Saba Energy exits Laprise oil and gas acquisition

Saba Energy Elects Not To Acquire The Laprise Oil And Gas Assets In British Columbia

(TheNewswire)

Calgary, Alberta, August 18, 2026 – TheNewswire – Further to press releases issued on June 29, 2026 and July 20, 2026 Saba Energy Ltd. (“Saba” or the “Company”) (TSXV: SABA) it was previously announced that Saba had the right to have the gas producing assets located in Northeast British Columbia, consisting of 58 natural gas wells and related interests (the “Laprise Assets”) transferred by Blue Sky Resources (“BSR”) back to Saba on an "as is, where is" basis for nominal consideration.   Saba has elected no to have the Laprise Assets transferred back from BSR.

 

The security deposit required by the BC Energy Regulator is not acceptable to Saba so the Company has determined it is in its best interest no to proceed with the acquisition of the Laprise Assets.

 

Saba has now satisfied all of the settlement conditions with the Court-appointed Receiver and Manager (the “Receiver”) of BSR.

  

About Saba Energy Ltd.

The Company is a publicly traded entity listed on the TSXV under the symbol “SABA” with oil and natural gas assets in Alberta.

 

For Further Information

Saba Energy Ltd.

Mohammad Fazil

President, Chief Executive Officer, Corporate Secretary 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” relating to the Settlement Agreement and the potential transfer of the Laprise Assets back to the Company. 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 Acquisition; and the exploration and development of the company’s assets. 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.

 

THE TSXV HAS IN NO WAY PASSED UPON THE MERITS OF THE ACQUISITION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.

 

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.

 

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