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SATURN OIL & GAS INC. ANNOUNCES INITIAL FLOW RESULTS ON FIRST VIKING WELLS

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Saturn Oil & Gas Inc. has successfully drilled, completed and brought on line its first two Viking horizontal wells (101/9-31 and 102/9-31) in the Flaxcombe area.

The 101/9-31 well was drilled to a measured depth of 1,497 metres and completed with 24-stage closable sleeves. All 24 stages were successfully completed and the well was brought on line on Dec. 8. Over the first 10 days of production, the well cumulatively produced 1,140 barrels of 36-degree American Petroleum Institute light oil. The well continues to flow and pump with flow rates over the last five days in excess of 140 barrels per day of light oil.

The 102/9-31 well was drilled to a measured depth of 1,489 metres and completed with 23-stage closable sleeves. All 23 stages were successfully completed and the well was brought on line on Dec. 9. Over the first nine days of production, the well cumulatively produced 1,135 bbl of 36-degree API light oil. The well continues to flow and pump with flow rates over the last five days in excess of 150 bbl/d of light oil.

As of Dec. 19, the company is currently producing in excess of 350 bbl/d of oil.

“The drilling and completions of these first Vikings horizontals went well. Although we are in early stages of production on these wells, the initial flows rates have exceeded our expectations. Our technical teams have confirmed on many levels their ability to execute and we are looking forward to additional drilling in Q1 2018,” stated Scott Newman, chief operating officer at Saturn.

Further to the company’s news release dated Dec. 4, Saturn has received TSX Venture Exchange approval of its equity financing to issue 3,412,000 units at 15 cents per unit.

About Saturn Oil & Gas Inc.

Saturn Oil & Gas 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. Derisked 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.

We seek Safe Harbor.

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