Mr. Mohammad Fazil reports

SABA ENERGY RECEIVES FAILURE-TO-FILE CEASE TRADE ORDER

Saba Energy Ltd. has provided an update relating to the management cease trade order initially issued by the Alberta Securities Commission on May 1, 2026, in accordance with National Policy 12-203 (Management Cease Trade Order).

The MCTO was issued against the corporation's chief executive officer and its chief financial officer because the corporation failed to file its audited financial statements for the fiscal year ended Dec. 31, 2025, including the related management's discussion and analysis and chief executive officer and chief financial officers certifications, on or before April 30, 2026, as required under Part 4 and Part 5 of National Instrument 51-102 (Continuous Disclosure Obligations).

The corporation was later granted an extension deadline from the ASC to Aug. 15, 2026, to file the annual filings and subsequent interim quarterly filings.

A failure-to-file cease trade order was issued against the corporation on Aug. 21, 2026, due to the corporation not being able to meet the extended deadline, in accordance with National Policy 11-207 (Failure-to-File Cease Trade Orders in Multiple Jurisdictions).

So long as the FFCTO is in effect, trading of the corporation's securities is not permitted.

The corporation continues to work closely with its B.C. operating partner to requisition the required financial information to have the corporation's audit and annul filings completed.

About Saba Energy Ltd.

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

We seek Safe Harbor.