CALGARY, ALBERTA – April 3, 2023 – Saturn Oil & Gas Inc. (TSXV: SOIL)(FSE: SMKA)(OTCQX: OILSF)(“Saturn” or the “Company”) today announced that the Company has granted 2,500,000 Restricted Share Units (“RSUs“) to employees and directors, under the terms of the Company’s long term incentive plan (“LTIP“). Saturn’s Board of Directors made the determination that granting RSUs is a preferable mechanism for the Company’s LTIP and will replace the previous grant of inventive stock options announced March 14, 2023. The RSUs are granted at a deemed price of $2.51, equal to the prior days closing trading price of Saturn’s common shares on March 31, 2023 and will vest in three equal installments on the anniversaries from the grant date.
The purposes of the LTIP will be to: (i) provide the Company with a mechanism to attract and motivate highly qualified directors and employees and retain the talented professionals that joined Saturn as a result of the February 28, 2023 acquisition of Ridgeback Resources Inc; and (ii) align the interests of eligible participants of the LTIP with that of other shareholders of the Company, encouraging participation in the long-term growth of the Company.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. is a growing Canadian energy company focused on generating positive shareholder returns through the continued responsible development of high-quality, light oil weighted assets, supported by an acquisition strategy that targets highly accretive, complementary opportunities. Saturn has assembled an attractive portfolio of free-cash flowing, low-decline operated assets in Southeastern Saskatchewan, West Central Saskatchewan and Central Alberta that provide a deep inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an ESG-focused culture, Saturn’s goal is to increase reserves, production and cash flows at an attractive return on invested capital. Saturn’s shares are listed for trading on the TSX.V under ticker ‘SOIL’ and on the Frankfurt Stock Exchange under symbol ‘SMKA’.
Further information and a corporate presentation are available on Saturn’s website at www.saturnoil.com.
Saturn Oil & Gas Investor & Media Contacts:
John Jeffrey, MBA – Chief Executive Officer
Tel: +1 (587) 392-7902
www.saturnoil.com
Kevin Smith, MBA – VP Corporate Development
Tel: +1 (587) 392-7900
info@saturnoil.com
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All dollar figures included herein are presented in Canadian dollars, unless otherwise n
