Saturn Oil & Gas renews normal course issuer bid on TSX

Calgary, Alberta--(Newsfile Corp. - September 3, 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 our assets in Saskatchewan and Alberta, today announced that the Toronto Stock Exchange (" TSX ") has accepted Saturn's notice to renew our Normal Course Issuer Bid (" NCIB ") for a further one-year term, following the successful completion of our previous NCIB, which we fully completed on July 22, 2026, and which expired on August 26, 2026 (the " Prior NCIB ").

Saturn's Return of Capital Commitment

Pursuant to the Prior NCIB, Saturn received approval to purchase for cancelation up to 12,078,583 common shares (" Shares "), which represented approximately 10% of the Public Float (as defined below) as of August 21, 2025. As of July 22, 2026, Saturn had repurchased and canceled 12,078,583 Shares for aggregate consideration of approximately $39.6 million at a weighted average price per Share of $3.28. The Prior NCIB ran from August 27, 2025 and expired on August 26, 2026. We also completed a Substantial Issuer Bid (" SIB ") which closed July 16, 2025 and resulted in the cancellation of a further 1,608,182 Shares at a purchase price of $2.15 per Share. Inclusive of the SIB, from the launch of our inaugural NCIB on August 27, 2024 to July 22, 2026, Saturn has repurchased and cancelled a total of 24.2 million Shares, representing a reduction of approximately 12% in the Shares that were outstanding as at August 27, 2024.

Saturn believes that dislocations exist between the current Share price and the inherent value of the business, and that the NCIB can increase shareholder value and enhance per Share growth for all shareholders. Delivering returns to shareholders is a key tenet of the Company's strategy and we continue to view Share buybacks as an effective tool. We remain committed to maintaining a financially prudent capital structure and managing our NCIB program in accordance with this objective.

NCIB Renewal Details

The renewed NCIB allows Saturn to purchase for cancellation, from time to time, as the Company considers advisable, up to a maximum of 12,225,129 Shares, representing 10% of our public float, as defined by the TSX. As of August 31, 2026, Saturn had 180,009,835 Shares issued and outstanding, and 122,251,297 Shares outstanding after excluding Shares beneficially owned by directors and executive officers of Saturn and persons who beneficially own or exercise control or direction over more than 10% of the issued and outstanding Shares (the " Public Float "). The NCIB will be in place from September 8, 2026 to September 7, 2027 (the " Expiry Date "), or until such earlier time as the NCIB is completed or terminated at the option of the Company.

Pursuant to TSX rules, the maximum number of common shares that may be repurchased during the same trading day on the TSX is 200,855 Shares (being 25% of the average daily trading volume of the Shares for the six month period ended August 31, 2026, which was equal to 803,422 Shares), subject to certain exceptions for block repurchases. Peters & Co. Limited (" Peters & Co. ") will conduct the NCIB on behalf of the Company. Purchases subject to the NCIB will be carried out by Peters & Co. on Saturn's behalf. Purchases of Shares may be made on the open market through the facilities of the TSX in accordance with applicable regulatory requirements or through other designated exchanges in Canada and the United States or alternative Canadian trading systems. The price paid for the Shares will be, subject to pricing rules contained in TSX policies, the prevailing market price of the Shares on the TSX at the time of such purchase. Saturn intends to fund the purchases out of available cash. All Shares purchased under the NCIB will be made in accordance with the rules and requirements of the TSX, and will be returned to treasury and cancelled.

In connection with the NCIB, the Company has entered into an "automatic securities purchase plan" (as defined under applicable Canadian securities laws) with Peters & Co. for the purpose of making purchases under the NCIB (the " Plan "). Purchases under the NCIB will be determined by Peters & Co. in its sole discretion, without consultation with the Company, subject to the limitations of the Plan and the rules of the TSX. The Plan constitutes an "automatic plan" for purposes of applicable Canadian securities laws and has been reviewed by the TSX. The Plan was established to provide standing instructions regarding how Saturn's Shares are to be purchased under the NCIB. Accordingly, Peters & Co. on behalf of the Company may purchase Shares in accordance with the Plan on any trading day during the NCIB including during Saturn's self-imposed trading blackout periods. Saturn may otherwise vary, suspend or terminate the Plan only if it does not have material non-public information, the decision to vary, suspend or terminate the Plan is not taken during a self-imposed trading blackout period and any variation, suspension or termination is made in accordance with the terms of the Plan. Saturn will issue a subsequent press release if the Plan is terminated or any material terms of the Plan are amended prior to the Expiry Date.

ABOUT SATURN

Saturn is a returns-driven Canadian energy company focused on the efficient and innovative development of high-quality, light oil weighted assets, supported by an acquisition strategy targeting accretive and complementary opportunities. The Company's portfolio of free-cash flowing, low-decline operated assets in Saskatchewan and Alberta provide a deep inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an entrepreneurial and ESG-focused culture, Saturn's goal is to increase per share reserves, production and cash flow at an attractive return on invested capital. The Company's shares are listed for trading on the TSX under ticker 'SOIL' and on the OTCQX under the ticker 'OILSF'. Further information and our corporate presentation are available on Saturn's website at www.saturnoil.com .

INVESTOR & MEDIA CONTACTS

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

Cindy Gray, MBA - VP Investor Relations Tel: +1 (587) 392-7900 info@saturnoil.com

READER ADVISORIES

Forward-Looking Information and Statements

Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "scheduled", "will" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to: the anticipated expiry date of the Prior NCIB, the terms of the NCIB including the expiry date, the number of Shares which may be repurchased and the timing of such repurchases, the desire or ability to repurchase securities under the NCIB, Saturn's return of capital plans and framework, Saturn's capital structure, and the anticipated advantages to shareholders of the NCIB. Although Saturn believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Saturn can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual plans and results could differ materially from those currently anticipated due to a number of factors and risks, including the risks set out under "Risk Factors" in Saturn's Management Discussion and Analysis for the three and six months ended June 30, 2026, and Annual Information Form for the year ended December 31, 2025, available on SEDAR+ at www.sedarplus.ca .

Forward-looking information is based on a number of factors and assumptions which have been used to develop such information, but which may prove to be incorrect. Although Saturn believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Saturn can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, our future capital return plans. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. The forward-looking information contained in this press release is made as of the date hereof and Saturn undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312717

TMX Newsfile

September 3, 2026 - 4:00 AM PDT

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