Saba Energy updates MCTO status

    June 1, 2026 - TheNewswire – Saba Energy Ltd. (“ Saba ” or the “ Corporation ”) ( TSXV: BGE ) is providing it’s bi-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders (" NP 12-203 ") regarding the Corporation’s temporary management cease trade order (" MCTO "). In the Corporation’s initial default announcement of May 4, 2026 (the “ Default Notice ”), the Corporation announced the delay in the filing of its audited annual financial statements, accompanying management’s discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2025 (the “ Annual Filings ”).   As previously announced in the May 4, 2026 press 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.  At this time, the Corporation anticipates it will not be able to complete the Annual Filings on or before June 14, 2026 due to being unable to obtain the requisite financial information from its operating partner on the Corporation’s British Columbia assets (see further details below), but the Corporation has requested from the ASC that the MCTO remain in place until June 30, 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 not yet been able to obtain the requisite financial information from its operating partner on the Corporation’s British Columbia assets (as previously disclosed), as this partner continues to proceed through a Notice of Intention to Make a Proposal pursuant to the Bankruptcy and Insolvency Act, RSC 1985, c B-3 (“ NOI Proceeding ”), and this financial information 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 bi-weekly 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 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 Corporation’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 Corporation 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 Corporation 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, a cease trade order, and that the Annual Filings may not be completed in the time anticipated or allowed for by the MCTO.

Such statements and information reflect the current view of the Corporation. 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 Corporation 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 Corporation undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.   NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.   NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRES Copyright (c) 2026 TheNewswire - All rights reserved. TheNewsWire June 1, 2026 - 4:10 PM PDT News by QuoteMedia www.quotemedia.com