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Calgary, Alberta, May 4, 2026 - TheNewswire – Saba Energy Ltd. (“ Saba ” or the “ Company ”) ( TSXV: SABA ) is pleased to announce that further to its press release dated January 27, 2026, the Company has entered into an Amending Agreement to the Heads of Agreement (the “ Amending HOA ”) dated May 1, 2026, with Nido Petroleum Philippines Pty Ltd. (“ Nido ”), a non-arm’s length party, for the purpose of Saba to farm-in to two offshore Philippines Petroleum Service Contracts. Nido is owned 100% by Chaudhary Family Trust which is the controlling shareholder of Saba Energy Ltd. The contract areas are known as: (1) Philippine Petroleum Service Contract No. 54; and (2) Cadlao Development and Production Petroleum Service Contract.

All terms of the Amending HOA remain the same as disclosed in the Company’s January 27, 2026 press release except for Saba is now required to raise USD $7 million by July 31, 2026.

Saba also announces that, further to its press release dated April 30, 2026 (the “ Announcement ”), its principal regulator, the Alberta Securities Commission, has accepted the Company’s application for, and has granted, a management cease trade order (the “ MCTO ”). As previously announced, the Company applied for the MCTO due to a delay in the filing of the Company’s annual financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2025 (the “ Annual Filings ”), which were due on April 30, 2026. The MCTO restricts the Chief Executive Officer and Chief Financial Officer of the Company from all trading in securities of the Company until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company. The Company and its auditors continue to work diligently toward completing the Annual Filings as soon as possible. The Company expects that it will be in a position to file the Annual Filings on or before June 14, 2026. Until the Annual Filings are filed, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 – Management Cease Trade Orders (“ NP 12- 203 ”) for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release. The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) there has not been any other specified default by the Company under NP 12-203; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

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 Further 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 Amending HOA, the MCTO and the audit and accounting procedures and filings (if completed) of the Annual Filings; 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.

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