Saturn Oil & Gas Inc. Announces Q1 2020 Results - Seite 3

In March 2020, the COVID-19 pandemic coupled with the price war between Saudi Arabia and Russia resulted in significant downfall in global oil prices. Saturn is cautious with its capital spending in light of uncertainties around worldwide energy consumption and supplies and the duration of this turmoil. The Company plans to suspend its capital program to preserve future development economics until oil prices recover and stabilize. Over 60% of Saturn’s 2020 forecast base oil production (net of royalties) is hedged, which is expected to help the Company endure the current economic situation. In addition, Saturn is continually reviewing its 2020 budget, including exploring all avenues to reduce debt, G&A and operating expenses, along with the implementation of a 20% reduction on all management salaries.

(1)	Non-IFRS Measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section entitled “Information Regarding Disclosure on Oil and Gas Operational Information and Non-IFRS Measures.”
(2)	Information Regarding Disclosure on Oil and Gas Operational Information and Non-IFRS Measures

About Saturn Oil & Gas Inc.

Saturn Oil & Gas Inc. (TSX.V: SOIL) (FSE: SMK) is a public energy Company focused on the acquisition and development of undervalued, low-risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. De-risked assets and calculated execution will allow Saturn to achieve growth in reserves and production through retained earnings. Saturn's portfolio will become its key to growth and provide long-term stability to shareholders.

Investor & Media Contact:
Saturn Oil & Gas
John Jeffrey, MBA - Chief Executive Officer & Chairman
Tel: [phone]
www.saturnoil.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Information Regarding Disclosure on Oil and Gas Operational Information and Non-IFRS Measures

This news release contains metrics commonly used in the oil and natural gas industry, such as "operating netbacks" and “Adjusted EBITDAX” These terms are not defined in IFRS and do not have standardized meanings or standardized methods of calculation and therefore may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons.