Further to Saturn Oil & Gas Inc.’s Jan. 31, 2023, press release, the subscription receipts will be listed for trading on the TSX Venture Exchange under the symbol SOIL.R effective at the opening of markets on Feb. 3, 2023.

On Jan. 31, 2023, the company closed its previously announced bought deal offering and issued a total of 59,242,000 subscription receipts at a price of $2.11 per subscription receipt for gross proceeds of $125,000,620. The bought deal offering was completed by way of a prospectus supplement to the company’s base shelf prospectus and was underwritten by Echelon Capital Markets, as sole bookrunner and co-lead, Canaccord Genuity Corp., as co-lead, and with syndicate underwriters including Eight Capital, Beacon Securities Ltd. and Paradigm Capital Inc.

Each subscription receipt represents the right of the holder to receive, upon closing of the company’s previously announced arrangement to acquire Ridgeback Resources Inc. by way of statutory plan of arrangement (expected to close in Q1 2023), without payment of additional consideration, one common share of the company.

If the Ridgeback acquisition is not completed by May 31, 2023 (being 120 days from the closing date of the bought deal offering), or if the Ridgeback acquisition is terminated at an earlier time, the gross proceeds of the bought deal offering and pro rata entitlement to interest earned or deemed to be earned on the gross proceeds of the bought deal offering, net of any applicable withholding taxes, will be paid to holders of the subscription receipts and the subscription receipts will be cancelled.

About Saturn Oil & Gas Inc.

Saturn Oil & Gas 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-(environmental, social and governance)-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-V under ticker SOIL and on the Frankfurt Stock Exchange under symbol SMKA.

We seek Safe Harbor.

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