes
Crude oil (bbls/d)		18,981			14,680
NGLs (bbls/d)		2,344			992
Natural gas (mcf/d)		30,416			12,666
Total boe/d		26,394			17,783
% Oil and NGLs		81%			88%
Average realized prices
Crude oil ($/bbl)		88.64			93.74
NGLs ($/bbl)		44.24			52.92
Natural gas ($/mcf)		2.44			3.60
Processing expenses ($/boe)		(0.45	)		(0.79	)
Petroleum and natural gas sales ($/boe)		70.03			82.11
Operating netback ($/boe)
Petroleum and natural gas sales		70.03			82.11
Royalties		(8.82	)		(9.34	)
Net operating expenses(1)		(19.80	)		(21.07	)
Transportation expenses		(1.31	)		(1.01	)
Operating netback(1)		40.10			50.69
Realized loss on derivatives		(1.92	)		(4.55	)
Operating netback, net of derivatives(1)		38.18			46.14
Common shares outstanding, end of period		161,206			138,634
Weighted average, basic		148,558			86,995
Weighted average, diluted		151,457			87,217

Message to Shareholders

The first quarter drilling was an excellent start to the 2024 capital development program with strong results in the Brazeau area of Central Alberta for Cardium development and in Southeast Saskatchewan with conventional multizone development. During the period nine gross (8.3 net) wells were completed with 100% success rate, and all were put into production in February and March of 2024.

Early in 2024 our production facilities were challenged with severe cold weather across our operating areas in Alberta and Saskatchewan. January 12, 2024 was the coldest day in the history of many parts of Alberta and Saskatchewan, in many cases breaking all-time cold records. As a notable example, at Saturn's field office in Kindersley Saskatchewan the all-time cold record of -38.8^oC was eclipsed with the temperature reaching a low of -44.4^oC. The cold weather hampered Saturn's production by approximately 3,000 boe/d for a ten day period, reducing the average production rate for the first quarter by approximately 350 boe/d.

Revenues were further hampered with relatively lower global oil prices, including the North American benchmark WTI oil price that averaged USD 76.97/bbl for the first quarter of 2024, the lowest level in the past three financial quarters. Compounding the impact of lower global oil prices were higher price differentials between the WTI oil price and the Western Canadian benchmark price Mixed Sweet Blend oil price at Edmonton ("MSW"), which averaged USD -8.63/bbl in the first quarter of 2024, compared to the 2023 average of USD -3.25/bbl. The April 2024 commissioning of the Trans Mountain Pipeline Expansion added 590,000 barrels per day of crude oil and refined product export capacity for Western Canada. The price differential between MSW and WTI has decreased to an April 2024 average of USD -4.17/bbl.

Updates on Debt Repayment

During the first quarter of 2024 Saturn directed $76.1 million towards debt repayment on the Senior Term Loan. Since the closing of the acquisition of Ridgeback Resources Inc. on February 28, 2023, the Company has repaid $228.3 million of principal of the Senior Term Loan, to the end of Q1 2024.

Southeast Saskatchewan Update

During the three months ended March 31, 2024, the Southeast Saskatchewan area produced 11,800⁽²⁾ boe/d, an increase of 39% from 8,494 boe/d⁽²⁾ in the comparative 2023 period. The increase is primarily due to the Ridgeback Acquisition and successful drilling programs.

Saturn completed five gross (5.0 net) conventional horizontal wells with three Mississippian aged Frobisher and Tilston zone targets and two Spearfish zone targets in the first quarter of 2024, exceeding the expected type curve initial 30 days production ("IP30") rate by 33%. The success of the Q1 2024 wells in Southeast Saskatchewan was supported by recently shot and processed proprietary seismic data, the use of multileg horizontal wells and following up on Saturn's past successes in the area.

During the first quarter of 2024, Saturn spud one gross (1.0 net) Open Hole Multi-Lateral ("OHML") well in the Viewfield area of Southeast Saskatchewan with eight horizontal legs of up to two miles each. This OHML well is expected to be put onto production in May 2024, and is the first two-mile lateral based OHML well drilled by Saturn.

West Central Saskatchewan Update

The Company's assets located in West Central Saskatchewan produced 3,342 boe/d⁽²⁾ for the three months ended March 31, 2024 representing a decrease of 35% from 5,156 boe/d⁽²⁾ in the comparative period in 2023. The production decrease is due to natural production declines and no development activity in this area in Q1 2024, compared to the drilling of eight (8.0 net) Viking development wells in the first three months of 2023.

Central Alberta Update

During the three months ended March 31, 2024, the Central Alberta assets produced 8,321⁽²⁾ boe/d, an increase of 174% from 3,034 boe/d⁽²⁾ in the comparative 2023 period. The increase is primarily due to the Saturn having operations Central Alberta for only one month of Q1 2023, and successful drilling programs.

Saturn successfully completed four Cardium horizontal wells in the first quarter of 2024, including one Cardium well that was drilled in December 2023 and three wells drilled in Q1 2024, with 100% working interest. The four Cardium wells came onto production on March 15, 2024:

• The IP30 rate of the wells ranged from 676 boe/d to 723 boe/d, for an average IP30 of 710 boe/d (approximately 50% light oil and NGLs), which was 29% above the expected type curve rate; and

• The average cost per Cardium well was $4.5 million, approximately 8% below the budgeted capital spend.

North Alberta Update

During the three months ended March 31, 2024, the North Alberta assets produced 2,931⁽²⁾ boe/d, an increase of 167% from 1,099 boe/d⁽²⁾ in the comparative 2023 period. The increase is primarily due to the Saturn having operations Central Alberta for only one month of Q1 2023 and the successful drilling of four gross (4.0 net) wells for Montney light oil in the Kaybob area.

Subsequent Event

On May 6, 2024, the Company entered into an agreement for the strategic acquisition of two oil-weighted asset packages in Southern Saskatchewan for net cash consideration of approximately $525.0 million (the "Acquisition") with an expected close date of June 14, 2024 (the "Acquisition Closing Date"). The Southern Saskatchewan assets will add approximately 13,000 boe/d of current production (96% oil and liquids) and 200 net booked locations to Saturn's drilling inventory. The Acquisition will bolster both of Saturn's core growth assets in Southeast and West Central Saskatchewan, building size and scale for the Company's growing operations in Western Canada. The Acquisition will be funded through a US$625.0 million debt commitment, which will replace the Company's existing senior secured loan, as well as a bought-deal subscription receipt financing for aggregate gross proceeds of $100.0 million, subject to an over-allotment option to up to an additional $15.0 million. Saturn has also entered into a banking agreement, pursuant to which a Canadian chartered bank has committed to arrange a $150.0 million reserve-based loan expected to be fully undrawn at the Acquisition Closing Date.

Outlook

Saturn will pick up development activity after the annual break up is over and road bans are lifted, with the deployment of up to four drilling rigs this summer: two rigs dedicated to Southeast Saskatchewan, one rig in West Central Alberta and one rig in Alberta. The concurrent use of four rigs, for the first time, will be a new milestone in Saturn's development growth, maintaining a light oil focus and targeting high rates of return on invested capital. With the anticipated increase in adjusted funds flow ("AFF") from the Acquisition, Saturn will fund its largest development capital program to date with approximately 60% of run rate AFF, with the remainder of funds available to rapidly reduce debt levels going forward.

Investor Webcast

Saturn will host a webcast at 10:00 AM MDT (12:00 PM Noon EDT) on Thursday May 16, 2024, to review the first quarter 2024 financial and operational results and the highlights of the Acquisition. Participants can access the live webcast via https://saturnoil.com/quarterly-results-webcast-registration/. A recorded archive of the webcast will be available afterwards on the Company's website.

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'.

The Company's unaudited interim financial statements and corresponding Management's Discussion and Analysis for the three month period ended March 31, 2024 are available on SEDAR+ at www.sedarplus.ca and on Saturn's website at www.saturnoil.com. Copies of the materials can also be obtained upon request without charge by contacting the Company directly. Please note, currency figures presented herein are reflected in Canadian dollars, unless otherwise noted.

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: [phone]
www.saturnoil.com

Kevin Smith, MBA - VP Corporate Development
Tel: [phone]
[e-mail]

Notes
(1) See reader advisory: Non-GAAP and Other Financial Measures
(2) See reader advisory: Supplemental Information Regarding Product Types

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 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 Company's Condensed consolidated interim financial statements and MD&A are incorporated by reference into this news release.

This press release may use the terms "adjusted EBITDA", "adjusted funds flow", "free funds flow" and "net debt" which are capital management financial measures. See the disclosure under "Capital Management" in our condensed consolidated interim financial statements for the three months ended March 31, 2024, for an explanation and 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.

Capital expenditures

Saturn uses capital expenditures to monitor its capital investments relative to those budgeted by the Company on an annual basis. Saturn's capital budget excludes acquisition and disposition activities as well as the accounting impact of any accrual changes or payments under certain lease arrangements. The most directly comparable GAAP measure for capital expenditures is cash flow used in investing activities. The following table details the composition of capital expenditures and capital expenditures, net acquisitions and dispositions ("A&D") to the nearest GAAP measure, to cashflow used in investing activities.

		Three months ended March 31,
($000s)		2024			2023
Cash flow used in investing activities		49,692			499,563
Change in non-cash working capital		(15,726	)		(10,057	)
Capital expenditures, net A&D		33,966			489,506
Acquisitions, net of cash acquired		-			(465,223	)
Capital expenditures		33,966			24,283

Gross petroleum and natural gas sales

Gross petroleum and natural gas sales is calculated by adding oil, natural gas and NGLs revenue, before deducting certain gas processing expenses in arriving at Petroleum and natural gas revenue as required under IFRS-15. These processing expenses associated with the processing of natural gas and NGLs revenue are a result of the Company transferring custody of the product at the terminal inlet, and therefore receiving net prices. This metric is used by management to quantify and analyze the realized price received before required processing deductions, against benchmark prices. The calculation of the Company's gross petroleum and natural gas sales is shown within the Petroleum and natural gas sales section of the MD&A for the three months ended March 31, 2024.

Net operating expenses

Net operating expense is calculated by deducting processing income primarily generated by processing third party production at processing facilities where the Company has an ownership interest, from operating expenses presented on the Statement of income (loss). Where the Company has excess capacity at one of its facilities, it will process third-party volumes to reduce the cost of ownership in the facility. The Company's primary business activities are not that of a midstream entity whose activities are focused on earning processing and other infrastructure-based revenues, and as such third-party processing revenue is netted against operating expenses in the MD&A. This metric is used by management to evaluate the Company's net operating expenses on a unit of production basis. Net operating expense per boe is a non-GAAP financial ratio and is calculated as net operating expense divided by total barrels of oil equivalent produced over a specific period of time. The calculation of the Company's net operating expenses is shown within the net operating expenses section of the MD&A for the three months ended March 31, 2024.

Operating netback and Operating netback, net of derivatives

The Company's operating netback is determined by deducting royalties, net operating expenses and transportation expenses from petroleum and natural gas sales. The Company's operating netback, net of derivatives is calculated by adding or deducting realized financial derivative commodity contract gains or losses from the operating netback. The Company's operating netback and operating netback, net of derivatives are used in operational and capital allocation decisions. Presenting operating netback and operating netback, net of derivatives on a per boe basis is a non-GAAP financial ratio and allows management to better analyze performance against prior periods on a per unit of production basis. The calculation of the Company's operating netbacks and operating netback, net of derivatives are summarized as follows.

		Three months ended March 31,
($000s)		2024			2023
Petroleum and natural gas sales		168,219			131,407
Royalties		(21,189	)		(14,947		)
Net operating expenses		(47,563	)		(33,717		)
Transportation expenses		(3,155	)		(1,609		)
Operating netback		96,312			81,134
Realized loss on financial derivatives		(4,601	)		(7,275		)
Operating netback, net of derivatives		91,711			73,859
($ per boe amounts)
Petroleum and natural gas sales		70.03			82.11
Royalties		(8.82	)		(9.34		)
Net operating expenses		(19.80	)		(21.07		)
Transportation expenses		(1.31	)		(1.01		)
Operating netback		40.10			50.69
Realized loss on financial derivatives		(1.92	)		(4.55		)
Operating netback, net of derivatives		38.18			46.14

Adjusted EBITDA

The Company considers adjusted EBITDA to be a key capital management measure as it is both used within certain financial covenants prescribed under the Company's Senior Term Loan and demonstrates Saturn's standalone profitability, operating and financial performance in terms of cash flow generation, adjusting for interest related to its capital structure. Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation, amortization and other noncash or extraordinary items.

Adjusted funds flow

The Company considers adjusted funds flow to be a key capital management measure as it demonstrates Saturn's ability to generate the necessary funds to manage production levels and fund future growth through capital investment. Management believes that this measure provides an insightful assessment of Saturn's operations on a continuing basis by eliminating certain non-cash charges, actual settlements of decommissioning obligations, of which the nature and timing of expenditures may vary based on the stage of the Company's assets and operating areas, and transaction costs which vary based on the Company's acquisition and disposition activity.

Free funds flow

The Company considers free funds flow to be a key capital management measure as it is used to determine the efficiency and liquidity of Saturn's business, measuring its funds available after capital investment available for debt repayment, pursue acquisitions and gauge optionality to pay dividends and/or return capital to shareholders through share repurchases. Saturn calculates free funds flow as adjusted funds flow in the period less expenditures on property, plant and equipment and exploration and evaluation assets, together "capital expenditures". By removing the impact of current period capital expenditures from adjusted funds flow, management monitors its free funds flow to inform its capital allocation decisions.

The following table reconciles adjusted EBITDA, adjusted funds flow and free funds flow to cash flow from operating activities:

		Three months ended March 31,
($000s)		2024			2023
Cash flow from operating activities		70,222			46,794
Change in non-cash working capital		(6,565	)		3,653
Decommissioning expenditures		4,521			259
Transaction costs		-			3,748
Net interest(1)		19,975			15,406
Adjusted EBITDA		88,153			69,860
Net interest(1)		(19,975	)		(15,406	)
Adjusted funds flow		68,178			54,454
Capital expenditures(2)		(33,966	)		(24,283	)
Free funds flow		34,212			30,171

(1) Calculated as interest expense, net of interest revenue.
(2) Calculated as expenditures on PP&E and E&E assets on the consolidated statements of cash flows.

Market capitalization and net debt

Management considers net debt a key capital management measure in assessing the Company's liquidity. Total market capitalization and net debt to annualized quarterly adjusted funds flow are used by management and the Company's investors in analyzing the Company's balance sheet strength and liquidity. The summary of total market capitalization, net debt, annualized quarterly adjusted funds flow and net debt to annualized quarterly adjusted funds flow is as follows:

($000s)		March 31, 2024			December 31, 2023
Total common shares outstanding (000s)		161,206			139,313
Share price(1)		2.54			2.20
Total market capitalization		409,463			306,489
Adjusted working capital(2)		9,572			8,240
Senior Term Loan		375,742			451,153
Convertible notes		1,103			1,090
Net debt		386,417			460,483
Current quarter adjusted funds flow		68,178			80,247
Annualized factor		4			4
Annualized quarterly adjusted funds flow		272,712			320,988
Net debt to annualized quarterly adjusted funds flow		1.4x			1.4x

(1) Represents the closing share price on the TSX on the last day of trading of the period.
(2) Adjusted working capital is calculated as cash, accounts receivable, deposits and prepaids net of accounts payable.

Supplemental Information Regarding Product Types

References to gas or natural gas and NGLs in this press release refer to conventional natural gas and natural gas liquids product types, respectively, as defined in National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), except where specifically noted otherwise.

The following table summarizes Saturn's average production by business unit for the three months ended March 31, 2024 and 2023:

	Three months ended March 31, 2024				Three months ended March 31, 2023
	Crude oil (bbls/d)	NGLs (bbls/d)	Natural gas (mcf/d)	Total (boe/d)	Crude oil (bbls/d)	NGLs (bbls/d)	Natural gas (mcf/d)	Total (boe/d)
Southeast Saskatchewan	10,274	789	4,420	11,800	7,527	481	2,913	8,494
West Central Saskatchewan	3,220	37	512	3,342	5,072	12	429	5,156
Central Alberta	3,858	1,087	20,258	8,321	1,416	388	7,386	3,034
North Alberta	1,629	431	5,226	2,931	665	111	1,938	1,099
Total boe/d	18,981	2,344	30,416	26,394	14,680	992	12,666	17,783

Initial Production Rates

Any reference in this news release to initial production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. Any reference in this news release to initial production rates consist of the above noted product types, using a conversion rate of 1 bbl: 6 MCF (where applicable). Readers are cautioned not to place undue reliance on such rates in calculating aggregate production for Saturn.

Per boe or ($/boe)

Any reference in this news release to disclosures for petroleum and natural gas sales, royalties, operating expenses, transportation expenses and marketing expenses on a per boe basis are supplementary financial measures that are calculated by dividing each of these respective GAAP measures by Saturn's total production volumes for the period.

Per Share Amounts

Per share amounts noted in this news release are based on Saturn's weighted average issued and outstanding common shares as of March 31, 2024, unless noted otherwise.

Abbreviations and Frequently Reoccurring Terms

Saturn uses the following abbreviations and frequently recurring terms in this press release: "WTI" refers to West Texas Intermediate, a grade of light sweet crude oil used as benchmark pricing in the United States; "MSW" refers to the mixed sweet blend that is the benchmark price for conventionally produced light sweet crude oil in Western Canada; "AECO" refers to Alberta Energy Company, a grade or heating content of natural gas used as benchmark pricing in Alberta, Canada; "bbl" refers to barrel; "bbl/d" refers to barrels per day; "GJ" refers to gigajoule; "NGL" refers to Natural Gas Liquids; "Mcf" refers to thousand cubic feet.

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.

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, the drilling of development wells, the business plan, cost model 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, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the ability to allocate capital to pay down debt and grow or maintain production, 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), constraints 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, 2023.

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, our capital expenditure and drilling programs, drilling inventory and booked locations, production and revenue guidance, ESG initiatives, debt repayment plans and future growth plans. 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.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209341

SOURCE: Saturn Oil & Gas Inc.