Saturn Oil and Gas Inc.

Canaccord Genuity Acts as Lead-Left Co-Bookrunner to Saturn Oil and Gas Inc. on its C$75 million Bought Deal Offering of Subscription Units

Canaccord Genuity is pleased to announce that on June 8, 2022, its client Saturn Oil and Gas Inc. (“Saturn” or the “Company”) (TSXV:SOIL), completed its previously announced bought deal public offering (“Offering”) of 27,181,860 subscription units at a price of C$2.75 per unit for gross proceeds of C$75 million.

The net proceeds from the Offering will be used to fund a portion of the cash consideration for the acquisition of the oil and gas assets in the Viking fairway of West-central Saskatchewan (the “Viking Acquisition”), and for general working capital purposes. The Company intends to finance the remainder of the cash consideration for the Viking Acquisition with term debt.

Saturn Oil & Gas Inc. 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.

The Canaccord Genuity team included Anthony Petrucci, Jeff German, and Jason Jiang from Investment Banking, with support from Len Sauer and Lily Yu from Canadian Equity Capital Markets, and Jason Melbourne from Canadian Equities and Distribution.