Saba Energy updates seventh bi-weekly MCTO status

Saba Energy Provides Seventh Bi-Weekly MCTO Status Update

(TheNewswire)

August 19, 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. The Alberta Securities Commission (“ASC”) granted an extension to the Corporation’s original MCTO but at this time the Annual Filings have not yet been completed. The Corporation has applied to the ASC for an additional extension to the MCTO until September 15, 2026 and this matter is still under review by the ASC, however there is no assurance that this additional extension will be granted.

 

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 continues to provide the Corporation with the previously requested financial information that is required for the Corporation to complete its Annual Filings; and the audit for the Annual Filings is continuing to progress but the requested financial information has been provided slower than expected for the auditors of the Corporation to perform their audit procedures for the Annual Filings. At this time the Corporation requires additional time to complete the audit for the 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, the MCTO extension request, 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.

 

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