Saturn Oil & Gas Inc. Announces Preliminary Second Quarter 2026 Highlights

Calgary, Alberta--(Newsfile Corp. - July 20, 2026) - Saturn Oil & Gas Inc. (TSX: SOIL) (OTCQX: OILSF) ("Saturn" or the "Company"), a light oil-weighted producer focused on unlocking value through the development of assets in Saskatchewan and Alberta, is pleased to announce certain preliminary financial and operating highlights for the three and six months ended June 30, 2026 ("Q2 2026") based on information currently available to Management. The Company anticipates the full financial results for the three and six months ended June 30, 2026 will be issued and filed on SEDAR+ after market close on July 29, 2026. A conference call and webcast to discuss the full results has been scheduled for Thursday, July 30, 2026 at 8:00 am Mountain Time (10:00 am Eastern Time). Access details for the conference call and webcast are provided below.

All figures reported below with respect to the second quarter of 2026 are preliminary, have not been audited, compiled or reviewed by the Company's auditors, nor have the Company's auditors performed any procedures with respect to this information. These figures are subject to change and adjustment as Saturn's Q2 2026 financial results are finalized. These estimated results have been prepared by management in good faith on a basis consistent with prior periods based on information available to management as of the date hereof, however, management has not completed its financial closing procedures for Q2 2026, and actual results could be materially different from these preliminary results. Accordingly, investors are cautioned not to place undue reliance on the following figures and should not draw any inferences from this information regarding operating or financial data not provided. These preliminary results should not be viewed as a substitute for full financial statements prepared in accordance with IFRS (as defined below), and are not necessarily indicative of the results to be expected for any future period as a result of various factors. The Company does not intend to continue providing preliminary results in the future.

The preliminary results provided in this news release constitute forward-looking statements within the meaning of applicable securities laws, are based on a number of assumptions and are subject to a number of risks and uncertainties. Actual results may differ materially from those contained herein. Please see the section below titled "Advisory on Forward-Looking Statements."

SELECT PRELIMINARY Q2 2026 RESULTS

Production averaged 41,447 boe/d (2) (81% oil and liquids) in Q2, contributing to first half 2026 volumes averaging 42,277 boe/d (2). Petroleum and natural gas revenue totaled $359 million in Q2, driven by an average realized price per boe of $95.11 that contributed to a Q2/26 operating netback, net of derivatives (1), of $39.05 per boe. Adjusted Funds Flow ("AFF") (1) totaled approximately $122 million in Q2, while adjusted EBITDA (1) was approximately $142 million. Capital expenditures (1)(4) totaled $40 million, including capitalized G&A. Free funds flow (1) totaled $82 million in the quarter.

Q2 2026 CONFERENCE CALL AND WEBCAST

Subsequent to the issuance of our full Q2 2026 results, expected after market close on July 29, the Company plans to host a conference call on Thursday, July 30 2026, at 8:00 am Mountain Time (10:00 am Eastern Time), which will include a discussion with Saturn's leadership team regarding the full Q2 2026 results, followed by a question-and-answer session with attendees.

Date: Thursday, July 30 2026

Time: 8:00 am MT (10:00 am ET)

Live Webcast Link: https://www.gowebcasting.com/14721

North America (Toll Free) Dial In: 1-800-715-9871

International Dial In: 1-647-932-3411

An audio replay of the webcast will be available one hour after the end of the call at the link above and will remain accessible for 12 months. The replay link will also be posted on Saturn's website. NOTES (1) See reader advisory: Non-GAAP and Other...