Mr. John Jeffrey reports

SATURN OIL & GAS INC. ANNOUNCES TSX APPROVAL TO RENEW THE NORMAL COURSE ISSUER BID, CONTINUING OUR ACTIVE SHAREHOLDER RETURNS STRATEGY

The Toronto Stock Exchange (TSX) has accepted Saturn Oil & Gas Inc.'s notice to renew the company's normal course issuer bid (NCIB) for a further one-year term, following the successful completion of our previous NCIB, which we fully completed on July 22, 2026, and which expired on Aug. 26, 2026 (the prior NCIB).

Saturn's return of capital commitment

Pursuant to the prior NCIB, Saturn received approval to purchase for cancellation up to 12,078,583 common shares, which represented approximately 10 per cent of the public float (as defined below) as of Aug. 21, 2025. As of July 22, 2026, Saturn had repurchased and canceled 12,078,583 shares for aggregate consideration of approximately $39.6-million at a weighted average price per share of $3.28. The prior NCIB ran from Aug. 27, 2025, and expired on Aug. 26, 2026. The company also completed a substantial issuer bid (SIB), which closed July 16, 2025, and resulted in the cancellation of a further 1,608,182 shares at a purchase price of $2.15 per share. Inclusive of the SIB, from the launch of the company's inaugural NCIB on Aug. 27, 2024, to July 22, 2026, Saturn has repurchased and cancelled a total of 24.2 million shares, representing a reduction of approximately 12 per cent in the shares that were outstanding as at Aug. 27, 2024.

Saturn believes that dislocations exist between the current share price and the inherent value of the business, and that the NCIB can increase shareholder value and enhance per-share growth for all shareholders. Delivering returns to shareholders is a key tenet of the company's strategy and the company continues to view share buybacks as an effective tool. The company remains committed to maintaining a financially prudent capital structure and managing its NCIB program in accordance with this objective.

NCIB renewal details

The renewed NCIB allows Saturn to purchase for cancellation, from time to time, as the company considers advisable, up to a maximum of 12,225,129 shares, representing 10 per cent of the company's public float, as defined by the TSX. As of Aug. 31, 2026, Saturn had 180,009,835 shares issued and outstanding, and 122,251,297 shares outstanding after excluding shares beneficially owned by directors and executive officers of Saturn and persons who beneficially own or exercise control or direction over more than 10 per cent of the issued and outstanding shares. The NCIB will be in place from Sept. 8, 2026, to Sept. 7, 2027 (the expiry date), or until such earlier time as the NCIB is completed or terminated at the option of the company.

Pursuant to TSX rules, the maximum number of common shares that may be repurchased during the same trading day on the TSX is 200,855 shares (being 25 per cent of the average daily trading volume of the shares for the six-month period ended Aug. 31, 2026, which was equal to 803,422 shares), subject to certain exceptions for block repurchases. Peters & Co. Ltd. will conduct the NCIB on behalf of the company. Purchases subject to the NCIB will be carried out by Peters & Co. on Saturn's behalf. Purchases of shares may be made on the open market through the facilities of the TSX in accordance with applicable regulatory requirements or through other designated exchanges in Canada and the United States or alternative Canadian trading systems. The price paid for the shares will be, subject to pricing rules contained in TSX policies, the prevailing market price of the shares on the TSX at the time of such purchase. Saturn intends to finance the purchases out of available cash. All shares purchased under the NCIB will be made in accordance with the rules and requirements of the TSX, and will be returned to treasury and cancelled.

In connection with the NCIB, the company has entered into an automatic securities purchase plan (as defined under applicable Canadian securities laws) with Peters & Co. for the purpose of making purchases under the NCIB. Purchases under the NCIB will be determined by Peters & Co. in its sole discretion, without consultation with the company, subject to the limitations of the plan and the rules of the TSX. The plan constitutes an automatic plan for purposes of applicable Canadian securities laws and has been reviewed by the TSX. The plan was established to provide standing instructions regarding how Saturn's shares are to be purchased under the NCIB. Accordingly, Peters & Co. on behalf of the company may purchase shares in accordance with the plan on any trading day during the NCIB including during Saturn's self-imposed trading blackout periods. Saturn may otherwise vary, suspend or terminate the plan only if it does not have material non-public information, the decision to vary, suspend or terminate the plan is not taken during a self-imposed trading blackout period, and any variation, suspension or termination is made in accordance with the terms of the plan. Saturn will issue a subsequent press release if the plan is terminated or any material terms of the plan are amended prior to the expiry date.

About Saturn Oil & Gas Ltd.

Saturn is a returns-driven Canadian energy company focused on the efficient 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 environmental-, social- and governance-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 Toronto Stock Exchange under ticker SOIL and on the OTCQX under the ticker OILSF.

We seek Safe Harbor.