SOIL Saturn Oil and Gas Inc

Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) today provides the following update on the status of filing its audited annual financial statements, the accompanying management’s discussion and analysis (“MD&A”) and its related CEO and CFO certifications, for the fiscal year ended December 31, 2019 (collectively the “Annual Filings”).

Due to the COVID-19 pandemic, the Company will follow the Alberta Securities Commission Blanket Order 51-517 (the “Blanket Order”), which provides for an extension of up to 45 days from the filing date (April 29, 2020) for an Issuer to file its Annual Filings. The Company intends to complete the Annual Filings on or before June 15, 2020. As required by the conditions of the Blanket Order, Saturn confirms that its management and other insiders are subject to the Company’s Insider Trading Policy which reflects the principles in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions and will be subject to a trading black-out until the completion of its Annual Filings. The Company also confirms that since the filing of its financial statements for the three and nine month periods ended September 30, 2019, there have been no material business developments other than those disclosed in prior news releases.

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 & 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 & GasJohn Jeffrey, MBA - CEO Tel: 587-392-7900 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.

Forward-Looking Information and Statements

This news release contains certain forward-looking statements, including, but not limited to, expectations as to the dates on which the Company expects to file the Annual Filings and the Q1 Filings and the Company’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.