(TheNewswire)
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August 26, 2026 – TheNewswire - Saba Energy Ltd. (“Saba” or the “Corporation”) (TSXV: SABA) provides an update relating to the Management Cease Trade Order (“MCTO”) initially issued by the Alberta Securities Commission (the “ASC”) 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 December 31, 2025, including the related Management’s Discussion and Analysis and Chief Executive Officer and Chief Financial Officers Certifications (collectively, the “Annual Filings”) on or before April 30, 2026 (the “Filing Deadline”) 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 August 15, 2026 (“Extended Deadline”) to file the Annual Filings and subsequent interim quarterly filings.
A Failure-to-File Cease Trade Order (“FFCTO”) was issued against the Corporation on August 21, 2026, due to the Corporation not being able to meet the Extended Deadline, in accordance with the 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 British Columbia operating partner to requisition the required financial information to have the Corporation’s audit and Annul Filings completed.
The Corporation is a publicly traded entity listed on the TSX Venture Exchange under the symbol “SABA” with 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 FFCTO, and filing of the Annual Filings. 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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