Saturn Oil & Gas Inc. Announces Results of AGM

CALGARY, ALBERTA – June 23, 2021 - Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) today announced the results of voting at its 2021 Annual General Meeting of shareholders (the “AGM”) held on June 22, 2021.

A total of 43,671,759 common shares were voted at the AGM, representing 22.25% of the outstanding common shares of the Company.  Shareholders voted in favour of the election of all director nominees as follows:

All other items of business before the AGM were voted in favour, including:

-          The resolution to amend the Company’s articles to consolidate all the issued and outstanding common shares of the Company, on a basis of one (1) new common share for twenty (20) old common shares (99.36% proxy votes in favour);

-          The annual appointment of auditors of the Company (99.83% proxy votes in favour); and

-          The amendment to the Company’s stock option plan (99.42% proxies votes in favour).

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 Southeast Saskatchewan and West Central Saskatchewan that provide an 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.V under ticker ‘SOIL’ and on the Frankfurt Exchange under symbol ‘SMK’. Further information and a corporate presentation is available on Saturn’s website at http://www.saturnoil.com/.

Investor & Media Contact:

Saturn Oil & Gas

John Jeffrey, MBA – Chief Executive Officer

Tel: +1 (587) 392-7902

www.saturnoil.com

Kevin Smith, MBA – VP Corporate Development

Tel: +1 (587) 392-7900

[email protected]

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