Saturn Oil & Gas Inc. Announces Annual Incentive Award Grants

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Calgary, Alberta--(Newsfile Corp. - April 2, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) ("Saturn" or the "Company") today announced that it has granted its annual incentive award grants under the terms of its shareholder approved omnibus long term incentive plan ("LTIP"). The annual grant includes 2,653,518 Restricted Share Units ("RSUs") and 622,530 Performance Share Units ("PSUs") issued to directors, officers and employees of the Company. The awards may be settled in cash or common shares ("Shares") of the Company issued from treasury or purchased in the market, at the discretion of the Company's board of directors.

The RSUs are granted at a deemed price of $2.53, equal to the closing trading price of Saturn's common shares on April 2, 2024 and will vest in three equal installments on the first, second and third anniversaries from the grant date.

The PSUs were granted to certain senior executive officers, vesting one year from the date of grant. Each has a payout ratio of 50%-150% subject to the achievement of certain performance objectives.

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 Saskatchewan and Alberta that provide a deep 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 under ticker 'SOIL' on the Frankfurt Stock Exchange under symbol 'SMKA' and on the OTCQX under the ticker 'OILSF'.

Further information and a corporate presentation are available on Saturn's website at www.saturnoil.com.

Saturn Oil & Gas Investor & Media Contacts:

John Jeffrey, MBA - Chief Executive Officer
Tel: +1 (587) 392-7900
www.saturnoil.com

Kevin Smith, MBA - VP Corporate Development
Tel: +1 (587) 392-7900
[email protected]

Reader Advisory

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/204069

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