Mr. Mohammad Fazil reports

SABA ENERGY PROVIDES THIRD BI-WEEKLY MCTO STATUS UPDATE

Saba Energy Ltd. is providing its biweekly default status report in accordance with National Policy 12-203, Management Cease Trade Orders, regarding the corporation's temporary management cease trade order (MCTO). In the corporation's initial default announcement of May 4, 2026, the corporation announced the delay in the filing of its audited annual financial statements, accompanying management's discussion and analysis, and related chief executive officer and chief financial officer certifications for the year ended Dec. 31, 2025.

As previously announced in the May 4, 2026, news release of the corporation, the corporation applied for and was granted the MCTO in respect of the delayed annual filings by the Alberta Securities Commission. The MCTO prohibits the CEO and CFO of the corporation from trading in the corporation's securities for so long as there are filings that are outstanding under applicable securities laws, however, the MCTO does not affect the ability of the general investing public to trade in the corporation's listed common shares.

The corporation's board of directors and its management are working expeditiously to meet the corporation's obligations relating to the filing of the annual filings. The Alberta Securities Commission (ASC) has agreed to grant the MCTO until June 30, 2026, however, at this time, the corporation anticipates it will not be able to complete the annual filings on or before June 30, 2026, but it believes it will be able to complete the annual filings by July 31, 2026, and has requested an extension from the ASC for the MCTO to be granted until July 31, 2026.

The corporation confirms that since the default notice: (i) there is no material change to the information set out in the default notice that has not been generally disclosed; (ii) there has been no failure by the corporation in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the corporation under NP 12-203; and (iv) there is the following material information concerning the affairs of the corporation that has not been generally disclosed; the corporation has progressed with the receiver of its operating partner in the corporation's British Columbia assets and the receiver has agreed to provide the corporation with the previously requested financial information that is required for the corporation to complete its annual filings.

The corporation will continue to comply with the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the filing requirements set out above.

About Saba Energy Ltd.

The corporation is a publicly traded entity listed on the TSX Venture Exchange under the symbol SABA, with oil and assets in northeastern British Columbia and heavy oil assets in Alberta.

We seek Safe Harbor.