Saturn Oil & Gas Announces Initiation of Field Development

Source: 7/6/2021, Location: North America

- Saturn commences development drilling and workover program in SE Saskatchewan
- Kevin Smith joins the leadership team as Vice President Corporate Development
- Special warrants have converted to free trading common shares and share purchase warrants
- The board of directors has approved the grant of 3.5 million incentive stock options

Saturn Oil & Gas pleased to announce the start of field development activities in Southeast Saskatchewan, the appointment of Kevin Smith as Vice President Corporate Development, the conversion of the special warrants issued in conjunction with the oversubscribe $32.2 million private placement equity offering, into free trading common shares and share purchase warrants and the granting of incentive stock options to directors, officers, employees and consultants.

Initiation of Field Development Activities
Saturn has started field development activities in Southeast Saskatchewan on the recently acquired Oxbow asset. Two new non-operated wells are scheduled to be drilled this summer, with the first well being spudded in June and the second well to spud following rig release of the first drilling location. The wells are targeting Alida formation light oil in the Queensdale area. Saturn has also engaged two service rigs in an ongoing workover campaign to maintain base production.

"Saturn has quickly transitioned from the acquisition of the opportunity rich Oxbow asset in Southeast Saskatchewan to now focusing on developing the vast light oil resources in place," said John Jeffrey, CEO of Saturn. "We are encouraged by the smooth transition in taking over operatorship through the support of our highly qualified operations team at the field level."

Appointment of Kevin Smith, Vice President Corporate Development
Saturn is pleased to announce that Mr. Kevin Smith has been appointed Vice President Corporate Development on a full-time, permanent basis. Mr. Smith has over 20 years experience in the energy and financial services industries and most recently held the position of Vice President Business Development for Renaissance Oil Corp., since its inception, building the first independent oil and gas producer in Mexico, in over 80 years. Mr. Smith has held senior investment banking roles with Paradigm Capital Inc., Macquarie Capital Markets Canada Ltd. and HSBC Securities Inc., has a Bachelor of Commerce (Distinction) from the University of Alberta and an MBA (Finance) from Ivey School of Business.

Conversion of Special Warrants
On June 30, 2021, the Company received a receipt for its final short-form prospectus qualifying the issuance of units ("Units") underlying the Company's 268,333,333 previously issued special warrants. One Unit per special warrant will be automatically issued effective July 6, 2021 in accordance with the terms of a special warrant indenture dated June 2, 2021, as amended and supplemented between the Company and the special warrant agent. Each Unit is comprised of one common share in the capital of the Company (each a "Common Share") and one Common Share purchase warrant (each a "Warrant"), each Warrant entitling the holder thereof to purchase one Common Share (each a "Warrant Share") in the capital of the Company at an exercise price of $0.16 per Warrant Share for 24 months from date of issuance of the special warrants.

Granting of Incentive Stock Options
The board of directors of Saturn has authorized the granting of inventive stock options to directors, officers, employees and consultants entitling them to purchase up to a total of 3,500,000 common shares at a price of $0.145 per share for a period of five years.

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