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| Press Release

Saturn Oil & Gas Inc. Announces Flow-Through Brokered Private Placement Co-led by Canaccord Genuity and Gravitas Securities

SASKATOON, Saskatchewan, June 13, 2018 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V:SMI) (FSE:SMK) is pleased to announce that it has amended the terms of its brokered private placement unit offering announced on May 14, 2018 to engage Gravitas Securities Inc. ("Gravitas") to act as co-lead with Canaccord Genuity Corp. ("Canaccord") (Gravitas and Canaccord are collectively the "Agents") and to amend the offering to offer, on a commercially reasonable efforts basis, of up to 12,500,000 flow-through common shares (the "Flow-Through Shares") at a price of $0.12 per Flow-Through Share and 29,166,667 common share units (the "Units") at a price of $0.12 per Unit, for a minimum gross proceeds of approximately $3,500,000 and up to a maximum gross proceeds of approximately $5,000,000 (the "Offering"). The securities issued in connection with the Offering will be subject to a four-month hold period under applicable securities laws.

Each Unit shall consist of one common share (a "Common Share") of the Company and one common share purchase warrant (a "Warrant") exercisable into one Common Share of the Company at a price of $0.18 per Warrant for a period of 24 months from the closing date.

The Company has also granted the Agents an option to sell an additional 8,333,333 Flow-Through Shares of the Company and an additional 8,333,333 Units on the same terms as the Offering to raise additional gross proceeds of up to $2,000,000 (the "Over-Allotment Option").

The Company may pay fees and commissions on the Offering within the amounts permitted by the policies of the TSX Venture Exchange. The Offering is expected to close on or about June 28, 2018 and is subject to approval of the TSX Venture Exchange and customary closing conditions for brokered financings.

Saturn intends to use the proceeds from the Offering for the development drilling of its Viking light oil and Success heavy oil assets near Kindersley, Saskatchewan. The operations area and contact information can be found on the Company’s website (www.saturnoil.com).

About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. (TSX.V:SMI) (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. 

To learn more, please contact the Company at 1 (306) 955-9946 or visit: www.saturnoil.com

On Behalf of the Board of Directors
SATURN OIL & GAS INC.

John Jeffrey, MBA – CEO & Chairman

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. Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.

Not for distribution to United States newswire services or for dissemination in the United States.

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