Saturn Oil & Gas Inc. announced a definitive agreement to issue approximately 59,200,000 subscription receipts at an issue price of CAD 2.11 per share for gross proceeds of approximately CAD 124,912,000 on January 20, 2023. The subscription receipts will be offered in all provinces and territories of Canada (excluding Quebec) pursuant to a prospectus supplement to the company's base shelf prospectus, which will describe the terms of the subscription receipts. The company has received indications of interest for more than CAD 110,000,000 in strategic lead orders from GMT Capital Corp., Libra Advisors, LLC and other institutional investors.

Each subscription receipt represents the right of the holder to receive, upon closing of the Ridgeback acquisition, without payment of additional consideration, one common share of the company. The offering is expected to close on or about January 31, 2023, and is subject to certain conditions including, but not limited to, the approval of the TSX Venture Exchange. The company expects that it will seek the approval of the TSXV to list the subscription receipts once issued, such listing being subject to TSXV approval.