• Achieved record production of 43,704 boe/d⁽²⁾, beating Saturn's guidance and analyst expectations⁽⁸⁾ for the ninth consecutive quarter

• Generated cash flow from operating activities of $156 million and record quarterly adjusted funds flow⁽¹⁾ of $150 million ($0.84/share)

• Executed Saturn's highest capital expenditure program in our history, deploying $128 million and drilling a total of 60 gross wells, of which 52 were drilled in Saskatchewan

• Continued executing our blueprint strategy with 'core-up' acquisitions both during and after the quarter, building on our 10% forecast organic growth and driving an increased 2026 exit production target of 54,000 to 56,000 boe/d⁽²⁾

Calgary, Alberta--(Newsfile Corp. - November 4, 2026) - Saturn Oil & Gas Inc. (TSX: SOIL) (OTCQX: OILSF) ("Saturn" or the "Company"), a light oil-weighted producer focused on unlocking value through the development of assets in Saskatchewan, Manitoba and Alberta, is pleased to report our operating and financial results for the three and nine months ended September 30, 2026, featuring record quarterly production that exceeded both guidance and analyst expectations, along with record quarterly adjusted funds flow⁽¹⁾ ("AFF") of $150 million ($0.84/share). We also executed our largest capital program to date, investing $128 million and increasing Q3/26 average production by 6% (15% per share), AFF⁽¹⁾ by 45% (56% per share) and cash flow from operating activities by 24% to $156 million relative to the third quarter of 2025.

Saturn's financial statements ("Financial Statements") and Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2026, are available on our website and filed on SEDAR+ at sedarplus.ca. As previously announced, we have scheduled a conference call and webcast on Thursday, November 5, 2026, at 8:00 am Alberta Time (9:00 am Eastern Standard Time) to discuss the results. Access details for the conference call and webcast are provided below.

"Saturn delivered record production and AFF⁽¹⁾ in the quarter while executing the largest capital program in our history," said John Jeffrey, Chief Executive Officer. "Building on approximately 10% forecast organic production growth in 2026, we continued to execute our blueprint strategy through accretive acquisitions that added approximately 3,700 boe/d⁽²⁾ of light oil-weighted production and expanded our drilling inventory, while strengthening our capital structure through the refinancing of our senior notes. That momentum has carried into the fourth quarter with the Corex acquisition and an increased 2026 exit production target of 54,000 to 56,000 boe/d. We remain focused on disciplined growth, reducing debt and returning capital to shareholders."

Q3 2026 HIGHLIGHTS

• Achieved record quarterly production of 43,704 boe/d⁽²⁾ (82% oil and liquids), reflecting continued outperformance of Saturn's wells, while volumes averaged 42,758 boe/d⁽²⁾ during the first nine months of 2026.

• Generated record AFF⁽¹⁾ of $150 million ($0.84/share) in Q3, bringing AFF for the first nine months of the year to $380 million. Adjusted EBITDA⁽¹⁾ in the quarter also set a new record at $171 million, contributing to the $439 million in adjusted EBITDA⁽¹⁾ generated through September 30, 2026. The quarter's net loss of $48 million ($0.27/share) primarily reflects non-cash unrealized hedge losses and one-time costs associated with refinancing our senior notes.

• Executed Saturn's largest capital expenditure⁽¹⁾⁽⁴⁾ program of $128 million during Q3, resulting in the drilling of 60 gross (54.5 net) wells, including 32 (29.6 net) in southeast Saskatchewan ("SE SK"), 20 (16.9 net) in West Central SK, and 8 (8.0 net) in Central Alberta, with approximately $30 million of Q3/26 capital deferred into Q4/26 due to wet weather in SE SK.

• Generated free funds flow⁽¹⁾ of $22 million ($0.12/share) in the quarter, with $167 million ($0.93/share) generated during the first nine months of 2026. Saturn continues to direct our free funds flow to returning capital through our share buyback program, disciplined core-up acquisition strategy and ongoing net debt reduction.

• Added 3,700 boe/d⁽²⁾ of 96% light oil and liquids through strategic tuck-in acquisitions during the quarter, investing $176.6 million to bring privately-held Burgess Creek Exploration Inc. and Triland Energy Inc. (the "SE SK Acquisitions") into Saturn's SE SK operations at attractive metrics of 1.7 times run-rate net operating income⁽¹⁾ and further enhancing our netbacks.

• Closed the dual-tranche offering of senior unsecured notes due 2031, issuing US$575 million at 8.5% and C$185 million at 7.5% (together, the "New Notes"), with proceeds used to early retire Saturn's outstanding senior secured second lien notes ("2L Notes") due 2029, which had a balance of $706.7 million (US$503.8 million). The New Notes reduce effective interest costs by approximately 2%, extend the tenor by two years, eliminate the mandatory 10% amortization feature, are unsecured and relax certain covenants that were required under the 2L Notes.

• Increased 2026 guidance to reflect continued operational outperformance, the SE SK Acquisitions, and impact of the New Notes, with an expansion of our full-year capital to $355 to $375 million and the first increase to our exit production guidance to 48,000 to 50,000 boe/d⁽²⁾, which was subsequently increased to 54,000 to 56,000 boe/d⁽²⁾ with the Corex Acquisition.

• Ended the quarter with net debt to annualized adjusted EBITDA⁽¹⁾ of 1.5 times on net debt of $1,001 million and approximately $500 million of liquidity on an undrawn credit facility. At current commodity prices, we anticipate the Company will be positioned to exit 2027 with net debt to adjusted EBITDA⁽⁵⁾ of less than one times.

• Renewed our Normal Course Issuer Bid ("NCIB"), having repurchased a total of 12.1 million shares in the open market from August 27, 2025, to July 22, 2026, at a weighted average price of $3.29 per share, bringing total capital returned to Saturn shareholders to $66 million through the repurchase and cancellation of 24.2 million shares since August 2024. The renewed NCIB authorizes the repurchase and cancellation of up to 12.2 million common shares until September 7, 2027, with a daily maximum purchase of 200,855 shares subject to certain exceptions for block repurchases.

• Returned $10.3 million to shareholders during the quarter through the repurchase and cancellation of 1.5 million shares via our NCIB at a weighted average price of $6.69 per share, continuing our steady return of capital to Saturn shareholders.

EVENTS SUBSEQUENT TO QUARTER END

• Announced the accretive acquisition of Corex Resources Ltd. (the "Corex Acquisition") on October 19, 2026, adding approximately 7,000 bbl/d of 100% light oil, high-netback production, expanding our SE SK core area into Manitoba and supporting an increase to our forecast 2026 exit production to 54,000 to 56,000 boe/d⁽²⁾. The $302 million purchase price represents 1.6 times run-rate net operating income⁽¹⁾ and 82% of PDP NPV10 value⁽⁷⁾, reflecting Saturn's continued execution of our blueprint strategy.

FINANCIAL AND OPERATING HIGHLIGHTS

OPERATIONAL UPDATE

The third quarter of 2026 marked another strong period of operational execution, with production averaging 43,704 boe/d, a new quarterly volume record that exceeded both our previous guidance and analyst expectations for the ninth consecutive quarter. Saturn executed a record $128 million capital expenditure program during Q3/26, with six rigs running, and recorded zero lost-time injuries despite a 42% increase in person-hours worked over Q3/25. During this period of elevated capital spending and activity, we also successfully integrated the assets and operations from our SE SK Acquisitions ahead of schedule, realizing cost savings and synergies that exceed our initial forecasts. This reflects the nimble nature of our asset base, the flexibility of our drilling inventory, and strong operations team. Saturn kept rigs active and deployed capital with minimal disruption while navigating both the integration and challenging field conditions.

Approximately 83% of our Q3/26 capital was directed to drilling, completion, equip and tie-in activities, which led to the drilling of 60 gross (54.5 net) wells, including 32 (29.6 net) in SE SK, 20 (16.9 net) in West Central Saskatchewan and 8 (8.0 net) wells drilled in Central Alberta. Included in the SE SK well counts are 8 (6.4 net) open hole multi-lateral ("OHML") wells. We have added a seventh rig into Q4/26, and in light of our capital program to date, we anticipate full-year 2026 capital spending will be at the upper end of our guidance range of $355 to $375 million.

Saturn's OHML program continued to deliver exciting results, as shown by our second OHML into the Torquay (the "8-22 well"), the most successful OHML well we have drilled to date. After an initial clean-up period, the 8-22 well achieved initial production rates⁽³⁾ of 410 bbl/d⁽²⁾ after the first 30 days on production ("IP30"), and 360 bbl/d⁽²⁾ after 90 days ("IP90"), significantly higher than Saturn's internal type curve expectations, and building on the performance of our first 7-16 Torquay OHML well. These two new Torquay wells further demonstrate our ability to efficiently increase production and reserves by applying our growing OHML expertise across multiple formations in the asset base. Saturn's technical team continues to evaluate future potential zones to identify prospective OHML development locations, including opportunities within the Manitoba assets we expect to acquire through the Corex Acquisition.

At Flat Lake, Saturn's innovative and entrepreneurial team recognized that surface groundwater accumulations in the area could be utilized for completions, instead of trucking water to the site. During the quarter, we contracted with local landowners to bring in specialized crews to overland-pump the standing surface water, allowing the Company to remove trucks from the road and lowering expected completion costs by approximately $1 million. This is just one example of how Saturn continuously looks beyond conventional solutions to identify opportunities that can improve our execution and enhance capital efficiencies.

We continued to advance our Cardium development program at West Pembina through the period, and drilled a seven-well pad with three three-mile wells and four two-mile wells, representing our largest multi-well Cardium pad to date. We expect to complete the wells on this pad shortly, with new volumes anticipated later in Q4/26. We are seeing improved efficiencies in our Cardium program, particularly because we can allocate costs across more wells while optimizing area infrastructure.

SETTING UP FOR A STRONG 2027

Combined with robust Q3/26 volumes that averaged 43,704 boe/d⁽²⁾, elevated oil prices contributed to revenue of $350 million, totaling $979 million year-to-date. With record AFF of $150 million in Q3/26 and $380 million year-to-date, Saturn is well positioned to meet or exceed our 2026 target AFF of approximately $550 million at midpoint. We also maintain significant liquidity and an active commodity hedging program designed to provide downside protection and greater cash flow certainty.

Subsequent to Q3/26, we announced the Corex Acquisition, which is expected to add approximately 7,000 bbl/d of 100% light oil, high-netback production and owned infrastructure, while extending our SE SK operating expertise and scale into adjacent Southwest Manitoba ("SW MB"). The high quality of the barrels being acquired translates to operating netbacks of approximately $82/bbl⁽¹⁾, contributing to estimated run-rate net operating income⁽¹⁾ of $192 million⁽⁵⁾. Consideration for the Corex Acquisition will be comprised of $252 million of cash and the issuance of $50 million of common shares, valued at the 20-day volume-weighted average share price preceding the announcement. The transaction is expected to close prior to Christmas.

Integrating the Corex Acquisition is expected to be immediately accretive to Saturn's netback, AFF⁽¹⁾ per share and free funds flow⁽¹⁾ per share. We expect to gain an attractive drilling inventory of 323 gross (279 net) identified drilling locations, of which 206 gross (189.0 net) are booked locations⁽⁷⁾. Included in the identified inventory are nearly 30 net unbooked OHML opportunities in the Lodgepole at Virden and an estimated 25 net OHML locations identified in the Spearfish formation, which Saturn believes represents potential value beyond what is reflected in the most recent Corex reserves report. We also see significant opportunity in SW MB to apply our operating expertise and capture approximately $6 million in estimated annual efficiencies through facility consolidation, streamlined field operations, lower operating costs and enhanced marketing arrangements, along with expanding existing waterflood schemes to underpin our long-term sustainability.

BOARD AND LEADERSHIP APPOINTMENTS

Saturn is pleased to announce that Mr. Lynn Peterson, an independent member of the Company's Board of Directors, has been appointed Lead Independent Director.

In addition, the Company is pleased to announce that Mr. Wyatt Hamilton has joined the Company as Vice President, Marketing. As an accomplished energy marketing professional, he brings experience in commercial commodity marketing, trading and transportation, with extensive knowledge of North American energy markets. Mr. Hamilton will oversee the Company's marketing activities and support the continued optimization of our commercial strategy. Prior to Saturn, he held progressively senior roles at Whitecap Resources Inc., most recently as Director, Marketing, and holds a Bachelor of Commerce from the University of British Columbia's Sauder School of Business.

OUTLOOK

The momentum we established in Q3 has carried into Q4, and we expect to operate seven rigs through the balance of 2026 and into Q1/27. In the final quarter of 2026, capital spending is expected to range from $155 to $165 million, with production expected to average between 46,000 and 47,000 boe/d⁽²⁾. With the closing of the Corex Acquisition expected prior to Christmas 2026, Saturn targets exiting the year between 54,000 and 56,000 boe/d⁽²⁾. Full-year 2026 capital expenditures are expected to come in at the upper end of our previous guidance of $355 to $375 million, while average annual production is expected to be 43,000 to 44,000 boe/d⁽²⁾. Saturn anticipates releasing our full-year 2027 budget and guidance in mid to late December.

CONFERENCE CALL AND WEBCAST

The Company plans to host a conference call on Thursday, November 5, 2026, at 8:00 am Alberta Time (9:00 am Eastern Standard Time), which will include a discussion with Saturn's leadership team, who will provide an overview of our Q3 2026 results, followed by a question-and-answer session with attendees.

• Date: Thursday, November 5, 2026

• Time: 8:00 am ABT (9:00 am EST)

• Live Webcast Link: https://www.gowebcasting.com/15016

• North America (Toll-Free) Dial-In: 1-800-715-9871

• International Dial-In: 1-647-932-3411

An audio replay of the webcast will be available one hour after the end of the call at the link above and will remain accessible for 12 months. The replay link will also be posted on Saturn's website.

NOTES

⁽¹⁾ See reader advisory: Non-GAAP and Other Financial Measures.
⁽²⁾ See reader advisory: Supplemental Information Regarding Product Types.
⁽³⁾ See reader advisory 'Type Curve and Initial Production'.
⁽⁴⁾ Includes capitalized G&A.
⁽⁵⁾ On a forward 12-month basis from effective date (November 2026 to November 2027), assuming October 13, 2026, strip pricing.
⁽⁶⁾ See reader advisory: Drilling Locations.
⁽⁷⁾ See reader advisory: Reserves and Future Net Revenue Disclosures
⁽⁸⁾ Based on Q3/26 estimates submitted by each analyst in October 2026 and aggregated by the Company. Saturn does not endorse third-party estimates.

ABOUT SATURN

Saturn is a returns-driven Canadian energy company focused on the efficient, responsible and innovative development of high-quality, light oil weighted assets, supported by an acquisition strategy targeting accretive and complementary opportunities. The Company's portfolio of free-cash flowing, low-decline operated assets in Saskatchewan and Alberta provide a deep inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an entrepreneurial and safety-focused culture, Saturn's goal is to increase per share reserves, production and cash flow at an attractive return on invested capital. The Company's shares are listed for trading on the TSX under ticker 'SOIL' and on the OTCQX under the ticker 'OILSF'. Further information and our corporate presentation are available on Saturn's website at www.saturnoil.com.

READER ADVISORIES

Non-GAAP and Other Financial Measures

Throughout this news release and in other materials disclosed by the Company, Saturn employs 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 under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as net income (loss), cash flow from operating activities, and cash flow used in investing activities, as indicators of Saturn's performance.

The disclosure under the section "Non-GAAP and Other Financial Measures" in our MD&A, including non-GAAP financial measures and ratios, capital management measures and supplementary financial measures in the Company's Financial Statements and MD&A are incorporated by reference into this news release.

This news release may use the terms "Adjusted EBITDA", "Adjusted Funds Flow", "Net Debt", "Free Funds Flow" and "Net Debt to Annualized Adjusted EBITDA" and "Net Debt to Annualized AFF" which are capital management financial measures. See the disclosure under "Capital Management" in our Financial Statements for the three and nine months ended September 30, 2026, for an explanation and composition of these measures, how these measures provide useful information to an investor, and the additional purposes, if any, for which management uses these measures, and, where applicable, a reconciliation of the Company's historical non-GAAP financial measures to the most directly comparable measure calculated in accordance with GAAP for the applicable period then ended.

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 ("A&D") 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 reconciles capital expenditures and capital expenditures, net A&D to the nearest GAAP measure, cash flow used in investing activities.

F&D and FD&A Expenditures

Saturn uses F&D and FD&A expenditures as a basis to monitor its capital efficiency. The Company's F&D expenditures are calculated by removing certain capitalized overhead costs from capital expenditures. The Company's FD&A expenditures are calculated by adding A&D to F&D expenditures. Both measures calculate the capital cost outlay associated with the Company's exploration and development activities for the purposes of finding, developing and, when desired, acquiring its reserves.

Adjusted Funds Flow per Share

Adjusted funds flow per share is a non-GAAP ratio used by management to better analyze the Company's performance against prior periods on a more comparable basis. Adjusted funds flow per share is calculated as adjusted funds flow divided by weighted average shares outstanding during the applicable period on a basic or diluted basis.

Free Funds Flow and Free Funds Flow per Share

Saturn uses free funds flow as an indicator of the efficiency and liquidity of its business, measuring its funds after capital investment available to manage debt levels, pursue acquisitions and gauge optionality to pay dividends and/or return capital to shareholders through activities such as share repurchases. Saturn calculates free funds flow as adjusted funds flow in the period less 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. Free funds flow is also presented on a per share basis as a non-GAAP financial ratio. The following table reconciles adjusted funds flow to free funds flow.

Gross Petroleum and Natural Gas Sales

Gross petroleum and natural gas sales is calculated by adding crude 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 Revenue from Contracts with Customers. 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 within the MD&A.

Royalties as a Percentage of Gross Petroleum and Natural Gas Sales

Royalties as a percentage of gross petroleum and natural gas sales is calculated as royalties divided by gross petroleum and natural gas sales. This metric is used by management to quantify the Company's royalty costs as they relate to revenue before deducting certain processing expenses and to better analyze how royalty rates change over time and compare to prior periods.

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 within the MD&A.

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. Derivative contract termination payments are included in realized derivative commodity contract gains or losses for the purposes of calculating 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.

(1) Includes early termination payment on certain WTI oil derivative contracts for the three and nine months ended June 30, 2025 of $2.3 million.

Net Operating Income

Net operating income is calculated by deducting royalties, net operating expenses, and transportation costs from oil and natural gas revenue. Saturn considers net operating income to be a key industry performance indicator that provides investors with information that is also commonly presented by other oil and natural gas producers.

Enterprise Value

The Company's enterprise value is calculated as total market capitalization plus net debt. Enterprise value is used to assess the valuation of the Company. Refer to the Liquidity and Capital Resources section in the MD&A for further information.

Capital Management Measures

NI 52-112 defines a capital management measure as a financial measure that: (i) is intended to enable an individual to evaluate an entity's objectives, policies and processes for managing the entity's capital; (ii) is not a component of a line item disclosed in the primary financial statements of the entity; (iii) is disclosed in the notes to the financial statements of the entity; and (iv) is not disclosed in the primary financial statements of the entity. Please refer to note 13 "Capital Management" in Saturn's financial statements as at and for the period ended September 30, 2026, for additional disclosure on: adjusted working capital deficit (surplus), net debt, adjusted EBITDA, adjusted funds flow, free funds flow, annualized quarterly adjusted funds flow, and net debt to annualized quarterly adjusted funds flow, each of which are capital management measures used by the Company in the Company's most recent MD&A.

Supplementary Financial Measures

NI 52‐112 defines a supplementary financial measure as a financial measure that: (i) is, or is intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of an entity; (ii) is not disclosed in the financial statements of the entity; (iii) is not a non‐GAAP financial measure; and (iv) is not a non‐GAAP ratio. 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 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.

Product Type Information

The Company's aggregate average production for the past eight quarters and the references to "crude oil", "NGLs", and "natural gas" reported in this news release consist of the following product types, as defined in NI 51-101 and using a conversion ratio of 1 Bbl : 6 Mcf where applicable:

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, except where specifically noted otherwise.

• Q4 2026 average production, at the midpoint of the guidance range, is anticipated to be comprised of approximately 84% crude oil and NGLs and 16% natural gas.
• Full-year 2026 average production, at the midpoint of the guidance range, is anticipated to be comprised of approximately 82% crude oil and NGLs and 18% natural gas
• Exit 2026 production, at the midpoint of the guidance range, is anticipated to be comprised of approximately 84% crude oil and NGLs and 16% natural gas.
• Production of 3,700 boe/d acquired through the SE SK Acquisitions is comprised of 92% light and medium crude oil, 4% liquids and 4% natural gas.
• Production of 7,000 bbl/d to be acquired through the Corex Acquisition is comprised of 100% light and medium crude oil.
• Production of 410 bbl/d and 360 bbl/d for the IP30 and IP90 rates are comprised of 100% light and medium crude oil.

Boe Presentation

Boe means barrel of oil equivalent. All boe conversions in this press 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.

Type Curve and Initial Production

Certain type curve disclosure presented herein represents estimates of the production decline and ultimate volumes expected to be recovered over time. "Results Projected" are based on a forward estimate of ultimate volumes to be recovered over time based on the initial 30 days average production data. "Guidance Well Type Curves" are the forecasted well performance used in setting the Company's guidance for expected results of the drilling program. Projected Results and Type Curves are useful in confirming and assessing the potential for the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter, are not necessarily indicative of long-term performance or of long-term economics of the relevant well or fields, including future wells to be drilled, or of ultimate recovery of hydrocarbons.

Any references in this press release to initial production ("IP") 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 and are not indicative of long-term performance or ultimate recovery. Test results and IP rates disclosed herein, particularly those short in duration, may not necessarily be indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of the Company.

Reserves and Future Net Revenue Disclosures

All reserves values and future net revenue in respect of Corex contained in this news release are derived from an evaluation by a third-party engineering firm prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGEH") and NI 51-101 unless otherwise noted. Corex's reserves and associated net present value are derived from an independent reserves assessment prepared by that third party engineering firm dated April 1, 2026, evaluating the oil and gas properties of Corex as at April 1, 2026 (the "Corex Reserves Report"). The Corex Reserves Report utilizes forecast prices based on the average of forecast prices of McDaniel, Sproule and GLJ Ltd. as at April 1, 2026.

All reserve references in this news release are "Company Gross Reserves". Company Gross Reserves are defined as the applicable company's working interest share of reserves prior to royalty deductions. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by the third party engineering firm in evaluating Corex's reserves will be attained and variances could be material. All reserves assigned in the Corex Reserves Report are located in the Province of Manitoba.

All evaluations and summaries of future net revenue are stated prior to the provision for interest, debt service charges and general and administrative expenses and after the deductions of royalties, operating costs, estimated well abandonment and reclamation costs and estimated future capital expenditures. It should not be assumed that the estimates of future net revenues presented in this news release represent the fair market value of the reserves. The recovery and reserve estimates of crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein. There are numerous uncertainties inherent in estimating quantities of crude oil, reserves and the future cash flows attributed to such reserves. The reserves and associated cash flow information set forth herein are estimates only.

Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Proved developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing, or if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned. Certain terms used in this news release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101 ("CSA Staff Notice 51-324") and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.

Drilling Locations Disclosure

This news release discloses "booked" drilling locations with respect to the acquired assets derived from the Corex Reserves Report. Booked locations are proved and probable locations derived from the Corex Reserves Report, which were prepared in accordance with NI 51-101 and COGEH. Un-booked locations are internal estimates based on the Company's assumptions as to the number of wells that can be drilled per section based on industry practice and internal review. Un-booked locations do not have attributed reserves or resources. The drilling locations considered for future development will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors.

Future Oriented Financial Information

This press release contains future oriented financial information and financial outlook information (collectively, "FOFI") about Saturn's production, capital expenditures, exit production, 2026 AFF, Corex run-rate net operating income, expected netbacks, expected accretion, full year capital spending and leverage targets, all of which are subject to the same assumptions and risk factors as other forward-looking information and statements provided in the paragraphs below. Saturn's management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and are provided to assist readers in understanding management's expectations for the Company's near-term operating performance and may not be appropriate for other purposes. Saturn disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events, or otherwise unless required pursuant to applicable law.

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 Company's drilling and development plans, including as a result of delays due to weather, expectations regarding cost-savings initiatives, the anticipated benefits of the Company's New Notes, Saturn's plans with respect to our return of capital framework and continued usage of our NCIB, Saturn's plans to reduce its net debt to annualized adjusted EBITDA ratio below 1.0x, production, exit production and capital expenditures, the depth and flexibility of Saturn's drilling inventory, liquidity and hedging and the ability to provide downside protection and cash flow certainty, the ability of the Company to realize the benefits of acquisitions, including expansion in its core areas, the post-adjustment purchase price and the synergies and cost reductions realized from tuck in acquisitions, Saturn's ability to minimize operational disruptions, expectations regarding netbacks, hedging strategy, the business plan, cost model and strategy of the Company and expectations regarding anticipated pricing trends, growth opportunities and market conditions, details concerning the proposed Corex Acquisition, including the timing thereof, the receipt of all applicable shareholder and regulatory approvals, production from Corex's assets, financial metrics of the transaction to Saturn, integration of Corex's business, drilling locations and upside value beyond what is reflected in the Corex reserves report, additional opportunities for efficiencies in Manitoba, expected synergies and business plans, and the timing for the release of 2027 budget and guidance.

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, commodity prices, 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 impact of our hedging strategy, the geological characteristics of Saturn's properties, successful integration of acquired assets and realization of anticipated synergies, regulatory approvals, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners, the ability to integrate acquisitions, the satisfaction of the conditions to the Corex Acquisition, including court, shareholder and regulatory approvals, and the continued performance of Corex's assets prior to closing.

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, conflicts in the Middle East; 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, delays or an inability to close the Corex Acquisition, or that the Corex Acquisition is completed on different terms. These and other risks are set out in more detail in Saturn's Annual Information Form for the year ended December 31, 2025, available on SEDAR+ at sedarplus.ca.

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, production and revenue guidance, 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 in this news release reflects the Company's current expectations, assumptions and/or beliefs based on information currently available to the Company. 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, except as may be 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/322542

Source: Saturn Oil & Gas Inc.