April 30, 2026 – TheNewswire - Saba Energy Ltd. (“Saba” or the “Corporation”) (TSXV: BGE) announces that it has made an application to the Alberta Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"), which, if granted, will prohibit trading in securities of the Corporation by the chief executive officer and chief financial officer of the Corporation until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Corporation, and the MCTO has been lifted.  

 

During the period in which the MCTO is effective, the general public, who are not insiders of the Corporation, will continue to be able to trade in the Corporations listed securities. The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted.

 

The Corporation expects it will be unable to file its audited financial statements for the year ended December 31, 2025, and the management’s discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before the April 30, 2026, filing deadline (the "Filing Deadline").

  
The Corporation's failure to file its Required Filings by the Filing Deadline is due to the operating partner on the Corporation’s British Columbia assets filed a Notice of Intention to Make a Proposal pursuant to the Bankruptcy and Insolvency Act, RSC 1985, c. B-3, (the “NOI Proceedings”) and has had a trustee appointed in its NOI Proceedings and the Corporation has had significant challenges and delays in obtaining the requisite financial information from this partner to be able to complete its Financial Statements.

 

The Corporation anticipates that it will be a position to remedy the default by filing the Required Filings on or about June 14, 2026. If the MCTO is granted, it will be in effect until the Required Filings are filed. If the MCTO is not granted, a cease trade as contemplated under National Policy 12-203 – Management Cease Trade Orders Defaults will be imposed.  

  
The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 so long as the Required Filings are outstanding.

 

About Saba Energy Ltd.

The Company is a publicly traded entity listed on the TSXV under the symbol “SABA” with oil and assets in Northeast British Columbia and heavy oil assets in Alberta.

 

For More Information

 

Saba Energy Ltd.

Mohammad Fazil

President, Chief Executive Officer  and Director

Email: mfazil@sabaenergy.ca

Phone Number: +1 (403) 613-7310

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

 

Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include: information relating to the MCTO, cease trade order and timing and granting of these, if at all. Such statements and information reflect the current view of the Company. By their nature, forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.

 

The forward-looking statements contained in this news release represent the expectations of the Company as of the date of this news release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

 

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