Mr. Mohammad Fazil reports

SABA ENERGY AMENDS AGREEMENT TO FARM-IN FOR OFFSHORE ASSETS IN THE REPUBLIC OF THE PHILIPPINES AND IS GRANTED MCTO

Further to its press release dated Jan. 27, 2026, Saba Energy Ltd. has entered into an amending agreement to the heads of agreement (HOA) dated May 1, 2026, with Nido Petroleum Philippines Pty. Ltd., a non-arm's-length party, for the purpose of Saba to farm in to two offshore Philippine petroleum service contracts. Nido is owned 100 per cent by Chaudhary Family Trust, which is the controlling shareholder of Saba Energy. 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 Jan. 27, 2026, press release except for Saba is now required to raise $7-million (U.S.) by July 31, 2026.

Saba also announces that, further to its press release dated April 30, 2026, its principal regulator, the Alberta Securities Commission, has accepted the company's application for and has granted a management cease trade order. 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 discussion and analysis for the fiscal year ended Dec. 31, 2025, 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 auditor 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, for as long as it remains in default, including the issuance of biweekly 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 TSX Venture Exchange under the symbol SABA with oil and assets in northeastern British Columbia and heavy oil assets in Alberta.

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