Saturn Oil & Gas Inc. announced the results of the independent reserves evaluation of the Company's crude oil and natural gas assets, dated February 21 2023 and effective December 31, 2022, in compliance with National Instrument 51-101 -Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and in accordance with the Canadian Oil and Gas Evaluation Handbook (the "Reserve Report"). The Reserve Report does not include the acquisition of Ridgeback Resources Inc. ("Ridgeback") which occurred after year end 2022. The December 31, 2022 year-end reserves of Ridgeback are also summarized below.

Reserves Evaluation Highlights The Company's Reserve Report, prepared by Ryder Scott Company-Canada ("Ryder Scott"), evaluated the Company's assets in Southeast Saskatchewan (the "Oxbow Asset") and in West Central Saskatchewan (the "Viking Asset") and is highlighted by: 62.9 million BOE of Total Proved + Probable ("TP+P") reserves, representing a 24% year over year increase. $791.5 million net present value of future net revenue of the Proved Developed Producing ("PDP") reserves discounted at 10% ("NPV10%"), in addition to $883.7 million of PDP NPV10% of Ridgeback reserves, as further described below. 452 booked gross drilling locations, 64% located in the Oxbow Asset and 36% in the Viking Asset.

High oil weighting with TP+P reserves comprise 95% light & medium oil and natural gas liquids ("NGL"). Long reserve life index ("RLI") of 6.6 years for PDP reserves and 13.8 years for TP+P1 reserves. Two year average TP+P F&D costs of $13.93 /boe (4.6x recycle ratio).

Two year average TP+P FD&A costs of $12.99 /boe (4.6x recycle ratio). Net asset value per fully diluted share: Proved Developed Producing of $6.92; Total Proved of $9.27; and Total Proved + Probable of $12.88.