SEDAR Interim Financial Statements

SATURN OIL & GAS INC. CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (unaudited) As at ($000s) September 30, 2025 December 31, 2024 ASSETS Cash 34,062 48,418 Accounts receivable 100,715 112,947 Deposits and prepaid expenses 30,411 24,184 Financial derivatives (note 14) 24,857 11,347 Total current assets 190,045 196,896 Property, plant and equipment (note 4) 1,952,418 1,877,675 Right-of-use assets (note 5) 69,109 76,490 Financial derivatives (note 14) 3,039 10,517 Total assets 2,214,611 2,161,578 LIABILITIES Accounts payable 190,363 171,116 Debt (note 8) 87,325 90,410 Lease liabilities (note 6) 8,702 8,381 Decommissioning obligations (note 7) 3,745 13,902 Financial derivatives (note 14) 4,090 21,080 Total current liabilities 294,225 304,889 Debt (note 8) 670,014 784,178 Lease liabilities (note 6) 62,169 68,874 Decommissioning obligations (note 7) 194,726 143,375 Deferred tax liability 68,616 32,293 Financial derivatives (note 14) 347 23,997 Total liabilities 1,290,097 1,357,606 SHAREHOLDERS’ EQUITY Share capital (note 9) 405,191 426,146 Contributed surplus (note 9) 66,638 54,280 Warrants (note 9) - 7,200 Retained earnings 452,685 316,346 Total shareholders’ equity 924,514 803,972 Total liabilities and shareholders’ equity 2,214,611 2,161,578 Commitments (note 15) Subsequent events (note 14, 16) See accompanying notes to the condensed consolidated interim financial statements SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 1 SATURN OIL & GAS INC. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME (unaudited) Three months ended September 30, Nine months ended September 30, ($000s, except per share amounts) 2025 2024 2025 2024 REVENUE Petroleum and natural gas sales (note 10) 235,344 262,379 750,137 639,451 Processing income (note 10) 4,789 2,663 12,166 9,363 Royalties (29,134) (34,008) (91,266) (81,199) 210,999 231,034 671,037 567,615 Realized gain (loss) on derivatives (note 14) 825 (32,364) (9,847) (56,730) Unrealized gain (loss) on derivatives (note 14) (6,333) 96,826 59,437 4,986 205,491 295,496 720,627 515,871 EXPENSES Operating 77,620 73,996 225,664 177,951 Transportation 5,639 6,124 17,561 13,314 General and administrative 5,625 2,944 16,834 9,717 Depletion, depreciation and amortization (notes 4,5) 73,710 63,499 220,448 153,878 Share based payments (note 9) 2,252 2,136 7,452 7,276 Financing (note 11) 27,984 29,244 83,948 75,716 Foreign exchange (gain) loss 8,715 (12,311) (20,998) (13,241) Gain on acquisition - (4,598) - (45,700) Transaction costs - 503 - 14,931 Loss on debt extinguishment (note 8) - - - 31,720 Gain on repayment of Senior Notes (note 8) - - (2,802) - 201,545 161,537 548,107 425,562 Net income before taxes 3,946 133,959 172,520 90,309 Current tax recovery - - (252) - Deferred tax expense 480 32,358 36,433 9,885 Net income and comprehensive income 3,466 101,601 136,339 80,424 Net income per share (note 9) Basic 0.02 0.50 0.70 0.46 Diluted 0.02 0.49 0.66 0.45 See accompanying notes to the condensed consolidated interim financial statements SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 2 SATURN OIL & GAS INC. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) ($000s) Number of Shares Share Capital Contributed Surplus Warrants Retained earnings Total Balance, December 31, 2023 139,313 292,388 46,834 7,200 262,240 608,662 Equity financings 64,777 150,004 - - - 150,004 Cash share issue costs - (7,807) - - - (7,807) Tax impact on share issue costs - 1,946 - - --- - 1,946 Share based payments - - 8,935 - - 8,935 Share based award exercises 108 432 (195) - - 237 Treasury shares, net of tax - - (2,325) - - (2,325) Tax adjustment on share based payments - - 230 - - 230 NCIB Share repurchases (1,095) (2,746) - - - (2,746) Net income for the period - - - - 80,424 80,424 Balance, September 30, 2024 203,103 434,217 53,479 7,200 342,664 837,560 Balance, December 31, 2024 199,555 426,146 54,280 7,200 316,346 803,972 Share based payments - - 9,720 - - 9,720 Treasury shares, net of tax 125 428 (4,672) - - (4,244) Tax adjustment on share based payments - - 110 - - 110 NCIB and SIB share repurchases (9,660) (21,383) - - - (21,383) Warrant expiry - - 7,200 (7,200) - - Net income for the period - - - - 136,339 136,339 Balance, September 30, 2025 190,020 405,191 66,638 - 452,685 924,514 See accompanying notes to the condensed consolidated interim financial statements SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 3 SATURN OIL & GAS INC. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (unaudited) Three months ended September 30, Nine months ended September 30, ($000s) 2025 2024 2025 2024 OPERATING ACTIVITIES Net income for the period 3,466 101,601 136,339 80,424 Items not affecting cash: Depletion, depreciation and amortization (notes 4,5) 73,710 63,499 220,448 153,878 Share based payments (note 9) 2,252 2,136 7,452 7,276 Deferred income tax expense 480 32,358 36,433 9,885 Unrealized (gain) loss on commodity derivatives (note 14) 6,333 (96,826) (59,437) (4,986) Unrealized (gain) loss on foreign exchange (notes 8,14) 8,982 (11,577) (17,551) (12,617) Gain on repayment of Senior Notes (note 8) - - (2,802) - Gain on acquisition - (4,598) - (45,700) Loss on debt extinguishment - - - 31,720 Non-cash financing expenses (note 11) 7,695 7,360 20,797 16,466 Realized foreign exchange (gain) loss on repayment of Senior Notes (note 8) 364 (391) 1,578 (391) Decommissioning expenditures (note 7) (5,379) (3,984) (10,157) (9,931) Change in non-cash working capital (note 12) 28,194 10,435 48,234 (5,244) Cash from operating activities 126,097 100,013 381,334 220,780 FINANCING ACTIVITIES Proceeds from Senior Notes (note 8) - - - 890,695 Debt issue costs (72) (171) (219) (16,236) Repayment of debt (note 8) (22,632) (21,876) (87,846) (479,011) Early retirement fees (note 8) - - - (27,355) Stock option exercises (note 9) - 240 - 237 Repurchase of common shares (note 9) (11,989) (2,746) (21,136) (2,746) Purchase of treasury shares, net of tax - (1,288) (4,244) (2,325) Lease payments (note 6) (4,041) (4,475) (12,116) (7,454) Proceeds from share issuance - - - 150,004 Share issue costs (247) (23) (247) (7,807) Change in non-cash working capital (note 12) (280) (4,980) (401) 2,737 Cash from (used in) financing activities (39,261) (35,319) (126,209) 500,739 INVESTING ACTIVITIES Acquisitions, net of cash acquired (note 3) (65,212) 4,749 (70,344) (538,396) Proceeds from dispositions - - - 25,708 Capital expenditures (note 4) (87,339) (84,381) (176,476) (140,896) Change in non-cash working capital (note 12) 50,524 46,681 (22,661) 18,584 Cash used in investing activities (102,027) (32,951) (269,481) (635,000) Change in cash, during the period (15,191) 31,743 (14,356) 86,519 Cash, beginning of period 49,253 81,236 48,418 26,460 Cash, end of period 34,062 112,979 34,062 112,979 Cash interest paid (note 11) See accompanying notes to the condensed consolidated interim financial statements SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 4 SATUR --- N OIL & GAS INC. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the three and nine months ended September 30, 2025 and 2024 (unaudited) 1. NATURE OF OPERATIONS Saturn Oil & Gas Inc. (“Saturn” or the “Company”) is a Canadian resource company engaged in the business of acquisition, exploration and development of petroleum and natural gas resource deposits in Western Canada. The Company’s current focus is to advance the exploration and development of its oil and gas properties in Alberta, Saskatchewan, and Manitoba. The common shares of the Company are listed on the Toronto Stock Exchange (“TSX”) and trade under the symbols “SOIL”. The Company’s corporate headquarters are at 2800, 525 - 8th Ave SW, Calgary, AB, T2P 1G1. 2. BASIS OF PREPARATION Statement of compliance These unaudited condensed consolidated interim financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), and in accordance with IAS 34 – Interim Financial Reporting. The unaudited condensed consolidated interim financial statements do not include all information required for annual consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2024. These unaudited condensed consolidated interim financial statements have been prepared following the same accounting policies as the Company’s audited consolidated financial statements for the year ended December 31, 2024. These unaudited condensed consolidated interim financial statements were approved and authorized for issue by the Company’s Board of Directors on November 5, 2025. Operating environment The marketability and price of oil and natural gas that may be produced, acquired or discovered by the Company continues to be affected by global events. International conflicts, shifts in social opinion, geopolitical instability, changes to political regimes and tariffs may have a significant impact on the price of crude oil and natural gas and Saturn's petroleum and natural gas sales. While the specific impact to the Company would depend on the nature of the occurrence, any major event can cast uncertainty over future financial performance. Basis of measurement, functional and presentation currency The unaudited condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain financial instruments which are measured at fair value through profit or loss. The unaudited condensed consolidated interim financial statements are presented in Canadian dollars, which is the Company’s functional currency. Significant judgements, estimates, fair values and accounting policies The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the application of accounting policies impacting fair value and the reported amount of assets, liabilities, income and expenses. Actual results may differ materially from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Significant judgments, estimates and assumptions made by management in these unaudited condensed consolidated interim financial statements are outlined in note 2 of the Company’s December 31, 2024 annual consolidated financial statements. There have been no changes in the Company’s judgmen --- ts, estimates, accounting policies or determination of fair values applied during the interim period ended September 30, 2025, relative to those described in the most recent annual consolidated financial statements as at and for the year ended December 31, 2024. Revisions to accounting estimates are recognized in the year in which the estimates are revised and for any future years affected. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 5 3. ACQUISITIONS AND DISPOSITIONS Southeast Saskatchewan Acquisition On July 31, 2025, the Company acquired certain oil and gas properties in Southeast Saskatchewan and Manitoba (the “Southeast Saskatchewan Acquisition”) for total cash consideration of $63.4 million, prior to customary closing adjustments. The Company applied the optional IFRS 3 concentration test which resulted in the acquisition being accounted for as an asset acquisition recorded at cost with associated capitalized transaction costs of $1.8 million. ($000s) July 31, 2025 Net assets acquired: Property, plant and equipment 91,864 Decommissioning obligations (26,652) Total 65,212 Consideration: Cash 63,462 Capitalized transaction costs 1,750 Total 65,212 Capital Energy Corp On June 6, 2025, the Company completed the acquisition of Capital Energy Corp. (the “CEC Acquisition”) for total cash consideration of $4.5 million. The CEC Acquisition resulted in an increase in PP&E of approximately $7.6 million and the assumption of $2.6 million in decommissioning liabilities. The Company applied the optional IFRS 3 concentration test which resulted in the CEC Acquisition being accounted for as an asset acquisition recorded at cost with associated capitalized transaction costs of $0.5 million. Brazeau Acquisition On October 1, 2024, the Company acquired certain oil and gas properties in the Brazeau area of Alberta. During the three months ended June 30, 2025, final adjustments to the purchase price of $0.1 million were paid resulting in total cash consideration of $20.6 million. South Saskatchewan Acquisition On June 14, 2024, the Company acquired certain oil and gas properties in southern Saskatchewan (the “South Saskatchewan Acquisition”) for total cash consideration of $534.2 million. The South Saskatchewan Acquisition comprised of two distinct asset packages including Battrum area assets located in Southwest Saskatchewan and Flat Lake area assets located in Southeast Saskatchewan. The South Saskatchewan Acquisition was accounted for as a business combination using the acquisition method of accounting, whereby the assets acquired and liabilities assumed are recorded at the estimated fair value on the acquisition date. Swan Hills Disposition On June 4, 2024, the Company disposed of its non-core Deer Mountain property in North Alberta for cash consideration of $25.7 million with a carrying value of $25.6 million resulting in a gain of $0.1 million. Adonai Resources II Corp On May 6, 2024, the Company completed the acquisition of Adonai Resources II Corp. (the “Adonai Acquisition”) for total cash consideration of $8.3 million. The Company applied the optional IFRS 3 concentration test which resulted in acquisition being accounted for as an asset acquisition recorded at cost. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 6 4. PROPERTY, PLANT AND EQUIPMENT Cost ($000s) Oil and gas properties Exploration and evaluation assets Other assets Total As at December 31, 2023 1,408,479 5,613 1,900 1,415,992 Additions 245,287 - 1,029 246,316 Acquisitions 654,4 --- 91 - - 654,491 Disposition (32,968) - - (32,968) Capitalized share based payments 2,245 - - 2,245 Expiries - (1,305) - (1,305) Change in decommissioning obligations 24,824 - - 24,824 As at December 31, 2024 2,302,358 4,308 2,929 2,309,595 Additions 175,659 - 817 176,476 Acquisitions (note 3) 99,546 - - 99,546 Capitalized share based payments 2,268 - - 2,268 Expiries - (445) - (445) Change in decommissioning obligations 9,387 - - 9,387 As at September 30, 2025 2,589,218 3,863 3,746 2,596,827 Accumulated depletion, depreciation and amortization As at December 31, 2023 216,934 - 1,089 218,023 Depletion, depreciation and amortization 219,437 - 682 220,119 Disposition (6,222) - - (6,222) As at December 31, 2024 430,149 - 1,771 431,920 Depletion, depreciation and amortization 211,994 - 495 212,489 As at September 30, 2025 642,143 - 2,266 644,409 Net book value As at December 31, 2024 1,872,209 4,308 1,158 1,877,675 As at September 30, 2025 1,947,075 3,863 1,480 1,952,418 As at September 30, 2025, the calculation of depletion includes estimated forecasted future development costs relating to the development of proved and probable oil and gas reserves of $1,851.8 million (December 31, 2024 - $1,806.4 million). The Company capitalized $6.3 million of general and administrative costs for the period ended September 30, 2025 (December 31, 2024 - $10.4 million) and capitalized $2.3 million of share based compensation expense for the period ended September 30, 2025 (December 31, 2024 - $2.2 million). At September 30, 2025 and December 31, 2024, there were no indicators of impairment identified. Accordingly, an impairment test was not performed. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 7 5. RIGHT-OF-USE ASSETS The Company recognizes right-of-use assets and corresponding lease liabilities related to certain office facilities and vehicles. See note 6 for additional information regarding the Company’s leases. Cost ($000s) Gas Processing Offices Vehicles Total As at December 31, 2023 - 8,525 2,995 11,520 Additions 61,293 8,559 7,689 77,541 As at December 31, 2024 61,293 17,084 10,684 89,061 Additions - 179 (46) 133 As at September 30, 2025 61,293 17,263 10,638 89,194 Accumulated depreciation As at December 31, 2023 - 3,480 1,487 4,967 Depreciation 3,352 2,390 1,862 7,604 As at December 31, 2024 3,352 5,870 3,349 12,571 Depreciation 4,310 1,593 1,611 7,514 As at September 30, 2025 7,662 7,463 4,960 20,085 Net book value As at December 31, 2024 57,941 11,214 7,335 76,490 As at September 30, 2025 53,631 9,800 5,678 69,109 6. LEASES The following table reconciles the changes in the lease liability for the periods: ($000s) September 30, 2025 December 31, 2024 Balance, beginning of period 77,255 5,767 Net additions 133 77,541 Lease payment (12,116) (11,452) Accretion 5,599 5,399 Carrying value, end of period 70,871 77,255 Current 8,702 8,381 Long-term 62,169 68,874 As at September 30, 2025, the estimated undiscounted cash flows required to settle the Company’s lease liability was $107.3 million (December 31, 2024 - $116.6 million). 7. DECOMMISSIONING OBLIGATIONS The decommissioning obligation represents costs to reclaim and abandon the Company’s wells and facilities and the estimated timing of the costs to be incurred in future periods. Management of the Company has estimated that the total undiscounted cash flows required to settle the obligations will be $643.6 million (December 31, 2024 - $576.9 million) which has been inflated at 2.0% (December 31, 202 --- 4 - 2.0%) and discounted using the credit adjusted risk-free rate of 10.0% (December 31, 2024 - 10.0%) with an estimated timeline to abandoned between 1 and 49 years. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 8 ($000s) September 30, 2025 December 31, 2024 Balance, beginning of period 157,277 100,655 Acquired (note 3) 29,264 34,441 Disposed - (1,157) Obligations incurred 431 517 Change in estimates 8,956 (13,498) Change in discount rate - 37,805 Cash settlements (10,157) (16,310) Accretion 12,700 14,824 Balance, end of period 198,471 157,277 Current 3,745 13,902 Long-term 194,726 143,375 The Company’s assets in both Saskatchewan and Alberta are subject to provincial programs that mandate the minimum spend targets on the Company’s decommissioning obligations. These amounts have been moved to current decommissioning obligations, net of current year spend. 8. DEBT ($000s) September 30, 2025 December 31, 2024 Senior Notes (1) 769,134 888,520 Unamortized debt issue costs (11,795) (13,932) Total Debt 757,339 874,588 Current 87,325 90,410 Long-term 670,014 784,178 (1) As at September 30, 2025, the Senior Notes were translated into Canadian dollars at the period end exchange rate of US $1.00 = CA $1.3921 (December 31, 2024 - US $1.00 = CA $1.4389). Senior Secured Notes On June 14, 2024, Saturn issued US$650 million of Senior Secured Notes (the “Senior Notes”). The Senior Notes bear interest at 9.625% per annum, payable semi-annually in arrears, have mandatory repayments of 10% per annum, payable quarterly, and have an original 5-year term maturing on June 15, 2029. As at September 30, 2025, the principal balance on the Senior Notes was $769.1 million (US$552.5 million). As at December 31, 2024, the principal balance on the Senior Notes was $888.5 million (US$617.5 million). The Senior Notes are not subject to any financial covenants and are secured by a second priority lien on substantially all of the assets of the Company. Subject to certain exceptions and qualifications, the Senior Notes contain certain covenants that limit the Company’s ability to, among other things, incur additional indebtedness, create or permit liens to exist, and make certain restricted payments, dispositions and transfers of assets. In addition, the Company is subject to certain minimum hedging requirements that are consistent with the Company’s risk management policy. As at September 30, 2025, the Company is in compliance with all covenants. The Senior Notes have mandatory repayments equal to 10% per annum of principal amount of the notes outstanding on the Issue Date, due quarterly no later than 30 days after the end of each fiscal quarter, beginning September 30, 2024 at a redemption price of 104.813%. The Company may redeem up to an additional 10% of the aggregate principal amount during any 12-month period at a redemption price equal to 103%. Additionally, at any time prior to June 15, 2026, the Company may redeem up to 35% of the aggregate principal amount of the Senior Notes at a redemption rate of 109.625% via proceeds from an equity offering; provided that at least 50% of the aggregate principal amount of the notes remain outstanding immediately following the redemption. On or after June 15, 2026, the Company may redeem all or a part of the notes at the following redemption prices: June 15, 2026 to June 14, 2027 at 104.813%, June 15, 2027 to June 14, 2028 at 102.406% and June 15, 2028 to June 15, 2029 at 100%. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 9 --- The following table reconciles changes in the Senior Notes principal outstanding for the period: Principal ($000s) Senior Notes (US$) Senior Notes (CA$) As at December 31, 2023 - - Proceeds on issuance(1) 650,000 890,695 Principal repayments (32,500) (45,268) Realized foreign exchange loss on repayment - 733 Unrealized foreign exchange loss - 42,360 As at December 31, 2024 617,500 888,520 Principal repayments (65,000) (87,846) Realized foreign exchange loss on repayment - 1,578 Gain on repayment of Senior Notes - (2,802) Unrealized foreign exchange gain - (30,316) As at September 30, 2025(2) 552,500 769,134 (1) As at June 14, 2024, exchange rate was US $1.00 = CA $1.3703. (2) As at September 30, 2025, exchange rate was US $1.00 = CA $1.3921 (December 31, 2024 - US $1.00 = CA $1.4389). For the nine months ended September 30, 2025, the Company made additional principal repayments by purchasing US$16.3 million of Senior Notes in the open market at a discount to par value for $19.8 million, resulting in a $2.8 million realized gain on repayment. As at September 30, 2025, the fair value of the Senior Notes was $811.1 million (US$582.6 million) based on observable market quoted prices (Level 1). Revolving Credit Facility As at September 30, 2025, Saturn has a $150.0 million credit facility (the “Credit Facility”) with a syndicate of banks consisting of a $100.0 million reserve-based credit facility and a $50.0 million operating facility. The agreement governing the Credit Facility includes an additional $100.0 million accordion feature allowing for the expansion up to $250.0 million in total, subject to certain conditions. The Credit Facility is committed on a revolving basis until June 30, 2027, at which time it may be extended at the lenders' option. If the revolving period is not extended, the undrawn portion of the facility will be cancelled and any amounts outstanding would be repayable at the end of the non-revolving term. The Credit Facility is subject to a semi-annual borrowing base review, occurring by June 30th and November 30th of each year, with the next scheduled borrowing base review to occur by November 30, 2025. The borrowing base is determined based on the lenders' evaluation of the Company’s petroleum and natural gas reserves and their commodity price outlook at the time of each renewal. The Credit Facility is secured by a first priority security interest on all present and after acquired property of the Company and is senior in priority to the Senior Notes. The Credit Facility contains certain covenants that limit the Company’s ability to, among other things, incur additional indebtedness, create or permit liens to exist, make certain restricted payments, and dispose of or transfer assets. As at September 30, 2025, the Company is in compliance with all covenants. As at September 30, 2025, amounts borrowed under the Credit Facility bear interest at a floating rate based on the applicable Canadian prime rate, US base rate, Canadian Overnight Repo Rate Average ("CORRA"), or Secured Overnight Financing Rate ("SOFR") plus a margin and standby fee based on the Company’s Net Debt to Consolidated EBITDA Ratio as defined in the Credit Agreement, currently between 2.50% to 3.50% and 0.88%, respectively. As at September 30, 2025, the Company had no amounts drawn nor any of letters of credit outstanding under the Credit Facility. Unsecured Letter of Credit Facility The Company has a $20.0 million unsecured demand letter of credit faci --- lity (the “LC Facility”) with a Canadian bank. Saturn’s obligations under the LC Facility are supported by a performance security guarantee ("PSG") from Export Development Canada. At September 30, 2025, $10.8 million was drawn under the LC Facility (December 31, 2024 - $7.9 million). The PSG is subject to annual renewal with the next scheduled renewal date of June 30, 2026. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 10 Senior Term Loan On June 14, 2024, the Company early retired its Senior Term Loan with a principal amount outstanding of $364.7 million and incurred a loss on debt extinguishment, consisting of early retirement fees of $27.4 million paid to the lender and a $4.4 million of non-cash original issue discount and debt issue costs which were accelerated and expensed in profit or loss. 9. SHARE CAPITAL Authorized The Company is authorized to issue an unlimited number of common shares with no par value. As at September 30, 2025 there are 190,020,193 common shares outstanding. Issued and outstanding September 30, 2025 December 31, 2024 (000s) Shares Amount Shares Amount Balance, beginning of period 199,555 426,146 139,313 292,388 Common shares issued for cash proceeds - - 64,777 150,004 Cash share issue and purchase costs, net of tax recovery - (247) - (5,862) Normal Course Issuer Bid (8,052) (17,678) (4,480) (10,240) Substantial Issuer Bid (1,608) (3,458) - - Restricted share unit exercise - - 8 (4) Stock option exercise - - 100 435 Treasury shares 125 428 (163) (575) Balance, end of period 190,020 405,191 199,555 426,146 On August 25, 2025, the TSX approved the renewal of the Company’s Normal Course Issuer Bid (“NCIB”). Pursuant to the NCIB, the Company may purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 12,078,583 common shares of the Company between August 27, 2025 and August 26, 2026. For the three months ended, September 30, 2025, the Company repurchased 3,260,164 common shares under its NCIB at a weighted average price of $2.61 per share for a total cost of $8.5 million. For the nine months ended September 30, 2025, the Company repurchased 8,051,868 common shares under its NCIB at a weighted average price of $2.19 per share for a total cost of $17.6 million. Subsequent to September 30, 2025, the Company repurchased an additional 1,688,660 common shares at a weighted average price of $2.69 per share for a total cost of $4.6 million. For the year ended December 31, 2024, the Company repurchased 4,480,288 shares under its NCIB at a weighted average price of $2.28 per share for a total cost of $10.2 million. On June 5, 2025, the Company initiated a Substantial Issuer Bid (“SIB”). Pursuant to the SIB, the Company offered to purchase up to 7,000,000 common shares from holders of the Company’s common shares for cancellation at a purchase price of $2.15 per common share between June 11, 2025 and July 16, 2025, for an aggregate purchase price not exceeding $15.1 million. On July 16, 2025 the SIB expired with 1,608,182 common shares being tendered and taken up under the SIB for an aggregate purchase price of $3.5 million. Warrants September 30, 2025 December 31, 2024 (000s, except per warrant price) Warrants Weighted average exercise price Warrants Weighted average exercise price Balance, beginning of period 6,871 4.00 6,871 4.00 Expired (6,871) 4.00 - - Balance, end of period - - 6,871 4.00 SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 11 Stock options The Company has an omnibus long t --- erm incentive plan (“LTIP”) under which it is authorized to grant stock options to directors, officers, employees and consultants of Saturn, enabling them to acquire common shares of the Company upon exercise. The stock options are generally granted for maximum term of five years, and vest in thirds on each of the first, second and third anniversary after the grant date. Vesting conditions are determined by the Board of Directors. September 30, 2025 December 31, 2024 (000s, except per option price) Stock options Weighted average exercise price Stock options Weighted average exercise price Balance, beginning of period 718 2.41 1,048 2.52 Exercised - - (100) 2.40 Expired (104) 2.01 (230) - Balance, end of period 614 2.47 718 2.41 As at September 30, 2025, the following stock options were outstanding and exercisable: Stock options outstanding Stock options exercisable (000s, except per option price and life remaining) Number outstanding Weighted average exercise price Weighted average life remaining (years) Number exercisable Weighted average exercise price Weighted average life remaining (years) 2.00 25 2.00 0.1 25 2.00 0.1 2.01 - 2.40 480 2.40 0.8 - - - 2.41 - 3.00 109 2.90 0.8 - - - 614 2.47 0.8 25 2.00 0.1 Restricted Share Units In accordance with the LTIP, the Company is authorized to grant Restricted Share Units (“RSUs”) to directors, officers, employees and consultants of Saturn. The RSUs are granted for a term of three years and vest in thirds on each of the first, second and third anniversary after the grant date. The RSUs may be cash or equity settled upon vesting as determined by the Board of Directors. The fair value per RSU is equivalent to the market price at which the common shares of the Company traded on the day immediately preceding the grant date. September 30, 2025 December 31, 2024 (000s, except life remaining) RSUs RSUs Balance, beginning of period 4,088 2,282 Issued 6,532 2,975 Exercised (1,633) (924) Forfeited (358) (245) Balance, end of period 8,629 4,088 Weighted average life remaining (years) 1.3 1.1 Performance share units In accordance with the LTIP, the Company is authorized to grant Performance Share Units (“PSUs”) to directors, officers, and employees of Saturn. The PSUs are granted for a term of one year with certain performance measures specified at the grant date and may be cash or equity settled upon vesting as determined by the Company's Board of Directors. Based upon the achievement of the performance measures, a pre-determined adjustment factor between 0.5-1.5x is applied to the PSUs eligible to vest at the end of the performance period. The fair value per PSU is equivalent to the market price at which the common shares of the Company traded on the day immediately preceding the grant date. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 12 September 30, 2025 December 31, 2024 (000s, except life remaining) PSUs PSUs Balance, beginning of period 622 667 Issued 1,245 622 Exercised (622) (667) Balance, end of period 1,245 622 Weighted average life remaining (years) 0.5 0.3 Deferred share units In accordance with the LTIP, the Company is authorized to grant Deferred Share Units (“DSUs”) to non-management directors. The DSUs are fully vested on issuance and may be cash or equity settled upon vesting as determined by the Company's Board of Directors. The fair value per DSU is equivalent to the market price at which the common shares of the Company traded on the day immediately preceding the grant date. Septemb --- er 30, 2025 December 31, 2024 (000s, except life remaining) DSUs DSUs Balance, beginning of period - - Issued 387 - Exercised - - Balance, end of period 387 - Weighted average life remaining (years) - - Performance warrants The Company has issued performance warrants to certain officers and directors enabling them to acquire common shares of the Company upon exercise. The performance warrants will vest upon certain vesting threshold conditions, based on the 5-day volume weighted average trading price (“VWAP”) of the Company’s common shares listed on the TSX. Once vested, the performance warrants may be exercised by the holder at any time from the date of vesting to the expiry date. A summary of the changes in performance warrants outstanding is as follows: September 30, 2025 December 31, 2024 (000s, except per performance warrant price) Performance warrants Weighted average exercise price Performance warrants Weighted average exercise price Balance, beginning of period 7,000 2.50 7,000 2.50 Balance, end of period 7,000 2.50 7,000 2.50 As at September 30, 2025, the following performance warrants were outstanding: (000s, except per performance warrant price, years and VWAP) Exercise Price Performance warrants outstanding Performance warrants exercisable Number outstanding Vesting threshold VWAP Weighted average life remaining (years) Number exercisable Vesting threshold VWAP Weighted average life remaining (years) 2.50 2,333 4.00 4.3 - - - 2.50 2,333 6.00 4.3 - - - 2.50 2,334 8.00 4.3 - - - 7,000 4.3 - - - Per share amounts Basic net income (loss) per share is calculated using the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is calculated using the weighted-average number of common shares outstanding adjusted for the dilutive effect of all potentially dilutive securities, including stock options, performance warrants, RSUs, and DSUs. Where applicable, diluted net loss per share is equal to basic net loss per share as the effect of all SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 13 potential dilutive securities are anti-dilutive. The components of basic and diluted net income (loss) per share are as follows: Three months ended September 30, Nine months ended September 30, (000s, except per share amounts) 2025 2024 2025 2024 Weighted average shares outstanding Basic 192,520 203,916 195,405 173,940 Diluted 202,785 209,359 205,668 179,377 Per share income (loss) Basic 0.02 0.50 0.70 0.46 Diluted 0.02 0.49 0.66 0.45 The following securities were excluded from the calculation of diluted earnings per share as their effect was anti-dilutive: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Warrants - 6,871 - 6,871 Stock options 589 314 589 314 Performance warrants 7,000 7,000 7,000 7,000 10. REVENUE Three months ended September 30, Nine months ended September 30, ($000s) 2025 2024 2025 2024 Crude oil 219,149 246,781 691,448 594,014 NGLs 13,466 12,991 39,981 31,777 Natural gas 2,729 2,607 18,708 13,660 Petroleum and natural gas sales 235,344 262,379 750,137 639,451 Processing income 4,789 2,663 12,166 9,363 240,133 265,042 762,303 648,814 Petroleum and natural gas sales represent the proceeds received from the sale of oil, natural gas, and NGLs production under variable price contracts. The transaction price is based on a benchmark commodity price, adjusted for quality, location, processing charges or other factors, whereby each component of the --- pricing formula (apart from the benchmark commodity price) can be either fixed or variable, depending on the contract terms. Revenue is typically collected on the 25th day of the month following the prior month’s production, with revenue being recorded once the product is delivered to a contractually agreed upon delivery point. Included in accounts receivable as at September 30, 2025 is $78.6 million (December 31, 2024 - $83.1 million) of accrued petroleum and natural gas sales related to September 2025 production. Saturn generates oil treating, gas processing, and other services revenue from fees charged to third parties provided at facilities where Saturn has an ownership interest. This revenue is recorded as processing income. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 14 11. FINANCING Three months ended September 30, Nine months ended September 30, ($000s) 2025 2024 2025 2024 Interest expense 20,652 22,863 64,588 61,055 Interest income (363) (979) (1,437) (1,805) Amortization of original issue discount and debt issue costs 933 759 2,498 2,123 Accretion, debt instruments - - - 22 Accretion, leases (note 6) 1,800 2,526 5,599 3,431 Accretion, decommissioning obligations (note 7) 4,962 4,075 12,700 10,890 Financing expenses 27,984 29,244 83,948 75,716 12. SUPPLEMENTAL CASH FLOW INFORMATION Three months ended September 30, Nine months ended September 30, ($000s) 2025 2024 2025 2024 Change in non-cash working capital: Accounts receivable (8,308) (9,243) 12,232 (29,670) Deposits and prepaid expenses (1,848) (6,310) (6,227) (13,108) Accounts payable 88,736 67,689 19,247 59,194 Non-cash working capital acquired and other (142) - (80) (339) 78,438 52,136 25,172 16,077 Related to: Operating activities 28,194 10,435 48,234 (5,244) Financing activities (280) (4,980) (401) 2,737 Investing activities 50,524 46,681 (22,661) 18,584 Total change in non-cash working capital 78,438 52,136 25,172 16,077 13. CAPITAL MANAGEMENT The Company manages its capital to safeguard its ability to continue as a going concern, so that it may provide adequate returns to shareholders, benefits to other stakeholders and have sufficient funds on hand for business opportunities as they arise. The Company’s capital structure may be adjusted by issuing or repurchasing equity instruments, issuing or repurchasing debt, modifying capital spending programs and disposing of assets; the availability of any such means being dependent upon market conditions. Management reviews its approach to capital management on an ongoing basis and believes that this approach is appropriate. The Company uses the terms adjusted EBITDA, adjusted funds flow, free funds flow, net debt, capital expenditures and adjusted working capital as key capital management measures which are described and calculated below. These capital management measures are not standardized and therefore may not be comparable with the calculation of similar measures by other entities. Adjusted EBITDA The Company considers Adjusted EBITDA (“Adjusted EBITDA”) (defined in the credit agreement as Consolidated EBITDA) to be a key capital management measure as it is both used within Company's Revolving Credit Facility (note 8) and demonstrates Saturn’s standalone profitability, operating and financial performance in terms of cash flow generation, adjusting for interest related to its capital structure. Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation, amortization and other non-cash or --- extraordinary items. Adjusted funds flow The Company considers adjusted funds flow to be a key capital management measure as it demonstrates Saturn’s ability to generate the necessary funds to manage production levels and fund future growth through capital investment. Management believes that this measure provides an insightful assessment of Saturn’s operations on a continuing basis by eliminating certain non-cash charges, actual settlements of decommissioning obligations, of which the nature and timing of expenditures may vary based on the stage of the Company's assets and operating areas, and transaction costs which vary based on the Company's acquisition and disposition activity. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 15 Free funds flow The Company considers free funds flow to be a key capital management measure as it is used to determine the efficiency and liquidity of Saturn’s business, measuring its funds available after capital investment available for debt repayment, pursue acquisitions and gauge optionality to pay dividends and/or return capital to shareholders through share repurchases. Saturn calculates free funds flow as adjusted funds flow in the period less expenditures on property, plant and equipment and exploration and evaluation assets, together “capital expenditures”. By removing the impact of current period capital expenditures from adjusted funds flow, management monitors its free funds flow to inform its capital allocation decisions. The following table reconciles adjusted EBITDA, adjusted funds flow and free funds flow to cash flow from operating activities: Three months ended September 30, Nine months ended September 30, ($000s) 2025 2024 2025 2024 Cash flow from operating activities 126,097 100,013 381,334 220,780 Change in non-cash working capital (28,194) (10,435) (48,234) 5,244 Decommissioning expenditures 5,379 3,984 10,157 9,931 Transaction costs - 503 - 14,931 Terminated derivative contracts - 19,893 2,312 19,893 Current tax recovery - - (252) - Net interest(1) 20,289 21,884 63,151 59,250 Adjusted EBITDA 123,571 135,842 408,468 330,029 Terminated derivative contracts - (19,893) (2,312) (19,893) Current tax recovery - - 252 - Net interest(1) (20,289) (21,884) (63,151) (59,250) Adjusted funds flow 103,282 94,065 343,257 250,886 Capital expenditures (87,339) (84,381) (176,476) (140,896) Free funds flow 15,943 9,684 166,781 109,990 (1) Calculated as interest expense, net of interest income. Market capitalization and net debt Management considers net debt a key capital management measure in assessing the Company’s liquidity. Total market capitalization and net debt to annualized quarterly adjusted funds flow are used by management and the Company's investors in analyzing the Company's balance sheet strength and liquidity. The summary of total market capitalization, net debt, annualized quarterly adjusted funds flow and net debt to annualized quarterly adjusted funds flow is as follows: ($000s) September 30, 2025 December 31, 2024 Total common shares outstanding (000s) 190,020 199,555 Share price(1) 2.75 2.16 Total market capitalization 522,555 431,039 Adjusted working capital deficit (surplus)(2) 25,175 (14,433) Senior Notes 757,339 874,588 Net debt 782,514 860,155 Current quarter adjusted funds flow 103,282 129,205 Annualized factor 4 4 Annualized quarterly adjusted funds flow 413,128 516,820 Net debt to annualized quarterly adjusted funds flow 1.9x 1.7x (1) Represents the closing share price on the TSX --- on the last day of trading of the period. (2) Adjusted working capital is calculated as cash, accounts receivable, deposits and prepaids net of accounts payable. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 16 14. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The Company is exposed to various financial instrument risks and assesses the impact and likelihood of this exposure. These risks include liquidity risk, credit risk, currency risk, interest rate risk and price risk. Where material, these risks are reviewed and monitored by the Board of Directors. Financial derivatives ($000s) Commodity contracts FX contracts Total As at December 31, 2024 (43,208) 19,995 (23,213) Realized (loss) gain on settlement (9,847) 3,800 (6,047) Change in fair market value 69,284 (16,565) 52,719 As at September 30, 2025 16,229 7,230 23,459 Saturn manages the risks associated with changes in commodity prices by entering into a variety of risk management commodity contracts classified as financial derivatives. The realized and unrealized gains and losses are recognized on the statement of income and comprehensive income net of option premiums. The Company assesses the effects of movement in commodity prices on income (loss) before tax. A ten percent increase or decrease in commodity prices would have resulted in a $14.2 million change to unrealized gains (losses) on risk management contracts and net income (loss) before tax assuming all other variables remain constant. Saturn manages the risks associated with fluctuations in foreign exchange rates on its US$ denominated Senior Notes by entering into foreign exchange risk management contracts. A ten percent increase or decrease in US$/CA$ exchange rate would have resulted in a $28.2 million change to unrealized gains (losses) on foreign exchange risk management contracts and net income (loss) before tax assuming all other variables remain constant. The Company had the following outstanding derivative commodity contracts as at September 30, 2025: WTI Collars WTI Swaps NGL Propane Swaps Period Volume bbls/d Price(1)(2) US$/bbl Volume bbls/d Price(1)(2) CA$/bbl Volume bbls/d Price(1) US$/bbl Volume bbls/d Price(1) CA$/bbl Volume bbls/d Price(1) US$/bbl Q4 2025 1,684 65.00-68.10 5,000 100.00-110.00 2,637 68.99 4,674 89.05 375 49% WTI Q1 2026 1,080 65.00-68.10 2,500 75.00-102.20 3,077 67.21 4,481 85.46 375 49% WTI Q2 2026 - - 2,500 75.00-102.20 4,028 67.30 4,320 85.47 - - Q3 2026 - - 2,500 75.00-98.25 - - 4,649 83.51 - - Q4 2026 - - 2,500 75.00-98.25 - - 4,463 83.47 - - (1) Weighted average prices for the period. (2) For Q4 2025, the Company has a weighted average option premium of US$0.89/bbl. MSW Differential WCS Differential Natural Gas Swaps Natural Gas Collars Period Volume bbls/d Price(1) US$/bbl Volume bbls/d Price(1) US$/bbl Volume GJ/d Price(1) CA$/GJ Volume GJ/d Price(2) CA$/GJ Volume GJ/d Price(1) CA$/GJ Q4 2025 14,000 (4.55) 4,000 (13.95) 11,685 2.62 10,550 Index 3,315 3.20-3.70 Q1 2026 10,000 (4.65) 2,000 (14.25) 10,000 2.73 10,550 Index 5,000 3.20-3.70 Q2 2026 10,000 (4.00) 2,000 (13.05) 15,000 2.69 10,550 Index - - Q3 2026 - - - - 15,000 2.69 10,550 Index - - Q4 2026 - - - - 21,630 3.03 3,555 Index - - Q1 2027 - - - - 15,000 3.40 - - - - Q2 2027 - - - - 5,000 2.70 - - - - Q3 2027 - - - - 5,000 2.70 - - - - Q4 2027 - - - - 1,685 2.70 - - - - (1) Weighted average prices for the period. (2) Physically settled derivative contracts based off US natural gas index prices (Malin index minus US$1.98/GJ minus AEC --- O 5A) and (NW Rocky index minus US$1.99/GJ minus AECO 5A). SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 17 Subsequent to September 30, 2025, the Company entered into the following derivative commodity contracts: WTI Collars MSW Differential Period Volume bbls/d Price(1) CA$/bbl Volume bbls/d Price(1) US$/bbl Q1 2026 2,500 70.00-94.25 - - Q2 2026 2,500 70.00-94.25 2,500 (3.10) Q3 2026 - - 2,500 (3.25) (1) Weighted average prices for the period. During the nine months ended September 30, 2025, the Company terminated certain 2026 and 2027 WTI swap contracts with an average price of CA$81.35/bbl for $2.3 million. During the nine months ended September 30, 2024, the Company realized derivative contract termination payments of $19.9 million. The Company had the following outstanding foreign exchange contracts as at September 30, 2025: Forward Rate Contracts- USD/CAD Period Notional Amount ($000s, US$) Rate Contract Type Q4 2025 45,000 1.33935 Average rate currency swap Q1 2026 17,100 1.33935 Average rate currency swap Q2 2026 43,500 1.33935 Average rate currency swap Q3 2026 17,100 1.33935 Average rate currency swap Q4 2026 41,900 1.33935 Average rate currency swap Q1 2027 17,100 1.33935 Average rate currency swap Q2 2027 23,300 1.33935 Average rate currency swap (1) Weighted average prices for the period. Financial derivative assets and liabilities are only offset if the Company has the legal right to offset and intends to settle on a net basis. The Company offsets financial instrument assets and liabilities when the counterparty, commodity, currency and timing of settlement are the same. The following table summarizes the gross asset and liability positions of the Company’s financial derivative commodity contracts that are offset on the balance sheet as at September 30, 2025: ($000s) Gross financial derivative instruments Amount offset Net financial derivative instruments Current asset 25,538 (681) 24,857 Long term asset 3,161 (122) 3,039 Current liability (4,771) 681 (4,090) Long term liability (469) 122 (347) Net asset position 23,459 - 23,459 Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they are due. While the Company is exposed to liquidity risk, that risk is actively managed through strategies such as prudent capital spending, an active commodity risk management program and by continuously monitoring forecast and actual cash flows from operating, financing and investing activities. Management believes it will have sufficient funding to meet foreseeable liquidity requirements. The Company has the following maturities of financial liabilities at September 30, 2025: SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 18 ($000s) Less than 1 year 1-3 years 3-5 years Greater than 5 years Total Senior Notes(1) 90,487 180,972 497,675 - 769,134 Interest payments(2) 77,174 128,373 49,486 - 255,033 Lease liabilities(3) 5,989 8,386 4,998 - 19,373 Gas processing contracts 13,122 23,174 20,831 44,868 101,995 Accounts payable 190,363 - - - 190,363 377,135 340,905 572,990 44,868 1,335,898 (1) Represents the remaining principal repayments of US$552.5 million on the Senior Notes converted at the period end exchange rate of 1.3921. (2) The Senior Notes bear interest at 9.625% per annum, payable semi-annually in arrears, have mandatory prepayments of 10% per annum, payable quarterly. (3) Represents the remaining undiscounted minimum lease payments on the Company’s lease liabilities, excluding --- gas processing contracts subject to IFRS 16. Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations that arise principally from the Company’s accounts receivable from oil and natural gas marketers and joint operators in the oil and gas industry. Receivables from oil and natural gas marketers are normally collected on the 25th day of the month following production. The Company’s policy to mitigate credit risk going forward is to maintain marketing relationships with large, established and reputable purchasers that are considered to be creditworthy. The Company attempts to mitigate the risk from joint venture receivables by obtaining partner approval of significant capital and operating expenditures prior to expenditure and in certain circumstances may require cash deposits in advance of incurring financial obligations on behalf of joint venture partners. Joint venture receivables are from partners in the petroleum and natural gas industry who are subject to the risks and conditions of the industry. Significant changes in industry conditions and risks that negatively impact partners’ ability to generate cash flow will increase the risk of not collecting receivables. The Company does not request letters of credit in its favour from joint venture partners; however, the Company has the ability to withhold production from joint operating partners in the event of non-payment or is able to register security on the assets of joint operating partners. Currency risk Currency risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in foreign exchange rates. All of the Company’s petroleum and natural gas sales are conducted in Canada and are denominated in Canadian dollars. Canadian commodity prices are influenced by fluctuations in the Canada to United States dollar exchange rate. Prices for oil are determined in global markets and generally denominated in United States dollars. The Company is exposed to currency risk in relation to its US dollar denominated financial derivatives and Senior Notes. A ten percent change in the US dollar would have resulted in a $79.0 million change to net income (loss) before tax (December 31, 2024 – $89.4 million) assuming all other variables remain constant. The exposure of realized prices fluctuations of the US dollar and Canadian dollar exchange rate, serves as a natural hedge to the US dollar denominated financial derivatives. Price risk The Company is exposed to price risk related to commodity and equity prices. Equity price risk is the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is the potential adverse impact on earnings and economic value due to commodity price movements and volatility. The Company’s commodity price risk is also impacted by its derivative contracts. The ability of the Company to explore its resource properties and future profitability of the Company are directly related to the market price of commodities. Prices for oil are impacted not only by the relationship between the Canadian and United States dollars but also worldwide economic events that influence supply and demand. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 19 Net debt and capital structure Management considers net debt a key measure in assessing the Com --- pany’s liquidity. The Company’s net debt and capital structure is as follows: ($000s) September 30, 2025 December 31, 2024 Net debt 782,514 860,155 Shareholders’ equity 924,514 803,972 Total capitalization 1,707,028 1,664,127 The Company manages its capital structure to support current and future business plans and periodically adjusts the structure in response to changes in economic conditions, acquisitions or divestitures and the risk characteristics of the Company’s underlying assets and operations. The capital structure may be adjusted by issuing or repurchasing shares, issuing or repurchasing debt, modifying capital spending programs and acquisition or disposal of assets, the availability of any such means being dependent upon market conditions. 15. COMMITMENTS The Company has the following contractual obligations and commitments as at September 30, 2025: ($000s) Less than 1 year 1-3 years 3-5 years Greater than 5 years Total Senior Notes(1) 90,487 180,972 497,675 - 769,134 Interest payments(2) 77,174 128,373 49,486 - 255,033 Lease liabilities(3) 5,989 8,386 4,998 - 19,373 Gas processing contracts 13,122 23,174 20,831 44,868 101,995 186,772 340,905 572,990 44,868 1,145,535 (1) Represents the remaining principal repayments of US$552.5 million on the Company’s Senior Notes converted at the period end exchange rate of 1.3921. (2) The Senior Notes bear interest at 9.625% per annum, payable semi-annually in arrears, have mandatory prepayments of 10% per annum, payable quarterly. (3) Represents the remaining undiscounted minimum lease payments on the Company’s lease liabilities, excluding gas processing contracts subject to IFRS 16. 16. SUBSEQUENT EVENTS On October 20, 2025, the Company completed the acquisition of Clearview Resources Ltd. The acquisition was completed for a net purchase price of $22.0 million, including $23.3 million in cash and the assumption of $1.3 million in positive working capital. SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 20 CORPORATE INFORMATION LEADERSHIP TEAM BOARD OF DIRECTORS John Jeffrey John Jeffrey(2)(4) Chief Executive Officer Chief Executive Officer Scott Sanborn Ivan Bergerman(3) Chief Financial Officer Director Justin Kaufmann Andrew Claugus(2) Chief Development Officer Director Grant MacKenzie Dr. Thomas Gutschlag(1)(3) Chief Legal Officer Director Jim Payne(1)(4) Director Lynn A. Peterson(3)(4) Director Christopher Ryan(2)(4) Director S. Janet Yang(1)(3) Director (1) Member of the Audit Committee (2) Member of the Reserve Committee (3) Member of the Compensation, Corporate Governance and Nominating Committee (4) Member of the Health, Safety, and Environment Committee BANKERS AUDITORS National Bank of Canada Financial Inc. KPMG LLP Goldman Sachs Calgary, Alberta ATB Securities Inc. TRANSFER AGENT - COMMON SHARES RESERVE EVALUATORS Odyssey Trust Company Ryder Scott Company LP 1230, 300 5th Avenue S.W. Calgary, Alberta Calgary, Alberta T2P 3C4 Tel: (587) 885-0960 U.S. CO-INDENTURE TRUSTEE STOCK EXCHANGES Computershare Trust Company, N.A. Toronto Stock Exchange - TSX: “SOIL” 1505 Energy Park Drive OTC Markets Group - OTCQX: “SOILSF” St. Paul, Minnesota 55108 Tel: 1 (800) 344-5128 CANADIAN CO-INDENTURE TRUSTEE Computershare Trust Company of Canada 600, 530 - 8th Avenue S.W. Calgary, Alberta T2P 3S8 Tel: (403) 267-6800 SATURN OIL & GAS Q3 2025 FINANCIAL STATEMENTS 21